The Mortgage Market Is So Bad Lenders Want Ex-Employees to Give Back Their Bonuses

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

https://www.wsj.com/finance/banking/the-mortgage-market-is-so-bad-lenders-want-ex-employees-to-give-back-their-bonuses-52e96080David Siegel went to work for an affiliate of Guaranteed Rate in 2021 and got a signing bonus of more than $100,000. Interest rates were super low, and mortgage bankers were raking in cash.

Now that business has dried up, the mortgage company wants its money back. He said it fired him one month shy of the date when it could no longer ask for the bonus back, then demanded the money. Guaranteed Rate and its affiliates are also telling hundreds of other former employees that they have to return their signing bonuses, people familiar with the matter said.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Is an assumable mortgage worth it now?With mortgage interest rates elevated, here's why an assumable mortgage might be worth thinking about.
Source: CBSNews - 🏆 87. / 68 Read more »

Everyday Cheapskate: Is it OK that our mortgage lender isn’t reporting to credit bureaus?Lenders are not required by any law to report.
Source: PennLive - 🏆 463. / 53 Read more »

U.S. mortgage rates rise for seventh week in a row to 7.79%‘Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers,’ Freddie Mac says
Source: MarketWatch - 🏆 3. / 97 Read more »

Today’s mortgage rates rise for 15- and 30-year termsMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Home Mortgage Rates Continue to Climb Toward 8%The average 30-year fixed mortgage rate this week was 7.79%, according to Freddie Mac.
Source: MarketWatch - 🏆 3. / 97 Read more »