Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Fannie and Freddie CEOS receive major raises

Notify me of new replies via email
Mortgage Professional America | 02 Jul 2015, 09:48 AM Agree 0
Exponential pay raises for the two government backed enterprises have drawn criticism across the country.
  • Griff | | 02 Jul 2015, 10:49 AM Agree 0
    Love that "retention" excuse. Like there is only one human being in the universe who can do what one dude can. Hogwash!
  • Andrea | | 02 Jul 2015, 11:19 AM Agree 0
    yes, of course pay raises are in order, since they are taking it from the Borrowers in form of higher Adjustments that were just increased July 01st with most major Lenders! Good going! I can smell the next crash!
  • Najm | | 02 Jul 2015, 08:54 PM Agree 0
    Love that, they deserve it we need them to continue to do a great job, fnf are the bloodlines for for real estate economy and our economy as a whole., How can you smell the next crash come on! the 2008 crash was not the work of FNF, I hope you are not believing what you hear from your elected officials and the main stream media. Please don't believe their lies fnf where forced to by bad mortgages that was generated by the big boys, fnf do not generate mortgages, they provide the liquidity so lenders can keep lending.
  • MoJo | | 08 Jul 2015, 10:28 AM Agree 0
    I am SO sick to death of big banks, politicians, and new idea's to screw the people they feel are beneath them!
    I started my own small mortgage company in 2000 and worked 10 years to build it into a reputable, solid company. The housing industry crashed and the "higher ups" used it as an excuse to blame all the people beneath them -selling what THEY created. They pushed us out of the industry so that only big banks and those that were able to become "correspondents" (another way to pay banks to stay in business) could stay open. Hence, small business owners and originators were forced to work for these bigger entities and make less money. They DE-VALUED us!

    OH big government said it was to 1. SAVE the borrower's money, 2. lower costs, 3. get better mortgage quality, blah blah.
    NONE of those things have happened. 1. The borrower's costs have gone up at least 50%. Between higher appraisal fees that "the admin company" (hahem... BIG BANK) charge and pay the least amount possible and build in's to even highest fico score borrowers. 2. Fee's to keep up with the new rules have forced many out of business. And 3. better mortgage quality... HA, now that is a joke. We sell what you big banks create! Morons. The mortgages YOU created were what caused the melt-down, not the people using the products. We are scapegoats. Perfect example. Chase Bank charges $480 for a Conventional and $530 for an FHA appraisal for which they still pay $300 to $400 to the appraiser for -and $400 is rare. The 3rd party company is a separate division of Chase Bank! Borrower's pay more... Bank pockets more! And isn't the rule to charge the borrower ONLY what the invoice is for? Shouldn't there be a cap on the 3rd party ordering them?

    I went from making over $100k per year (and YES paying taxes on it) to lucky if I make $50k. The banks are just able to pocket more of the money now instead of paying the qualified individuals that work their butt's off to generate those mortgages for them! I, for one, am looking to EXIT this industry as should ALL good, seasoned mortgage officers until they are ready to pay us what we are truly worth. Let them deal with beginner LO's who do not know squat. Let their portfolio's and gains go to crap. Only then, will they give us our respect back along with the pay we have worked so hard to earn. Just like attorney's, doctor's, accountant's, and so on... we ARE professionals and should be making a solid BASE regardless of market. So why then, do most of us feel like minimum wage peons? Thanks Government! Change is one thing - destruction of families is another!

    So FED UP! Rise up people!!
  • MoJo | | 08 Jul 2015, 10:36 AM Agree 0
    A raise is one thing... but how about starting with hard-working mortgage officers!?!

    Some of them are NOW without benefits - insurance, retirement, paid vacations, etc.
    If you are lucky to have THAT, then you have some crappy, low commissioned salary.
    If they want to control our earnings -then start with a fair base salary dependent on our experience and education.
    That salary should range from $30,000 to about $60,000! Then you can pay some low incentive commission of 30 bps!!
    Just like the banks still earn income - it's called INTEREST people... during the slow mortgage volume periods, so should the mortgage officer's that worked to put those mortgages in their pipelines.

    Or maybe... just maybe, start hiring people that think outside the box to come up with alternative rules to make the playing field fair and practical without hurting our borrowers which should truly be the outcome.

    All of this mess the government has created has NOT helped our borrowers - not one bit.
    You can tighten mortgage programs and control mortgage fraud without the need for chaos.
Post a reply