loanDepot Reviews

Updated Jul 29, 2021

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Found 1,359 of over 1,372 reviews

3.8
73%
Recommend to a Friend
87%
Approve of CEO
loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
937 Ratings
Pros
  • "flexibility, pay, growth, opportunity , Good work environment(in 56 reviews)

  • "Loan Depot is Truly an amazing company to represent(in 42 reviews)

  • Cons
  • "You have to work long hours to build up a pipeline if you're new(in 80 reviews)

  • "work-life balance can be a little tough(in 68 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.
    1. 5.0
      Current Employee, more than 5 years
      Featured Review

      I love my job and my company!!!

      Jun 10, 2021 - Licensed Lending Officer in Foothill Ranch, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      How can I start about the best thing about working for loanDepot? They take the time to train you in every department you are in. I started in the Call Center 6 years ago. I was promoted to a Production Analyst then to Underwriting. After growing and learning the business, I moved over to being a Licensed Lending Officer and love every minute of it. The company has invested in me over and over and they hire from within. All of the management team has worked their way up to their current positions. All the way up to VPs have worked their way up. If you are looking for a company that will invest in you, train you and promote you, you have found the company. Work hard and you can achieve at loanDepot.

      Cons

      I really don't have a con about working at loanDepot. It really is hard to think of negatives. They have changed my life in so many different ways.

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      1 person found this review helpful

      loanDepot Response

      loanDepot

      We are so happy to hear that your experience with loanDepot has been so positive. Thank you for your review!

    2. 5.0
      Former Employee

      Good

      Apr 4, 2021 - Coordinator in Hyderābād
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Good Managment Behaviour Supporting Training on every Month Good environment

      Cons

      No cons, i never faced any bad experiance about work and personally.

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      loanDepot Response

      loanDepot

      Thank you for sharing your review!

    3. 2.0
      Former Employee

      Good

      Feb 3, 2021 - Software Engineer in Mumbai
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Good for fresher to join the company

      Cons

      Perks are available for all the employees

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      loanDepot Response

      loanDepot

      We appreciate the feedback regarding your time as a member of Team loanDepot. We will share this review with our management team. If you would like to discuss this further, please email wecare@loanDepot.com.

    4. 1.0
      Former Employee

      Massive LAIDOFF without notice, not even their manager knew!

      Jul 22, 2021 - Senior Closer in Sacramento, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Benefits, pay, and free swag bag when you're first onboard was pretty decent.

      Cons

      Laidoff - Literally one of the worst if not the worst way to laid off employees at loanDepot. Mid-afternoon they invited about 10 of us into a Zoom meeting and proceed to read from a scripted word doc about how projections weren't going as expected and we were all laid off. After that they disconnect and say HR will send more information about it and that was it. I guess they were hurrying up to fire few hundreds (from the look of recent reviews) employees before lunch. I couldnt believed what I was hearing and had to ask my manager and even she didnt know anything. After my meeting was she called into her own "manager" meeting and was advise of what's going on. She later apologized of what had happened and she was stunned and surprised herself. Training - Extremely poor training method. You are stuck in a 2 weeks training module but no hands on experience and no real live doc to train with so you'll know what to do. You are expected to bother other Closer/Funder and beg for help. Some of busy with their own work and but some are nice to help. Time/Overtime - Job listing specifically said OT was encourage but really it was discouraged. Strict no OT policy as you could get written up if you go over your 40hrs/week. Bonus - Bonus example were listed but we were getting no close to that number. Not sure where they get that wild numbers from.

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      3 people found this review helpful

      loanDepot Response

      loanDepot

      We appreciate the feedback regarding your time as a member of Team loanDepot. We will share this review with our management team. If you would like to discuss this further, please email wecare@loanDepot.com.

    5. 1.0
      Current Employee, more than 3 years

      Just like its stock, this company is headed in the wrong direction.

      Jul 24, 2021 - Executive Licensed Lending Officer in Irvine, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Huge paychecks if you can withstand the endless grind, pressure, and always explaining to borrowers why it takes moths to close loans.

      Cons

      Again, if you are willing to sell your soul for the paychecks this is your place. You will be ridden from the minute you log on at 6 am until the minute you log off at 8 pm because the dialer is going. And don't forget , you better be here for the so called optional Saturday shift unless you want to be recognized on Monday as being one of the ones who didn't show up. As management says, don't make it easy on on us when we have to decide who to cut lose. You are only as good as your last day here . Lock 5 loans on Monday and you are a hero, No loans on Tuesday and your job is on the line. This really is the worst workplace I have ever encountered but at the end of the day, like so many others, I will show up for the checks until the next 2008 arrives. And it will.

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      4 people found this review helpful

      loanDepot Response

      loanDepot

      We appreciate the feedback regarding your time as a member of Team loanDepot. We will share this review with our management team. If you would like to discuss this further, please email wecare@loanDepot.com.

    6. 1.0
      Former Employee, more than 3 years

      Processor/loan officer

      Jul 19, 2021 - Proccessor in Foothill Ranch, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Their training is exceptional. They will teach you to be the best. You may hate the way they do things. But you will learn. It’s the best place to learn if pursuing a career in mortgage.

      Cons

      They can sometimes make you feel like your nothing just because you missed out on a couple loans, the pay is terrible . You could be on top for 5 months and the one month you do bad they threaten to give you the boot. Long hours. No work life balance. They charge you thousands of dollars for breaking a contract depending on how long was left of the contract, especially if you decide to quit even though they were threatening to boot you out anyways. Horrible turn around times. Takes months just to fund a loan. I was there for a few years and eventually quit. Managers and CEO can be really petty. Seems like the company could care less about values

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      3 people found this review helpful

      loanDepot Response

      loanDepot

      We appreciate the feedback regarding your time as a member of Team loanDepot. We will share this review with our management team. If you would like to discuss this further, please email us at wecare@loanDepot.com.

    7. 2.0
      Current Employee, more than 1 year

      Great Money..... thats about it

      Jun 2, 2021 - Loan Officer in Foothill Ranch, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      You will probably make more money than you have ever made in your life

      Cons

      -MICROMANAGED TIL YOU BREAK - Your life is no longer your own. You belong to LD. Youll have alot of PTO time built up but you arent allowed to use it. ( They will make up various excuses) - There are 5-6 who can screw up your work and cost you money and there is NOTHING you can do about it. -You will get "warm leads" that are not eligible for a loan or already have a ridiculous rate who dont actually want to refi but they were promised something by the CLR. And then you will get yelled at because you dont convert enough ( its an endless cylce) - They will tell you they want work life balance and that you only have to work a 9hr day, but your manager will do everything they can to stretch that out as far as possible to more like 12 hrs and then demand you come in EVERY Saturday. -You will never have time to work on files with issues as you are told to "only focus on front end". You are paid commission on fundings, so all those loans you worked hard to fund..... they will be declined or cancelled so that you only make hourly pay. Not the best business strategy in my opinion cause the company makes money on fundings too, but what do I know.

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      15 people found this review helpful

      loanDepot Response

      loanDepot

      Thank you for sharing this feedback. We will share this with our management team. If you would like to talk with someone about your concerns, we encourage you to email us at wecare@loandepot.com so that we can help get the conversation started.

    8. 2.0
      Current Employee, less than 1 year

      Disappointing

      Jun 15, 2021 - Senior Account Manager 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Good benefits. Decent money. Upper management reward some workers with random prize drawings every once in a while which is fun and exciting. Hires those with no experience. Company CEO values are great. Peer support. Allows remote work. Training management team is very supportive. Diverse staff of all backgrounds.

      Cons

      Protocols constantly changing. No work/life balance-long hours. Doesn't pay as much as other companies pay. Managers take HOURS to respond because they are too busy when you need help then ride the team about production numbers. Managers Set unrealistic goals-many hours spent working free off the clock because there's not enough time to manage the "goals" they set. Not a good job if you have a family. Managers are hit/miss. Trainers are encouraging and helpful and kind, but permanent floor managers embarrass you and make you look and feel stupid for not knowing stuff when you're learning or new. Rude and short and if they don't like you, they'll set you up to fail. You owe thousands if they train you and it doesn't work out-so you're trapped. Poor inter-department communication. Coming to work each day here gives me anxiety and I have been depressed since leaving training.

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      8 people found this review helpful

      loanDepot Response

      loanDepot

      Hi! Thank you for leaving this feedback. If you would be open to it, we'd like to learn more about your concerns. Please email us at wecare@loandepot.com to get started.

    9. 5.0
      Current Employee, more than 1 year

      Work Hard - Get Rewarded

      May 3, 2021 - Closer in Scottsdale, AZ
      Recommend
      CEO Approval
      Business Outlook

      Pros

      A lot of career advancement opportunities, team work ethic, no micromanaging, positive work culture and company culture. Working for this company has truly been life changing for me. We are rewarded generously for our hard work. That's what I love about this company.. your hard work does not go unnoticed, and there is so much opportunity with the major growth of the company. The work culture is great, in comparison to the banking industry, it is so much more relaxed. No one takes themselves too seriously, leaders all the way up the chain are willing to be involved and invested in their employees... they treat you like a person, not just a number. I could go on, but I absolutely love working for this company. By far the best company I have ever worked for.

      Cons

      With current market it can get very busy and at times feel overwhelming- but you have a team to support you! Maternity leave is not 100% paid, and medical benefits are expensive (for families) and coverage is mediocre.

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      1 person found this review helpful

      loanDepot Response

      loanDepot

      Thank you for sharing this valuable feedback! We will share this review with our management team. If you would like to discuss this further, please email us at wecare@loanDepot.com.

    10. 5.0
      Current Employee, less than 1 year

      ACES & Irvine Leadership

      Jun 12, 2021 - Licensed Lending Officer in Irvine, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      The ACES program has been an amazing experience, especially being brand new to the mortgage industry. Being in ACES teaches you the industry and the product to fully help your clients. I have had support from all leadership, everyone from my manager, Emmanuel Lacano, all the way up to my Director of Sales, Reza Abbasi! From day one, Emmanuel has been so helpful and ALWAYS quick to answer any questions. I thought I worked a lot, but this guy outworks all of us, ensuring we always have the support we need! You don't see leadership like this very often. I've been a part of many companies that say they have an "open door policy" but here at LoanDepot, especially at the Irvine office, the open door policy is truly apparent. Everyone is here to see you succeed, so they ensure you get the help you need and support you every step of the process!

      Cons

      This is not a negative, but I work a lot and enjoy what I do and our leadership FORCES us to have a work/life balance! I am so grateful for that!

      Continue reading
      1 person found this review helpful

      loanDepot Response

      loanDepot

      We are so happy to hear that your experience with loanDepot has been so positive. Thank you for your review!

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