GMAC Financial Services recently lost two high-level executives as a compensation deal was approved for its chief executive. Meanwhile, a New Jersey bank has hired a new president for its mortgage division, a compensation plan was reportedly approved for one of Wells Fargo & Co.’s senior mortgage executives and Morgan Stanley’s mortgage unit is hiring new managers to help it capitalize on default servicing.
A March 10 filing with the Securities and Exchange Commission indicated that GMAC Financial Services Chief Financial Officer Robert S. Hull is leaving the company at the end of this month. Hull is pursuing another career opportunity. An internal and external search will be conducted for Hull’s replacement.
GMAC also recently lost its director of bulk acquisitions, Bill Petersohn, a spokeswoman confirmed to MortgageDaily.com in a statement. Petersohn first started with the company in 1996.
Citing anonymous sources familiar with the matter, the Associated Press reported GMAC Chief Executive Officer Michael A. Carpenter will receive restricted stock compensation in lieu of a cash salary. The package was approved by U.S. compensation czar Kenneth Feinberg.
Mark Oman’s 2009 compensation included $600,000 in cash and $3,266,667 in stock, according to a recent filing by Wells Fargo & Co. with the Securities and Exchange Commission. The 2010 base salary for Oman, who is senior executive vice president of the company’s home & consumer finance group, has been approved at $2,000,000.
| Vineland, N.J.-based Sun National Bank announced on March 8 that Steven J. Greenberg was appointed president of subsidiary Sun Home Loans Inc. Greenberg last worked with TD Bank as managing director of “money out sales” where he was responsible for increasing sales and profitability at the mortgage and consumer lending business.
“I look forward to him taking Sun Home Loans to the next level by leveraging our strong mortgage business fundamentals to fit the needs of today’s consumers,” Sun National Bank CEO Thomas X. Geisel said of Greenberg in the statement. The new executive vice president of customer relationship management at Saxon Mortgage Services Inc. is Stephen Staid, the Morgan Stanley subsidiary said in a statement on March 3. He’ll report to Saxon CEO Anthony Meola and will serve as a member of the company’s executive committee. Saxon noted that it hired the 15-year veteran as it repositions itself as a distressed asset subservicer for residential loans. Saxon also hired John P. Kim to lead its business development operation. He’ll target banks, hedge funds, asset managers and the government-sponsored enterprises. Kim reportedly has 20 years’ experience, including positions at the Federal Deposit Insurance Corporation and Bank of America.
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Sun National photo of Steven Greenberg
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Crescent State Bank hired Mark Fenton as director of mortgage, the Cary, N.C.-based company said in a news release this month. Fento reportedly has 20 years’ mortgage experience and is actively involved with the Mortgage Bankers of the Carolinas. Crescent reports more than $1.0 billion in assets.
