In a recent filing, Fannie Mae made clear its displeasure with the pay caps placed on the company by the FHFA and Congress. Interestingly, Freddie Mac had a more muted response.
In its thirst to expand the company’s presence in wholesale lending, Quicken Loans Mortgage Services this week unveiled big hiring plans for Detroit and Charlotte.
Although residential originations remain strong, the loan brokerage sector has been steadily cutting jobs since the spring, according to the U.S. Bureau of Labor Statistics. Industry players question the numbers.
Originations are booming but the government’s latest reading on mortgage employment wasn’t exactly encouraging. Still, interviews conducted by Inside Mortgage Trends reveal that many shops are looking to hire.
Among publicly traded mortgage shops, Lending Tree CEO Doug Lebda took home the most bacon last year: $42.3 million in total compensation. But what do CEOs at private firms earn? The answer is not simple.
Originations are strong in many markets but hiring by mortgage banking firms is not particularly robust. Meanwhile, some executives wonder privately whether the rate rally is getting long in the tooth.
The nonbank plans to hire nearly 1,400 employees by the end of the year. Several other lenders are also hiring as interest rates remain relatively low.
The company is offering buyout packages to selected employees, a fact con-firmed by the Federal Housing Finance Agency. Is Freddie Mac going to do the same? Hard to say. The company didn’t respond to a media inquiry.
Interest rates are falling, refis are increasing and optimism abounds among many mortgage professionals. However, hiring has not been robust this spring but all that may soon change.
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