Although George Ellison’s salary was not disclosed in the press release announcing his employment with the company, a subsequent filing provided details: $450,000 per year, another $450,000 in incentive bonuses...
After seeing what’s transpired at Nationstar, Owen and Walter the pass year, would Dan Gilbert (who owns Quicken Loans) and Stan Middleman (Freedom’s owner) ever ponder going public?...
Not only are residential loan officers in high demand these days – especially ones with fat Rolodexes – but some of these top performers are being offered “signing bonuses” of $5,000 to $40,000, and even more to jump ship. Moreover, according to interviews conducted by Inside Mortgage Trends, the most aggressive bidders for high-performing LOs are nonbanks, which have been steadily stealing market share away from the megabanks the past few years. “Most depositories are not committed...
Lenders should stay as far away as possible from even the appearance of basing any part of a loan officer’s pay on the terms of a mortgage. During an Inside Mortgage Finance webinar this week, Amy Durant, an attorney with the Bodman law firm in Ann Arbor, MI, emphasized the importance of the restrictions on compensation that are embedded in a Consumer Financial Protection Bureau rule. The rule states...
AAMC said that while at BofA, Ellison was “the executive leading the team that managed the valuation and disposition of Bank of America’s legacy mortgage loan portfolio.”
In 2018, the GSE capital buffer falls to zero dollars. Zilch. Nada. Hopefully by then, President Bush or President Clinton will have worked out a GSE reform deal with Congress…
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