The Mortgage Bankers Association of America provided a former chief executive with a $1 million buyout when he agreed to step down in June 2000. The MBA paid former executive vice president Paul S. Reid $521,962 in ordinary compensation in fiscal year 2000 along with a $1.27 million buyout, according to a National Journal report on trade association executive compensation. It is understood that Mr. Reid had a three-year contract and he agreed to resign after serving two-and-a-half years. Jonathan Kempner is the MBA's current top executive. An MBA spokeswoman declined to comment on the National Journal report, except to say that the "numbers speak for themselves." Mr. Reid also declined to comment on the buyout. However, the former mortgage executive has become the president of Digital Sports, which sells digital products to high school athletes and their parents, including team videos. "I am also doing some mortgage consulting and working with a [mortgage] company," Mr. Reid told MortgageWire.
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Some members of the Senate, where the GOP majority is thinner, also are asking the Federal Housing Finance Agency to reveal more about planned mortgage reforms.
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The housing regulator has been mum on details about its reshuffling, but Secretary Scott Turner has emphasized mission-critical functions would persist.
April 2 -
Regulators should approve the deal because post-merger, the servicing market remains fragmented and the mortgage origination business is even more dispersed.
April 2 -
Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.
April 2 -
A three-judge panel will hear an appeal by the Trump administration of a preliminary injunction that has blocked the government from dissolving the Consumer Financial Protection Bureau.
April 2 -
The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.
April 2