Last year’s 27 percent drop in overall mortgage originations apparently took its toll on the pay received by senior management in the residential mortgage industry, although most executives still enjoyed a very good year in terms of compensation. According to Inside Mortgage Finance Publications’ fourth annual compensation survey, the average total compensation for senior executives in 2004 was $321,049 – or 21 percent below the $403,763 recorded in 2003. But 2004 still beat out 2002,…