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

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The mortgage industry is notoriously feast or famine, but there’s no obvious way out of this bust

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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.

 

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