Biggest Lender Reports Top Exec’s Compensation

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MORTGAGE EXPERT
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So what does the executive in charge of the country’s biggest mortgage lender earn?

During 2010, Wells Fargo & Co. reported that its residential originations were $386.5 billion. That was more than any other U.S. lender.

The story was the same in 2009.

Overseeing the home-loan unit is Mark Oman, senior executive vice president over the home and consumer finance group.

“In 2010, Mr. Oman’s leadership and industry expertise were vital contributors in guiding Wells Fargo Home Mortgage to near-records for home mortgage originations and in its servicing portfolio, while also navigating the national housing crisis and associated issues,” Wells Fargo explained in a Securities and Exchange filing.

Oman had total 2010 compensation of $8.5 million, according to the filing.

Including changes in pension value and non-qualified deferred compensation, the number jumps to $9.7 million.

Last year’s earnings included a $2 million base salary, $1.5 billion in annual incentive awards and a $5 million long-term equity incentive award.

The executive owns 5.2 million shares of Wells Fargo & Co.

Mortgage Expert

Mortgage Daily Staff

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