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Mortgage

loanDepot CEO tells his “unhappy” LOs: Stop acting entitled

Reportedly sends marching orders via email

loanDepot CEO Anthony Hsieh is reportedly fed up with unhappy loan officers at the top mortgage lender, according to an internal email he allegedly sent to his sales staff earlier this week.

If the email is to be believed, a copy of which was provided to HousingWire to share with the LendingLife community, Hsieh is displeased with the morale of some staffers as loanDepot transitions into a modern mortgage lender.

His email is reportedly a reaction to the results of an internal survey among 200 loanDepot staffers, where nearly half of the questioned staffers reported a less-than-positive experience working at the firm.

[Note: the veracity of this email could not be confirmed. Recent communications to loanDepot sales and marketing staff from HousingWire currently go unanswered. The company is also currently looking for a new VP of Public Relations, but is not taking anymore applications for the role.]

“I am honored to be your CEO and happy to work very hard for you. But the 42% that are unhappy being here, I do not want to work this hard for those that don’t want to be here. Adjust your attitude, be ALL-IN,” the alleged email states.  “Stop acting entitled and understand this industry has ups and downs, but all will average out great.”

“Be confident and stop whining,” the message concludes.

In the email Hsieh argues that loanDepot’s competitors are dying and shrinking in the face of a contracting mortgage lending environment, whereas loanDepot is in a much better position, the email indicates. Hsieh then provides proof of this, which is obviously sensitive, and then adds, “If you’re not excited about this, [sic] your in the wrong company and wrong industry.”

It’s true the experience of loan officers at mortgage lenders are varied. That’s to be expected. In previous coverage, HousingWire published the opinion of one loan officer who loved working at loanDepot.

Still the alleged marching order tactic did not sit well with everyone. One of the sources for this article, however, referred to the latest motivation tactic as an “email from our horrible leader to all loan officers,” they said. “Who is the one whining????”

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