The top executive of one of the largest servicers and originators of home loans in the nation plans to sell a large stake of his ownership in the company, following a plunge in earnings last quarter amid a dramatic slowdown in mortgage demand.
Jay Bray, chairman and chief executive officer of Coppell-based mortgage lender Mr. Cooper Group Inc., plans to sell up to 252,000 shares in his company between Sept. 28, 2022, and Sept. 28, 2023, to diversify his investment holdings, according to a form filed Thursday with the SEC. The shares are worth almost $12 million today.
Last August, Bray agreed to sell up to 120,000 shares between Sept. 23, 2021, and Sept. 23, 2022.
Under the company’s stock ownership guidelines, Bray is required to hold at least five times his base salary in stock. He owned just over 1 million shares as of March 21, according to an SEC filing. His base salary was $1 million, and he made about $8.8 million total in 2021 including stock awards and bonuses.
Mr. Cooper’s earnings were down 77% last quarter, from $658 million in the first quarter to $151 million in the second as mortgage demand plummeted, the company reported in July. Its revenues sank 43%, from $1.05 billion in the first quarter to $599 million in the second.
The company laid off almost 700 employees this year, mostly originations employees, citing increased interest rates and rising inflation that led to lower loan volumes. Purchase loan applications nationwide were down 18.4% year over year in the week of Aug. 12, with refinancings down 83%, according to the Mortgage Bankers Association.
CEO of mortgage firm Mr. Cooper plans to sell up to 252,000 shares & Latest News Update
CEO of mortgage firm Mr. Cooper plans to sell up to 252,000 shares & More Live News
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