loanDepot reviews

3.2

51% would recommend to a friend

(2,857 total reviews)
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Anthony Hsieh

66% approve of CEO

46% positive business outlook

loanDepot has an employee rating of 3.2 out of 5 stars, based on 2,857 company reviews on Glassdoor which indicates that most employees have a good working experience there. The loanDepot employee rating is in line with the average (within 1 standard deviation) for employers within the Financial Services industry (3.7 stars).

Reviews by job title

3K reviews
1.0
Apr 29, 2017
Recommend
CEO approval
Business Outlook

Pros

Team has many talented individuals (for now) and the tech stack is modern.

Cons

The biggest con is that you will not get a raise or a bonus if you work here. The "no bonus" was disclosed during hiring process, but learned that CEO Anthony Hsieh doesn't "believe in raises" when I had my performance review. There are no annual raises at all, which means you will steadily lose money over time due to inflation. The salary you have when you're hired is what you will keep unless you are promoted. This is an issue as the best engineers are going to quit over this. It will also make it difficult to hire and retain talented developers. Another con is the environment can be very unprofessional with upper management screaming at each other in front of their employees.

2.0
Jun 2, 2021
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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loanDepot Response
5y
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.
2.0
May 30, 2018
Recommend
CEO approval
Business Outlook

Pros

Work life balance; rarely worked more than 40 hours a week unless a deadline/release was approaching. No dress code beyond not wearing shorts. Very smart and driven peers. Learned a lot from them. Hours weren't strict as long as you got there before 10am (although this is changing). Team lead was very technically adept, so they were able to keep our workload reasonable (pushed back hard on unfair business requests). Most of the people beyond my immediate peers were also very nice and helpful. The work was interesting; a year went by pretty quickly. Pay and benefits were competitive for my position. An extra week of pay and 2 weeks of severance when I was laid off.

Cons

False sense of standing within the company; my performance reviews were all outstanding and my monthly one on ones with my manager were all completely positive. We were working towards a path for me to move up to a Full Stack position and eventually Senior position when possible. Or so I thought; literally at random layoffs were announced and I was one of the lucky few that was chosen with no prior indication or warning. I was even told that it had nothing to do with my performance and it was simply a budget issue. Miscommunication/mismanagement of resources: A few of my peers who were laid off had literally just been hired about a month or 2 ago (after contracting for 9+ months). If layoffs were looming about, why give these people a position only to pull the rug from under them right after? Seems like a huge waste of time and resources for the company and individuals. The kicker is that some of these positions that were laid off were transferable to other teams; in fact some of the new listings I see on glassdoor for this company are for similar positions. So you let go people who were already vetted, and familiar with your code base to bring in new ones to do it all over again? The code bases between projects were largely similar, and transferring resources over presumably would've been no problem. Seems like a strange decision, but maybe there's a method to the madness. Lack of business requirements: After the initial release of our main project, there were plans for expansions that we dedicated our time and resources on. However, due to poorly defined requirements, about 2-3 of those planned expansions stalled or failed. If these expansions were needed and deadlines were agreed upon, why were the requirements not solidified? That's should be the first thing agreed upon! Again, a waste of time, money, and resources. Another strange experience was the planned addition of a new feature by a third party into our application; after spending weeks trying to get this feature implemented, some of my peers discovered the third party application providing this feature did not actually work as intended at all. It turned out the company was lying and their software didn't do much of anything. How was this third party company not researched and these features not vetted before committing resources and money to them? Who is driving these decisions? From what I understand, there is a possibility the layoffs are going to come in waves and there could be a few more underway. I would in all honesty find a more stable place to work if you value security at this moment in time (June 2018); no point in spending time and energy getting a position here if its possible they let you go a few months later completely through no fault of your own. At least for the low to mid level software development positions; I think that is how the layoffs were prioritized, since the positions laid off on my team were all the low and mid level people.

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loanDepot Response
8y
We appreciate all comments, both positive and constructive, so thank you for taking the time to share your experience at loanDepot.
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