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A division of Empire Equity Group Inc. said it will offer branch managers the opportunity to earn signing bonuses up to $100,000. Participants in the program, however, will have to wait to be paid well past signing and aren’t guaranteed the bonus.
In its effort to encourage growth and retention at the branch level, national mortgage broker 1st Metropolitan Mortgage announced it will offer a signing bonus program that will allow potential branch managers of new and existing branches to select a target origination volume and receive a bonus based on reaching that target. “At a time when more companies are looking at ways to streamline cost, we’re looking for ways to reward the hard work of our originators,” said company chief executive officer Daniel Jacobs in the announcement. “We want to set an atmosphere that is conducive to the highest level of productivity during a time when rates are changing and origination is more challenging.” The announcement was made at the National Association for Mortgage Brokers conference, which is taking place in Salt Lake City, Utah, through Tuesday. Based on the target origination volume the branch manager selects and reaches, the bonus can be $10,000, $50,000 or $100,000, 1st Metro said. Because it might take new branches time to ramp up their business, the best 12 months of origination out of 15 months will be taken into account when the company reviews a branch’s production performance, spokeswoman Charlyne McWilliams said. Problem is, the signing bonus isn’t paid at “signing” — but more than two years later. The program is renewable annually and branch managers that are still employed will be paid during the first pay period of the 25th month of the program, the Charlotte, N.C.-headquartered company reported. While the program is “good” for the net branch community, Robert Brandolino, senior vice president for net branch company American Residential, said the downfall to such a program is that if the branch managers are not able to reach the target, they miss out on the reward after the yearly effort, plus they pay the regular fees on the loans they originate. As far as a volume incentive, Brandolino, a MortgageDaily.com advertiser, said his company also offers incentives — such as the opportunity to get discounts on the flat fees they pay per loan. “We review production each month and pay you as you go as opposed to waiting a whole year to see if you’ve reached the goal,” Brandolino added. Signing up for the 1st Metro program also requires that brokers do business under that company’s name, which means the brokers wanting to join in on the program would have to shut down their own business, Brandolino said. |
Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.
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