HomeBanc Announces New Base-Salary-Plus-Commission Compensation Plan
Plan Aims at Increasing Recruiting Talent Pool
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 career. "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 plan. 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.
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