loan originators how much you made last year

By
Mortgage and Lending with kandola mortgage services

How much did you make last year? (That was a rhetorical question.) The president of Countrywide earned $48

million, the president of Freddie Mac $15 million, WAMU $8 million, Indy Mac $4 million.

 

According to Goldman Sachs and Wells Fargo, jobless subprime mortgage lenders are looking for employment in

the booming market for loans to senior citizens. So far the mortgage industry has lost 15,000 employees, and

obviously some will enter the growing market for reverse mortgages. Some bankers worry the market's rapid

growth may make reverse mortgages vulnerable to fraud and increased litigation, which has plagued subprime

loans. "As you look at what's going on in the subprime market, are those the types of folks who are really

appropriate for pursuing reverse mortgages?" asked Rolf Edwards, a vice president at Goldman, Sachs & Co. in

New York. The number of federally insured reverse mortgages has skyrocketed, climbing to 76,351 in 2006 from

7,781 in 2001. So-called HECM loans, or Home Equity Conversion Mortgages, make up 90% of them, according

to the National Reverse Mortgage Lenders Association. In another sign of growth, Bank of America Corp. in April

said it agreed to buy the reverse mortgage business of Seattle Mortgage Co., making it the third-largest U.S.

provider. IndyMac Bancorp Inc. is the industry leader. At Wells Fargo, for example, about 700 loan officers

specialize in reverse mortgages.

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Rainer
28,776
Hayden Gerson
HPM Financial LLC - San Diego, CA
The president of IndyMac did not make that much money compared to how big that bank is.
Sep 02, 2007 09:05 AM #1
Anonymous
JHeart

NO MONEY IN REVERSE MORTGAGES !

The RM's take too long to deal with the applicants, face to face mostly and painfully slow !

The processing is way slow and the commissions are laughable ! NO real $ 

Dont waste your time working this small crowd,

take a nice vacation instead. 

Sep 04, 2007 03:14 AM #2
Anonymous
ChickenLittle
Sep 04, 2007 02:37 PM #3
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raman kandola

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