HomeBanc Announces New Base-Salary-Plus-Commission Compensation Plan

Plan Aims at Increasing Recruiting Talent Pool

Dec 07, 2005, 00:00 ET from HomeBanc Corp.

    ATLANTA, Dec. 7 /PRNewswire-FirstCall/ -- Beginning in January 2006,
 HomeBanc Mortgage Corporation will change the way the company compensates new
 and some existing mortgage bankers with the introduction of a base-salary-
 plus-commission compensation plan that is rare in the mortgage industry.  At
 the vast majority of mortgage companies, mortgage bankers are paid on 100%
 commission plans based on the amount of loan volume they close each month.
     HomeBanc Chairman and CEO Patrick S. Flood believes HomeBanc's new plan
 should increase the pool of highly talented candidates, particularly new
 college graduates, who would consider mortgage banking with HomeBanc as a
     "HomeBanc is known as one of the best places to work in America, but right
 now but there is a large pool of very talented people who for one reason or
 another will not consider a 100% commission job," says Flood. "We believe this
 new plan should change that and should increase our opportunities to recruit
 top people into our field who can help us build HomeBanc and become our next
 generation of leaders."
     HomeBanc was ranked No. 20 on the January 2005 FORTUNE magazine list of
 the "100 Best Companies to Work For."  HomeBanc has also been ranked the No. 1
 place to work in several cities in which the company has offices, including
 Atlanta, HomeBanc's headquarters.
     Under this new plan, HomeBanc will offer mortgage bankers base salaries
 based on the qualifications of each individual hired.  The base salary will
 serve as a non-recoverable draw against commissions, with the mortgage banker
 having the ability to earn more money based on commissions, but not being
 penalized for a low production month by earning less money.  For instance, if
 a mortgage banker on this plan earns less in commissions compared to the base
 salary, he or she would still be paid the base salary amount for that month.
 If he or she earns more in commissions than the monthly base salary, he or she
 would be paid their monthly base salary plus the additional difference between
 the base salary and the commissions earned.
     HomeBanc will offer this new plan to new mortgage bankers entering
 HomeBanc's professional sales development training program, a nine-week course
 new mortgage bankers at HomeBanc attend before being assigned to a location.
 HomeBanc mortgage bankers already with the company and currently on 100%
 commission pay plans may also opt into this new base-salary-plus-commission
     Mortgage bankers working under this new compensation plan will have
 performance goals that will impact their continued employment at the company.
 "Our goal with this plan is to create a situation where top people can come to
 HomeBanc and have the security of some amount of steady income while they
 build their mortgage banking business with us," said Flood.
     HomeBanc is currently hiring mortgage bankers for positions in Georgia,
 Florida and North Carolina.
     HomeBanc Mortgage, a mortgage banking company that focuses on originating
 purchase money residential mortgage loans in the southeast United States, is a
 subsidiary of HomeBanc Corp. (NYSE:   HMB).  For more information about HomeBanc
 Corp., HomeBanc Mortgage, or the company's mortgage products, contact HomeBanc
 at www.homebanc.com.

SOURCE HomeBanc Corp.