I was warned before I started that loanDepot was a sweatshop and its CEO Anthony Hsieh regarded his employees as a number that either helped or hurt the bottom line and nothing more. What I was not aware of is the elitist culture of the management and the select few that prospered on the sales floor were part of an insider’s club that access for outsiders was all but impossible. I am a banker with 7 years in the business and over 10 state licenses and rose to the 2nd highest converting on my sales team of 18 or so within a short 6 months and because of two months of warehouse line challenges and funding issues drove the morale of the floor to a very low point. Right before the holidays the business decision was to layoff those that spoke up or out and the most unethical point was they had pipeline meetings with each of us days before and those with the largest pipeline about to fund were fired for "attitude" with no prior action or write-ups. So the apparent motivation was to basically recapture the profit from those loans to get them through the quarter, as the contract we were all made to sign weeks before stated they had no obligation or expectation to pay on loans post dismissal. In conclusion loanDepot was a pretty bad experience that I would like for others to avoid if my advice is at helpful.
