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The head of one of the nation's largest net branching firms said executives in charge of a core net branch company must accept the fact that they need to be responsible for all the people they hire.
Speaking at the Innovative Mortgage Origination Council meeting here, Eric Weinstein, chief executive of Carteret Mortgage Corp., Centreville, Va., said his company has a decentralized form of management. The people who bring in the revenue should decide how it is best spent, but if they do something wrong, "I am responsible," he said.
This is because it is the core company that is responsible for hiring them. Until net branch executives accept this concept of responsibility, they will have problems, Mr. Weinstein said.
Carteret gets almost all of its new employees by "word of mouth." The best way to hire new employees, he said, is through the recommendation...