Pros
LoanDepot offers great benefits and pay could be considered pro depending on role and site. The potential and continued success of the company relies solely on the TOP executives. The CEO is the highlight of the company and has helped/is helping the industry progress constantly. He seems to predict the future! All should trust him and his direct reports (as he trusts them). Any employee should feel supported with him at the helm.
Cons
Further and continued on topic from the "Pros" section---The success, brilliance, and sheer intimidation of the CEO seem to ultimately cause all of the cons. His orders or tasks get passed down the line from his trusted employee, down to "SVP", down to another "SVP", then down to direct management of sites, and further down to LLOs, Processors, Underwriters. In each passing, lesser and lesser qualified individuals completely misinterpret, misimplement, and mismanage the initial target. E.g.--If he says "how can we make more money", first SVP plans 5 possible plans and asks next to take care of it---then that one picks two of the easiest, quickest options (since business management was not his expertise)--then management picks an even easier option. The end, unintended but ultimate consequence becomes a culture solely focused on quantifiable figures on millions of data points rather than employee satisfaction. As disclaimer, I worked as LLO and manager for 5+ years at an outside site that focused on refinancing (retail side--not purchase loans). I saw the transition from beginning to current. The company used to overpay bankers and processors as a young company. There was no work life balance as demanded longer and longer shifts as targets were missed (who cares when overpaying). As the company grew and those decisions which were once handled by CEO being filled by new party, lead to pay cuts, less support, same progressively longer shifts/more saturdays-they do provide pizza. I believe I saw roughly 8 sets of pay cuts down the years justified by ex-salesman turned managers of people. Conclusion for cons on retail--avoid at all cost, imagine working 7 am-7pm, 6 hour Saturdays 2-3 times a month, impromptu call nights, and literally no support in a purchase driven market they purchased a separate, successful purchase division in same areas-these Cons do not translate to that side of the company)where you are trying to convince an average American they should refinance in a high rate market after 6 year all time rate lows--expect about 10 no's-3 "yes" but later finding out they don't qualify, and hopefully getting one borrower a day with a chance to do business with and finding out that LoanDepot has no special niche to beat out ANY competitors (use Quicken if you don't trust mortgage companies, use Amerisave or local company for rate, and use local company if your self-employed/credit issues, etc.) for something like $40k-$60k best. It only makes sense to work there if you are 19, flatfooted, and need to get out of your parents house. Even then--you are better off taking a fulfilling $30k job with work life balance, and a job that could teach you skill to continue progressing higher pay in time.
