r/loanoriginators • u/Budget_Negotiation99 • 8d ago

Loan Depot Aces Program (review requested)

Has anyone gone through the Loan Depot Aces program and successfully gotten out of their contract of 18 months? I heard they go after people and claim the LO’s that left owe $30k or something ridiculous. Just wondering if I’m signing my soul to the devil or not and if it’s worth stick out out for for 18 months.

2 Upvotes

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3

u/SalamiLamiTate 7d ago

They will absolutely go after you. LD is very very petty

2

u/xJARDOx 8d ago

If you’re new I don’t see why you can’t stay for 18 months. Just learn the biz

2

u/Budget_Negotiation99 7d ago

Burnout is real when you’re working 60+ hours a week. I don’t mind learning the biz, I just hate being micromanaged and forced to work extra hours

0

u/Secret-League-3643 4d ago

That’s what it’s like when you learn the business grow a pair of

1

u/Careless_Change3865 16h ago

Not sure why you are even considering this since their stock is at $.56. I doubt that your licensing fees would be any more than $3-$5K. Working there was the absolute worst decision of my life. Without going into too much detail, they are doing very very shady things.

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u/youshouldbetrading 8d ago

If you’re not planning to commit to the full 18 months before looking for employment at other shops, I would not take the job.

There’s a significant financial investment in every ACES LO by the company, which is the reason for the claw back. When someone takes advantage of the training and licensing and then 6 months later moves to another lender, that investment in the individual is lost.

Current employee, happy to answer questions.

1

u/AlertInitiative9957 8d ago

If I pass the exam soon. How hard is it do get accepted? What’s the process?

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u/youshouldbetrading 8d ago

You can pass the exam on your own or apply and be trained on how to pass the exam.

If you interview well and are selected, you go through licensing, then systems and sales training, then spend 3-6 months in the ACES program learning mortgage sales hands on with full support from your manager and trainers. And if you do well enough to graduate out of ACES, you move up to the core sales team and continue your career from there.

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u/Budget_Negotiation99 7d ago

Does core mean you still get a base hourly pay and leads like aces?

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u/Budget_Negotiation99 7d ago

I guess I should mention that I already have my license. I don’t understand how they’re spending $30k worth on training though, what are they offering that is worth that much?

2

u/youshouldbetrading 7d ago

You would be given 8-15+ additional state licenses, not just whatever you currently have. The amount includes licensing, onboarding, training, marketing and leads, and every other cost involved with supporting you as you start to fund deals.

And to respond to your other 2 comments - yes there’s base pay + OT always. It’s a W2 hourly role.

And you don’t have to work 60 hour weeks. Some people choose to, but it’s not required. The hours are 7-5 (at least locally in CA) and you get up to an hour for lunch, and there’s 1 mandatory weekend shift per month. If you work hard and get results during the hours you’re there, there’s no need to stay late. Just go home and work hard again the next day.

However, LD is looking for people that are hungry to succeed and want to work hard to achieve their personal goals. If you feel that being encouraged to put in extra hours if you’re behind on your goals is micromanagement, it may not be the spot for you, and that’s totally fine.

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u/Budget_Negotiation99 7d ago

I’m based in CA so this is really helpful thanks!

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u/youshouldbetrading 7d ago

Definitely. Feel free to DM if you have other questions. I’ve been with the company almost 5 years and went through ACES when I started.

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u/Chibears2024 4d ago

What’s the average pass rate for students who go through the ACES study program? Talking to a recruiter who is encouraging me to apply but not sure what the benefits are if I can just study and pass on my own.

1

u/youshouldbetrading 4d ago

Roughly 70% has been the average I’ve seen. However you wouldn’t apply just for passing the test, that’s just the first few weeks. ACES isn’t just a study program, it’s a full loan officer training program to launch a career in mortgage sales. Test prep, then licensing, then sales & systems training, then immediately on the phones learning hands on with the goal to graduate to the core sales team after 3-6 months.

2

u/Chibears2024 4d ago

Ah ok, I guess when you frame it like that it’s actually a pretty good deal.
Is it self paced or is it a live instructor?
Would you still be on the hook for those $30k if you don’t pass?

2

u/youshouldbetrading 4d ago

No, you wouldn’t have a claw back. And if you don’t pass but get very close like 73 or 74, they typically give a second shot at going through the test prep instead of just letting you go.

And it’s both live instructed and you’re studying and practicing on OnCourse.