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
SOURCE HomeBanc Corp.