In this first of a series of articles, MortgageDaily.com has profiled five executives from publicly traded mortgage-related companies. Compensation and background are presented, along with a look at the companies they run.
San Diego, Calif.-based Accredited Home Lenders board of directors approved the annual base salary of $425,000 for company Chairman and CEO James A. Konrath. The 2005 salary reflects an increase of 18% from the prior year's base salary of $360,000.
In 2003, Konrath received total compensation of over $1.1 million, which included $382,782 in stock awards.
Konrath, a 1969 University of Wisconsin-Whitewater graduate holds a Bachelor of Arts degree in Accounting with a minor in Economics. As an Accredited cofounder, Konrath has retained his position as Chairman and CEO since the company's inception in 1990. He also served as President until 1998.
Prior to the formation of Accredited, Konrath was the President and CEO of Security Pacific Financial Services, Inc. from 1986 to 1989. From 1983 to 1986, he founded a new subsidiary, Security Pacific Housing Services, which focused on financing for manufactured housing.
According to the company's 10-K report, Konrath's total compensation for 2005 will be dependent on corporate financial and individual performance. Each executive officer will be eligible for a cash bonus equal to 0%-125% of their base salary and a restricted stock grant equal to 0% to 125%.
With both wholesale and retail offices located around the nation, the nonprime lender had a total loan funding of 12.4 billion last year.
Pasadena, Calif. Based-IndyMac Bank's Senior Executive Vice President Richard H. Wohl received total compensation of $1,148,917 in 2004, a representing a 57% decrease from 2003s total compensation of $2,648,800.
Wohl joined IndyMac in April of 1994 and has served in the company as general counsel, secretary, and Chief Operating Officer until Feb. 2000. Prior to his employment with IndyMac, Wohl practiced as an attorney. Wohl graduated from Stanford University and received a J.D. from Harvard Law School, where he was also an editor of the Harvard Law Review.
The company reported 37.9 billion in originations for 2004.
Atlanta based-SunTrust Bank's top CEO L. Philip Humann received a base salary merit adjustment of 3.7%, to $985,000, for 2004. Humann's total compensation last year was $2,335,313, of which $1,356,146 was bonus pay. Humann also received 150,000 shares of nonqualified stock options for SunTrust common stock.
SunTrust provides mortgage services online and through more than 135 locations throughout the nation. The company reported $30.2 billion in mortgage volume for 2004.
Wells Fargo's Group Executive Vice President (Home and Consumer Finance) since 1997, Mark C. Oman began with Norwest Corporation in 1979 and retained his employment through the May 2004 merger with Wells -- and now oversees the Des Moines, Iowa-based Wells Fargo Home Mortgage.
Oman, a certified public accountant, holds a bachelor's degree from the University of Northern Iowa.
Oman received total compensation of $3,185,176 for 2004 of which $500,000 was base pay, $2.5 million in bonuses, and long-term compensation awards of 509,571 securities options. Oman's base and bonus pay remained unchanged from 2003.
The company reported $298 billion in originations for 2004.
Charlotte, N.C.-based Bank of America's President of Global Consumer and Small Business Banking Liam McGee oversees the Consumer Products group that includes the mortgage division of the company. McGee earned a base salary of $700,000 for the year 2004 along with bonuses of over $2,855,000, stock awards of $3,159,797 and other compensation of $320,980 totaling $7,035,777 in value along with 200,000 in securities options.
McGee joined Bank of America in 1990 and prior to his current position he led the California Consumer Bank and Technology & Operations and served as president of Bank of America California. In 2001, he was appointed president of the Bank of America Consumer Bank.
McGee, a University of San Diego graduate holds a master's degree in business administration from Pepperdine University and a law degree from Loyola Law School.
The company reported mortgage volume of $87.6 billion for 2004.