home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Best Mortgage CEOs

Forbes ranks CEOs by pay, performance

April 26, 2005

By COCO SALAZAR


While Countrywide's chief executive was recently ranked among the nation's highest-paid CEOs, it was the head of another California-based lender that was named the best-performing CEO.

Among the heads of America's 500 biggest companies, Forbes magazine recently named Countrywide Financial Corp.'s Angelo Mozilo the ninth-highest paid CEO, making him the top paid within the mortgage and diversified financial services industry.

The 66-year old, who is also chairman and founder of the Calabasas, Calif.-based lender, had compensation of $56.96 million last year, and the market value of the company shares he owns is $40.5 million. The executive climbed 15 spots from his ranking a year ago in which his compensation was reported at $24.8 million. The Fordham University undergraduate has been with Countrywide 36 years and been CEO for seven years, according to the magazine.

Among companies that reported mortgage volume, Countrywide was the top lender last year with $363 billion in loans closed.

photo of Angelo Mozilo
Countrywide CEO Angelo Mozilo
Forbes defined total compensation "as salary and bonus plus 'other' compensation, which includes vested restricted stock grants and "stock gains," the value realized from exercising stock options during the just-concluded fiscal year." The CEOs on this year's list reportedly received an aggregate 54% pay raise last year with their total compensation amounting to $5.1 billion.

The magazine also ranked 189 CEOs (who have been in office for six years or longer) on their performance, by looking at their average six-year total compensation and comparing it to long-term stock performance of industry peers as well as the overall stock market.

Another mortgage-related CEO Forbes ranked within the nation's top 10 was Capital One Financial's Richard Fairbank, who was one spot below Mozilo with annual compensation of $56.66 million.

The 55-year-old Stanford University graduate owns about $63.3 million of the company of which he has been part of for 17 years and occupied its CEO position for the past 11 years. Performance-wise, the Capital One executive ranked No. 152 -- based on his six-year compensation average of nearly $38 million, as well as the 6-year annual total return to shareholders of 6%, returns of 93% over that time frame within the diversified financials industry and 107% within the overall stock market, the magazine said.

Richard Kovacevich of Wells Fargo, was reportedly the 12th-highest paid CEO, with $53.1 million in compensation. The executive owns $108 million of the San Francisco-based banking behemoth, which was the second largest originator last year with reported fundings of $298 billion.

Rounding out the 25 top-paid mortgage-related CEOs were: Robert Toll, who placed 13th with $50.2 million in annual compensation as CEO of luxury homebuilder Toll Brothers, which finances mortgages through its subsidiary Westminster Mortgage; Richard Fuld Jr. of Lehman Brothers Holdings, 19th with $40.1 million; followed by Bruce Karatz of KB Home with $38.8 million, US Bancorp's Jerry Grundhofer, with $38.6 million; and Dwight Scar of homebuilder NVR at No. 24 with $38.2 million, according to the magazine.

The top 50 reportedly included William Foley of Fidelity National Financial at No. 32 with $33.9 million; Philip Purces of Morgan Stanley with $33.7 million, Jay Sugarman of Star Financial with $32.9 million; Bear Stearns Cos.; James Cayne with $26.3 million; and Henry Silverman of Cendant placed 49th with nearly $24 million.

Amongst the top 100 were Stuart Miller of Lennar, 64th with $19.1 million; JPMorgan Chase's William Harrison Jr. with $18.8 million; Kenneth Chenault of American Express with $18.8 million; Bruce Hammonds of MBNA, 72nd with $17.4 million; Robert Wilmers of M&T Bank with $16.4 million, Washington Mutual's Kerry Killinger came in 83rd with $15.7 million; Timothy Eller of Centex was 88th with $14.2 million; and closing out the segment at No. 99 with $13.4 million in compensation was Ara Hovnanian of Hovnanian Enterprises, the magazine said.

Way down at No. 318 with compensation of $3.2 million last year was reportedly Robert Cole of subprime-lending New Century Financial, which he founded in 1995.

However, Forbes named Cole the best-performing CEO.

"Investors should wish they had more executives like [him] working for them," the magazine said, noting that since the real estate investment trust went public in 1997, Cole has delivered a 25% compound annual return to shareholders. "For this he gets a paycheck that has averaged $1.6 million a year over the past six years."

Within the top five worst-performing CEOs were two mortgage-related executives: Thomas Renyi of Bank of New York placed third and Martin McGuinn of Mellon Financial was fifth, Forbes said.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

email: [email protected]


SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders