One loan officer based in Southern California said he’s seeing bonus offers made to colleagues, but cautioned: “It’s true, but only if you can prove good volume today – not eight months ago.”
Also, Morgan Stanley recently increased its stake in Arch Capital Group to 6.3 percent. Arch owns CMG Mortgage Insurance, which is being renamed Arch Mortgage Insurance Company.
One executive familiar with the practice of signing bonuses noted that typically the money is paid out over 12 months, but if the LO does not repeat their past performance the bonus can terminate in a given quarter.
It appears that the Federal Housing Finance Agency has slowed its search for a chief executive and chairman to manage the fledgling common securitization platform, which is slated to be headquartered in Bethesda, MD. One former candidate for the CEO position told Inside The GSEs: “It’s pretty much turned into the mess I suspected it would a year ago.” Discussing the chairman position, he added: “They still haven’t come to terms on compensation for the person they want.”
Graham Williams, CEO of Mortgage Resolution Partners, a firm that has achieved notoriety in the mortgage industry for trying to use eminent domain to seize underwater loans, is moving on. But that doesn’t mean the concept of municipalities using the legal strategy is going away. “I’m transitioning out of the CEO job,” Williams told Inside Mortgage Finance. “The company will continue on.” Asked whether a CEO search is underway, he said he didn’t know. As Inside Mortgage Finance went to press this week, there were...
“This situation consisted of sexually charged behavior and comments from the supervisory staff and participating mortgage bankers, which resulted in a sexist and uncivil atmosphere,” the EEOC said of the JPM workplace.
Federal regulators have, for all intents and purposes, completed their work on the qualified residential mortgage standard. This means the final rule’s release could be imminent.
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