The mortgage market is so bad lenders want ex-employees to give back bonuses

&gt; We are not going to be apologetic about exercising our legal rights to recover our money.<p>Well…I guess coming right out and not hiding your douchebaggery is ever so slightly preferable than offering the sterilized and fake words of regret via press release that you might see from many other companies.

&gt; To save money, Walsh wants to downsize. But he has been unable to sell his 7,700-square-foot house at the $3 million he is seeking.<p>&gt; “We got the rug-pull of our lives, everyone did,” he said. “Rates are not supposed to be here.”<p>Huh? Why are the rates &#x27;not supposed to be here&#x27;?<p>And also how or why is it a rug pull to hike interest rates to tame high inflation which affects low income folks the most? The consequences of runaway or hyperinflation will be far worse.

I&#x27;ve heard of needing to stay for X years after Company pays for tuition. I&#x27;ve heard of signing bonuses of $1-10k that only pay out if you stay for X years (dumb name, that&#x27;s a &quot;thank you for staying for 2 years&quot; bonus, not a signing bonus). I&#x27;ve heard of vesting schedules where the company helps you fund a 401k and annually increases the percentage you could take if you quit up to 100% after X years.<p>I have never heard of something as predatory as immediately approving your employees for a $100k loan at 0% APR that&#x27;s only forgiven if they stay for 2 years.<p>I don&#x27;t care how pretty the bow on the box is, it&#x27;s still a box of poop.

<a href="https:&#x2F;&#x2F;archive.ph&#x2F;7Is3F" rel="nofollow noreferrer">https:&#x2F;&#x2F;archive.ph&#x2F;7Is3F</a>

This is despicable behavior.

I had no idea this was a practice, isn&#x27;t the bonus for some deliverable? How widespread is this practice?

I&#x27;ve been apart of many a board room where clawing back bonuses has been brought up. Ever single instance, it&#x27;s almost instantly shrugged off as a &quot;PR nightmare&quot;. Seems like we got it right.

Is it hard to become a mortgage banker? Why were signing bonuses so high?

These mortgage brokers are the same vultures that pushed crappy ARMs before 2008 because they made a bigger commission than a fixed 30 year.<p>Reading the article they seem like used car salesman. I love the guy who admits the business is &quot;feast or famine&quot; but now laments he&#x27;s &quot;been unable to sell his 7,700-square-foot house at the $3 million he is seeking&quot;.<p>Every sign-on bonus I&#x27;ve gotten only makes me pay it back if I choose to leave before a certain time. Fired for cause? I keep it.<p>Sounds like these employees didn&#x27;t read their contracts. I love the guy who is choosing to leave early and is mad they won&#x27;t pro-rate it.<p>These are the same snakes that would sell their own mother a mortgage she couldn&#x27;t afford.

What would happen if an employee doesn&#x27;t have the funds to give back, or ignores and&#x2F;or refuses their requests?