The top two executives of Countrywide Credit Industries each earned more than $3 million in cash compensation last year as the company firmed up its leadership of the mortgage industry.
David S. Loeb, chairman and president, was paid $3,063,461 in salary and bonus in the fiscal year ended Feb. 28, 1994, up 15% from the previous year, according to the company's recently released proxy statement.
Angelo R. Mozilo, vice chairman and executive vice president, was paid $3,058,461, a 22% increase.
Resource Exec No. 3
The paychecks easily made Mr. Loeb and Mr. Mozilo the highest paid executives in mortgage banking.
The executive with the next highest pay was Lee E. SheIton, managing director of Resource Bancshares Mortgage Group, Columbia, S.C. He pulled down some $1.5 million in 1993.
Countrywide, based in Pasadena, Calif., produced nearly $50 billion of mortgages last year, topping all other lenders in the country.
The company also closed the year as the largest mortgage servicer, with a portfolio of $79.9 billion.
The Countrywide executives got most of their salaries from bonuses of $2,265,461 each. The year before, Mr. Loeb received a bonus of $1,775,000 and Mr. Mozilo got $1,780,000.