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What We’re Hearing: Show Us the Money

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navycmdr Member Level  Friday, 04/06/18 01:01:38 PM
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What We’re Hearing: Show Us the Money

A $1 Million Signing Bonus for an LO ?

A Conservative, but Liberal on Pay Raises

Hensarling’s Next Job Won’t Be…

When the Chinese Worry About Prepayments

The Return of Jon Daurio ?

Friday April 6, 2018 ...
By the HACK Fishwrapper writer - Paul Muolo ...



A large nonbank recently offered a top-producing loan officer a $1 million signing bonus to jump ship and join them. This story comes from a well-respected industry veteran who knows a thing or two about closing loans and swears it’s true. We know few other details about this supposed offer, but it seems like a clear sign that some shops are desperate to increase originations in what most likely will turn out to be a challenging year for loan production…

Another industry veteran told us the most outlandish signing bonus known to him was $200,000 paid to a $60 million-a-year producer. He had one word for it: stupid…

Meanwhile, it appears that Consumer Financial Protection Bureau Acting Director Mick Mulvaney has given some handsome pay raises to certain of his trusted deputies who were brought over from Capitol Hill, where the salaries can be penurious. According to press reports circulating late this week – including one from the Associated Press – Mulvaney has hired at least eight political appointees to oversee bureau functions with four of them making $259,500 a year…

One of the fortunate ones is Kirsten Mork, Mulvaney’s chief of staff, who joined the powerful consumer regulator from the staff of Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee. At the CFPB she earns $259,500, a 55 percent pay raise from her days on the Hill…

From what we understand, Rep. Hensarling was asked by the search firm Spencer Stuart whether he might be interested in becoming the next president of the Mortgage Bankers Association. Multiple sources contend his name was thrown into the candidate pool, but he didn’t make the final cut. The MBA board is expected to vote on the final candidates late this spring…

When prepayment speeds on certain Ginnie Mae MBS started going through the roof, agency Acting President Michael Bright heard their pain. In an interview this week Bright said, “The Chinese were very upset with our prepayment speeds.” But he also noted that the Chinese were hardly alone. For more details, see the new edition of Inside MBS & ABS…

Industry stakeholders believe the Senate this month will finally confirm Brian Montgomery as the next FHA commissioner. Montgomery is co-founder of The Collingwood Group, a Washington-based consultancy owned by Stone Point Capital…

Former subprime mortgage executive Jon Daurio is out trying to raise capital to launch a new non-QM lender, we’ve been told. Daurio has worked for Kondaur Capital and Long Beach Mortgage during his long career.

MORTGAGE PEOPLE:
VantageScore recently hired industry veteran Phil Bracken as its government affairs chief. In years past he worked for Radian and Wells Fargo, among others. While at Wells he was the megabank’s representative in FM Watch, an anti-Fannie Mae/Freddie Mac lobbying organization.


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