lending officer

loan officer

entry level sales representative

loan processor

sales

loanDepot

I am ashamed to say I was gullible enough to quit my lucrative job and sign up under the bright lights and flashy linked in ads touting tales of the new revolutionary "DIRECT FLEX" Loan Officer position and state of the art MELLO app. I've always wanted to work remotely and get the heck out of California, so this was too tempting to pass up- not only is the pay up to 150 bps per loan but leads are provided. I do not have my own large referral base (which I made very clear in my multiple phone and then in person interviews) and hoped this would give me the opportunity to work part time on the incoming leads, and partially on networking to build that base. I was promised at least 3 live transfers a day (meaning an interested person that a CSR transfers directly to my phone to convert). On top of that, access to their abundant lead pools - which supposedly run ripe with low hanging fruit, trigger leads, loans that simply fell through the cracks since the inside LO's are so incompetent and new. Easy pickings for an experienced LO.  Sounds great right?! 
After losing commission quitting my job, spending over $1,000 buying a new computer, getting a land line installed (which I was told was mandatory) and setting up my new at home office I find out on DAY 5 of training this was a complete lie.  There are no direct transfers. I immediately text my recruiter saying why was I told I’d have transfers and now I find out that is not true? He gives a weak excuse about how that was the plan but not anymore. Cool, thanks for telling me! 
 So in reality, you only have access to call out on the lead pools and get 3 "data leads" assigned to you each day. What in the world is a data lead? I still don’t know but 90% of them were bad numbers or obviously the cheapest internet leads available that you'd never reach, the other 10% had no idea why you were calling and didn't own a home or have any interest in purchasing one. Not even close to being equivalent to 3 direct transfers. Still, who cares though management says after I voice concern on the first week - "the Real money" is in the outbound calls! These leads are “So easy my young Granddaughter could make money dialing on them” (A direct quote from my manager).   Ok, I think - if there is any potential here I want to make it work, I’ve been successful at every company I’ve worked at and if his granddaughter can do it so can I! 
Fast forward 150-200 out bound calls/ day later for the next 2 weeks. In the meantime I hear other new Direct Flex Lo's complaining and quitting left and right. They now offer that I can COME IN to the office to get inbound calls. Does that not completely defeat the purpose of taking a remote position? Beyond being flat out lied to about the leads, MELLO is the most inefficient, backwards way of taking an application I can imagine. Somehow the leads system is even worse and if you need any assistance from IT don’t hold your breath. It took them nearly 2 ½ weeks of submitting “help tickets” to finally remove my cell phone number from my signature and auto populated emails.  
I guess I forgot to drink the Kool-aid – there is so much hype about this position and their technology and it is just plain disappointing. If you are considering this position please think twice about it, without a solid referral base it will be insanely difficult to make any money here.  You guessed it! I quit within the first month and would never consider going back.

From the time I clock in every morning until I clock out at the end of my shift, I am told over and over again that I am valued, and that I am appreciated.   We are all told these things multiple times a day, every day, in so many different ways.  The words we hear and see most often are “I appreciate you.”  And these aren’t just words, the managers and the coaches and the executives show their sincerity in their actions, offering support and encouragement, actually helpful coaching when you need help.  We aren’t beaten over the head with metrics and stats, instead we are SUPPORTED and ASSISTED.  Teammates lift each other up.  Loan Officers are kind and friendly, they tell us we are appreciated.   All of this makes all of us WANT to achieve and succeed.  No one works harder than employees who feel they are seen and heard AND valued. 

Now, in addition to this amazing company work culture, LoanDepot gives their employees all the tools needed to succeed. For example-

The leads are the best in the industry.  If you have ever spent all day being repeatedly screamed at by angry customers who never requested information, while trying to get any transfers at all, that doesn’t happen here.  The vast majority of people we speak to are happy to talk to us.  The contact to transfer rates at LoanDepot are the highest I have seen anywhere.   

The scripts are brilliantly simple and efficient, if you have ever struggled through a word salad written by someone who seems to have never held a human conversation, these aren’t those.  The scripts  are short and sweet and to the point, and most importantly they are effective.

LO availability, they ARE available, no waiting for long periods and having to make forced small talk while worrying about the borrower hanging up. 

Training- there is no better training in this industry, starting with onboarding and initial basic training, it feels casual and relaxed and low pressure, the trainers are supportive and friendly and fun, they get you comfortable with the system and the job you will be performing, once through this phase, you go into incubation, honestly this is what sets LoanDepot apart, during incubation you are in a small group with just yourself, maybe one or two other new employees and your manager and floor coaches.  They watch over you and they are readily available to assist and answer questions, the environment is warm and welcoming and this is where you will get your best coaching and tips for success, in this small group/one on one environment.  I don’t know any other company that puts this kind of care and attention into ensuring individual success.   

LoanDepot is a great place to work!



The culture is extremely toxic proven by the extremely high turnover (higher than other comparable mortgage companies).  I had worked at the company for over 6 years.  I enjoyed the majority of my time (mostly all) as the company benefits were great and gained an immense amount of knowledge through experience.  I worked in many different roles.  I would suggest using loanDepot as a springboard for your career.  Almost all low level employees have short term tenures.  Almost all top executives and employees that work the way up also have left after a year to join other companies.  A large amount of top management at LD were hired from outside companies, or not promoted from within. Downsizing is first resort when times are tough.  They do not invest in actual individual training or help on any individual mortgage app (only powerpoints created by trainers-who were also recently downsized).  As low to mid level employee, this is one sign that the company has no character, heart, or loyalty.  The company simply does not care.  Further, there is no useful ongoing training.  Sales is madness.  The company closes 40%-50% of your files.  20%-30% is killed simply by processing being rude, bad customer service, lack of knowledge applied to help customers, attention to detail, etc.  Sales, processing, and underwriting simply mess up all the time!  Notice how many ACES or new to industry employees.  Bankers, processors, and underwriters are all new (again ACES) as they ran off/ignored all talented and once loyal mortgage professionals.   My daily tasks was to literally reach out to ALL declined/cancelled files for any reason (20-25 per day).  I was never asked for insight or advice from any party.  They have clearly chosen quantity over quality.  You should not expect to work happily for any number of months or years.    The management staff that currently guides sales/processing, hasn't sold or processed a loan in years or ever at loandepot.  They easily missed an opportunity to boost production 20% just by appropriately working a mortgage app.  The company is trying to revolutionize the industry by spending millions on tech, innovation, advertising, etc., but they are far off from being competent on the basics (i.e. how to close a loan).  

If you spend $1 dollar on a hook and used fishing line, what is the point of a $5000 rod and a million dollar boat? 

The company has roots on the path to greatness.  It has lost sign and has no core competency (both to attract new employers and to customers).

I have been working here as a customer lending representative (call center agent) for going on 4 months now. So far I love it! It is not for everyone. If you are not driven and OK with having a full schedule with mandatory overtime each day, then this may not be a job for you. I was lucky enough to get a job here right before a major pay increase for my position, plus the addition of an excellent new bonus program. I love how much overtime I have been able to get since I have worked here. Also, the training is great here. I knew nothing about the mortgage industry prior to this job, however, I have learned quite a lot due to their training program. The days can get stressful at times, especially since the mortgage industry is a little rough at the time, but that's the nature of the industry. I like that they constantly update you on your numbers/stats, however, there are some quirks still present with the accuracy of said numbers. I really dislike that it still counts answering machines or bad numbers towards your efficiency rating. Some other pros of the job are the free lunches and bonus/rewards initiatives and the general laidback yet energetic vibe of the employees and management in the building. There also seems to be great opportunity for promotion and advancement in the company. They say that they start considering you for higher positions after about 6 months, however, I am still going on 4 months here so I cannot say how accurate that is. I have spoken to a great deal of other employees though that have been here for about that long and are moving up to Loan Officer positions or Processing and are now making a pretty decent living. All in all, I am very pleased to have found this job. The environment is fun and they are good at keeping you motivated to work and move up in the company. Since I have been here I have been doing pretty well on the phones, despite my lack of mortgage knowledge, and I have become very interested in eventually moving on to a Loan Officer position here. I have heard it is fairly difficult to pass the certification exam and stressful, but the job is very rewarding if you can secure it. Looking forward to being here at the company for awhile and working my way up the ladder!

Before you apply for any position in this company, don't quit your current job, read reviews about the position posted on job sites by former employees, believe what you want to believe but ask the interviewer or recruiter plenty of questions to determine if you are cut for this company. 
Word of advice, if you are an emotional creature and get offended easily by comments made by customers and and supervisors, don't bother applying for any position in this company. Every morning the talk begins with the previous day's sales that you made. Try and stay above 12-13 percent (out of 100-200 calls a day depending on your job description).
This company is always hiring and posts job openings everywhere without a proper description. This is because its employees are always quitting in large numbers due to low morale and stressful job environment that doesn't have adequate compensation to match it. In the first 3 months of working there, you'll notice that more than half of your colleagues have dropped out or are planning to quit. Word of advice, after your initial interview, ask to walk the floors and watch how the other birds sing and you'll notice the sadness in their voices.
However, if you are good with sales and believe in starting from the bottom while taking in stressful situations, for about 6 months to a year, with below standard market pay, you can "easily" get promoted to your preferred position or one that best suits you if one becomes available (positions are always open).
Please note that getting a day off is not easy at some positions so if you have any medical appointments, schedule them in advance and alert the management about it. In this company, there is forced overtime and weekend work. If your team fails to get enough volunteers to work on a Saturday, you'll be forced to or else be written off (coached). Also low numbers are a good excuse for termination of your employment at any time. 
The CEO of the company is a good leader, but only for his executive team. You may never meet, or know the leadership team of this company because it is a private company. All teams in the company do not mix and after a while you'll start to feel resentful because of the way classicism is displayed.
FYI, I didn't get fired, and never got coached. My direct manager was cool headed, clam, relaxed, fun loving, and very helpful.

Working at Loan Depot has almost no good qualities at all. Let's start with the recruiters. Both of the recruiters that hired me (not allowed to mention their names) both told me that it would be ok to quit if I had to move out of the area. They both told me that Loan Depot will not come after me for money if I had to quit due to moving out of the area. This is a flat out lie. The company will come after you for money if you quit especially within the first 6 months. I quit on month 5 because I had to move out of the area and for the last two years I have been getting letters and nonstops calls to pay up. So if you work here don't quit especially during your first 6 months.

Second horrible experience working at Loan Depot. So the first day on the job as a new MLO you are put in with a group of 30 new MLO's and one manager. The 30 new people usually need help all at the same time, so that one manager can't manage to help everyone so you're left wondering what to do and when is it my turn to see the manager? So you are forced to go ask other managers for help. Worst part is every manager will have a different answer to the same question. There's only one or two managers that MAY know the right answer, the rest of the managers are clueless. 

And then you got the work hours. You are literally working 10 to 12 hours a day and working weekends too so there is no work life balance.

And then you got the seating. The sales floor is so crowded that you have to make a reservation of the computer you want to sit at. It's the wild west with that process because even if you have a reservation there is still a chance that someone else will be sitting at your computer. I literally made a reservation and the guy that "usually" sits there confronted me like he wanted to fight me and he literally went up to his coworker friends and was like "this might be my last day here if this guy doesn't get off my seat!"

Then you got the Mello software that the company uses to write loans. That software is SUPER SLOW especially when trying to make any changes to your loan.

Overall, I wouldn't recommend working here at all. If you have your mortgage license go work for a private broker or a different mortgage company if you can. You'll make more money with a private broker and won't deal with the disaster that is Loan Depot. 

I overlooked a lot of the bad about loanDepot in favor for the fact I was remote & credited most issues to not being in a physical office. No. loanDepot is NOT what they portray themselves to be. They called ME last year and lured me away from my stable career last year with the promise of big pay, big bonuses, and being treated right. Last Monday I was called into a last second meeting prior to lunch and laid off with hundreds of others and told the decisions final, don't question us. We were given no notice and zero opportunity to stay with the company. In the blink of an eye, my career was over.
When I was a new hire, to say the way they train leaves a lot to be desired is an understatement. You get about 8 hours of training max & then thrown to the wolves. You're supposed to have a ramp up period to get acclimated to your job - mine was about 3 days and then I was overloaded & overwhelmed with a completely unattainable pipeline of loans from there on out. The bonuses were NEVER ONCE what they promised me. The people ahead of me in the process were never made to do their jobs, everything was pushed onto Closing because everyone knew we 'had' to do it. Everything is a rush. I would have loans sit in my pipeline for months only to be given an hour to do my entire job. On more than one occasion, I caught other employees taking files of mine - Nothing was done about it. Favorites are played and it's very apparent with how uneven pipelines across team members are, which directly impacts your bonus and productivity ability. You're spoken to either extremely rudely, or constantly emailed and messaged all day by Sales and there is zero repercussion for their behavior. I've actually never been spoken to or treated so badly by co-workers before as I was here. And good luck finding someone who actually knows what they're doing or better yet, is willing to do it. If no job security & cleaning up messes that you didn't make is your thing, then apply. Otherwise, do not buy into their promises. This company cares about nothing more than numbers, the rest is all smoke & mirrors. I regret the day I ever picked up their call.

I enjoyed the “grind” at Loan Depot prior to COVID lockdown & during the pandemic. By an Underwriters production standpoint, I was in the top percentile every month. However, their “knee-jerk” reactions for uncompromising “underwriting perfection” led to be overbearing, unrealistic & exhaustive! 

Underwriting Senior Management would state repeatedly to the staff, “We don’t want you to underwrite scared”, however this is the environment they created. As a Production Underwriter you spend so much of your day re-finalizing loans over & over again. The process & flow to get the loan to a “Doc’s Out” status was extremely inefficient. It is not uncommon to have a file re-FINAL approved 5-6 times or more before finally making it to doc’s out! 

Due to all the recent rate hikes a reduction in workforce by any means was necessary was called for. It started with layoffs & then it transitioned to outright terminations. Of course, terminations would require a series of “disciplinary discussions & formal written notices” mostly made up of overreaching findings from the QC department taking much “deeper dives” into files than what is traditionally necessary. 

However, there are positives such as the people! I loved my team & for the most part there was a good amount of respect & kindness shown between the organizations. I even liked my immediate Managers & Upper Management on a non-work-related level. 

I really wanted to provide a fair & accurate assessment of “my own” experience working at Loan Depot & not sound like just another “disgruntled ex-employee”. I very much enjoyed working at Loan Depot up until 2023. Walking on “pins & needles” every day due to overreaching QC directives in the end wasn’t worth it any longer for me & in the end their antics proved to be just too exhausting on a day-to-day level & I just “didn’t care” any longer & consequently it showed. 

To summarize I went from a “Star” Underwriter to someone who no longer fit “their” quality standards mold. 

Remember this part because it can turn on you that fast at LD. 

- No process, period. Sometimes they don't even open tickets in JIRA, your boss will just walk by your cube and tell you to make wholesale changes to a app. At THE DEPOT, this is considered a good thing.

- No specs. If you are lucky, you will get a JIRA ticket with a picture of some whiteboard chicken scratching and a scan of handwritten notes takes by a "BSA" from a meeting your weren't invited to.

- No security or controls. A disgruntled employee could download the entire prod database full of driver's licenses and tax returns on a thumb drive and sell them to hackers.

- No distinct DEV, QA, or Staging environments. "DEV" is usually your own PC. You have to code in PROD all the time because QA doesn't work and STAGE is always broken.

- Either you are involved in a massive fire drill, or you're sitting on your hands, surfing the web, and taking 3 hour lunches because management has no clue how run projects and allocate resources.

- Most of the systems are garbage and pretty un-maintainable.

- Dishonesty. They may hire you as a web developer and tell you that you will be working on the latest and greatest technologies, but when you start you'll have to do garbage like maintaining horrible WinForms apps. written by long departed programmers.

- On any given day, you might find another developer in your cube, pointing at your screen, and screaming profanity about an app that is not even your responsibility.

- Massive turnover. A week after I started, the Chief Marketing Officer and her 18-person dept. was fired. In 4 months, I saw 4 devs get fired or quit in a dept. that only has about a dozen or so programmers.

- There is about a 3-2 ratio of PMs to Devs. Seriously. I was on a project with 2 other devs and each dev. meeting had 2 PMs, sometimes even a SVP. Not that they helped manage the project, they were just there to take pictures of the whiteboards.

Working for and with loanDepot has been the best remote experience I've ever had. Sometimes, because of how engaging and interactive my team and many colleagues throughout the company, state to state, I feel like we are all actually all together as it used to be (pre-COVID) in the brick and mortar. Days at work (from home) are filled with energy, constant encouragement, resources, help aids, and anything else one could ever need from an employer while on the job. It's such a great place to be, knowing that what you are doing is definitely part of the solution and the end result is achievable and attainable because YOU helped and was an integral part of that successful result. There's something to be said about the culture of a company when you can't wait to clock in everyday. The hardest part of the job for me, I would have to say is clocking out each day. Seriously, I enjoy the feeling of "home" (pun intended), family, empathy, humbleness, sincerity, grace and gratitude. Management by far is the best I've experience in a very long time in the corporate realm of my career. You can trust that your manager is human just like you, not a programmed or self-centered person who abuses their title with the inability to perform half as well as even the less experienced new hire. Our managers are A++++, open, ready to give the fruits of their knowledge and receive feedback graciously. It's more than Teamwork, it's more like a family coming together to fill the gap, encourage, uplift, and so on! There's absolutely no place I'd rather be employed. Room for learning and growth! You decide where you want to be! Thanks for the opportunity loanDepot!

Top Job Titles	Average Salary
Lending officer 5 salaries reported	$96,000 per year
Loan officer 1 salary reported	$15.15 per hour
Entry level sales representative 126 salaries reported	$105,000 per year
Loan processor 3 salaries reported	$23.00 per hour
Sales 26 salaries reported	$112,442 per year

Working at loanDepot: Company Overview and Reviews

loanDepot

loanDepot Ratings

Popular jobs at loanDepot

Salary Satisfaction

Job Seeker Tools

Employer Tools

Browse

Stay Connected