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Compensation

What top mortgage execs were paid in 2023

ByMaria Volkova, NMN Staff
May 15, 2024 5:30 AM
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The total compensation of the highest paid CEO among the largest mortgage lenders in the country was $30.3 million in 2023, an increase of nearly 300% versus 2022 according to filings with the Securities Exchange Commission.

RELATED: Are mortgage ops teams moving to incentivized pay?

While many CEO, President and CFO salaries rose in the past year, there was one notable exception where the CEO requested his compensation to be limited to his base salary of $300,000 only, with no annual cash bonus to be paid until the company is profitable.   

RELATED: How to calibrate mortgage employee comp for uncertain times

Scroll through to see what the top mortgage executives were paid in 2023 and how their remuneration has changed since 2022. 

Maria Volkova provided reporting for this story.

What top execs were paid in 2023_Better_7.jpg
Additional information from SEC filing: As of December 31, 2023, Better had approximately 820 team members, of which approximately 335 were located in the United States, approximately 335 were located in India and approximately 150 were located in the United Kingdom.
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Additional information from SEC filing: At the end of 2023, company headcount totaled 579 compared to 527 for the 2022 period. The increase was due to the onboarding of our retail platform acquired from AAG/Bloom.
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Additional information from SEC filing: Former CEO, Mary Ann McGarry, made almost $2 million in 2023. For the years ended December 31, 2023 and 2022 the company originated $14.2 billion and $18.3 billion, respectively, in retail mortgage loan originations.
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Additional information from SEC filing: The company reduced staffing levels to 4,250 at December 31, 2023 from 5,194 at December 31, 2022 and 11,307 at December 31, 2021.
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Additional information from SEC filing: The median employee's salary, excluding Mr. Cooper's CEO, was $52,165 in 2023.
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Additional information from SEC filing: PennyMac had approximately 3,900 domestic employees as of the end of fiscal year 2023. The workforce was 51.8% female and 48.2% male, and the ethnicity of our workforce was 44.3% White, 23.4% Hispanic or Latino, 14.2% Asian, 14.0% Black or African American and 4.1% other. 
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Additional information from SEC filing: Approximately 76% of Ocwen's workforce is located outside the U.S. The company, as of Dec. 2023, had a servicing and subservicing portfolio of about 1.3 million loans, with a UPB (unpaid principal balance) of $288.4 billion.
What top execs were paid in 2023_Redfin_11.jpg
Additional information from SEC filing: Glenn Kelman has been Redfin's chief executive officer since 2005. Since 2021, at Mr. Kelman's request, his compensation has been limited to his base salary of roughly $300,000. Mr. Kelman last received an annual bonus award in 2020, and he has indicated that he intends to decline any annual cash bonus until the company reaches profitability.
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Additional information from SEC filing: Total open Motto Mortgage offices increased 6.5% to 246 offices in 2023.
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Additional information from SEC filing: The overall headcount totaled approximately 6,166 by the end of 2023, compared to approximately 9,030 during the year ended December 31, 2022. The decrease was driven by right-sizing operations in view of lower loan production volume throughout the second half of 2022 and 2023 commensurate with the higher rate environment.
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Additional information from SEC filing: By the end of 2023, Rocket had approximately 14,700 team members, all of whom were based in the United States or in Canada.
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Additional information from SEC filing: Two Harbors had 466 employees as of the end of the year.
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Additional information from SEC filing: UWM stated that it ended the year with close to 6,700 team members, of which 44% were female and 36% identified as being ethnically diverse.
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Additional information from SEC filing: For the years ended December 31, 2023 and 2022, Zillow generated revenue of $1.9 billion and $2.0 billion, respectively, representing a year-over-year decrease.
Maria Volkova
Technology Reporter, National Mortgage News
NMN Staff
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