Joseph Murin
About Joseph Murin
Independent director and Lead Independent Director at Cherry Hill Mortgage Investment Corporation (CHMI); age 75; director since the October 2013 IPO, with more than 40 years across mortgage and banking, including serving as President of Ginnie Mae (2008–2009) and recognized by CHMI’s Board as an Audit Committee Financial Expert. He chairs the Nominating and Corporate Governance Committee and serves on the Audit and Compensation Committees; education: bachelor’s degree in business from National Louis University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ginnie Mae | President | Jul 2008–Aug 2009; nominated Oct 2007; consultant Jan–May 2008 | Led the federal mortgage guarantor through crisis-era housing programs |
| HUD | Consultant to White House prior to Senate confirmation | Jan–May 2008 | Advisory support during nomination period |
| National Real Estate Information Services | CEO | Jul 2011–Aug 2012 | Operated a Fortress portfolio company |
| Century Mortgage Co. | CEO | Sep 1986–Jan 1989 | Mortgage origination leadership |
| Lender’s Service Inc. | CEO | May 1991–Dec 2001 | Mortgage settlement services leadership |
| Mortgage Settlement Network Innovations | CEO | Sep 2004–Aug 2007 | Mortgage services operations |
| Point Park University | Director | Oct 2001–Oct 2007; resumed Dec 2009–present | Higher education governance |
| iGATE Corporation (NASDAQ: IGTE) | Director | Aug 2009–Apr 2013 | Public company board experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Collingwood Group LLC | Chairman | Since Sep 2009 | Strategic investment/advisory firm in financial services |
| New Day Financial LLC | President | Since Sep 2012 | Mortgage lender focused on FHA/VA/reverse mortgages |
| Chrysalis Holdings, LLC | Chairman of the Board | Since 2012 | Private investment firm in home financing/data analytics/technology |
| Point Park University | Director | See Past Roles | Academic institution board service |
Board Governance
- Independence: Board determined Murin (along with Mercer, Cook, Hoffman) is independent; no material transactions requiring disclosure; committees comprised solely of independent directors .
- Lead Independent Director: Serves as lead independent director and point of contact for independent directors .
- Committee leadership: Chairs Nominating & Corporate Governance; member of Audit and Compensation .
- Engagement: 2024 board meetings—four regular and one special; each director attended all Board meetings and all committee meetings for committees on which they served in 2024; independent directors held nine executive sessions without management .
| Committee | Role | 2024 Meetings | Attendance |
|---|---|---|---|
| Nominating & Corporate Governance | Chair | 4 | Attended all (100%) |
| Audit | Member | 8 | Attended all (100%); designated Audit Committee Financial Expert |
| Compensation | Member | 5 | Attended all (100%) |
| Special Committee (strategic alternatives/internalization) | Chair | 44 | Intensive engagement; led internalization recommendation |
- Governance policies: Anti-hedging and anti-pledging; insider trading pre-clearance; annual director evaluations; majority independent board; executive sessions .
- Related party oversight: Formal related-person transaction policy; Audit Committee approval; mandatory recusal for interested directors .
Fixed Compensation
| Component (2024) | Amount (USD) | Notes |
|---|---|---|
| Base cash retainer | $70,000 | Paid quarterly in arrears |
| Nominating & Corporate Governance Committee Chair fee | $5,000 | Annual chair retainer |
| Audit Committee member fee | $2,500 | Annual member retainer |
| Lead Independent Director retainer | $10,000 | Additional leadership retainer |
| Special Committee fees | $43,000 | Extraordinary workload in 2024 (44 meetings) |
| Total cash compensation | $130,500 | 2024 director compensation table |
Performance Compensation
| Grant Date | Instrument | Shares/Units | Grant Date Fair Value | Vesting Schedule | Performance Metrics Tied |
|---|---|---|---|---|---|
| Jun 14, 2024 | Restricted Common Stock | 18,568 | $70,001 | Becomes non-forfeitable Jun 14, 2025 | None disclosed for director equity; time-based vesting |
- Policies: Company-wide clawback policy for erroneously awarded incentive compensation (Rule 10D-1), anti-hedging/pledging, and insider trading pre-clearance apply to directors .
Other Directorships & Interlocks
| Company | Role | Dates | Interlock/Conflict Notes |
|---|---|---|---|
| iGATE Corporation (NASDAQ: IGTE) | Director | Aug 2009–Apr 2013 | Historical public directorship; no current interlocks disclosed |
| Current public company boards | — | — | None disclosed |
| Compensation Committee interlocks | — | — | None; committee members not employees, no Item 404 relationships |
Expertise & Qualifications
- More than 40 years in mortgage and banking; former President of Ginnie Mae (senate-confirmed), multiple CEO roles; founder/chairman roles in mortgage advisory and lending; degree in business .
- Designated Audit Committee Financial Expert by the Board, supporting robust financial oversight .
Equity Ownership
| Category | Shares/Units | % of Outstanding | Notes |
|---|---|---|---|
| Total beneficial ownership | 80,794 | 0.25% (computed from 32,658,449 shares outstanding) | |
| Vested LTIP Units (included above) | 2,660 | — | Vested; economically equivalent to common shares |
| Unvested director restricted shares | 18,568 | — | Annual grant; vests Jun 14, 2025 |
| Shares pledged as collateral | — | — | Prohibited by policy (no hedging or pledging) |
Note: “% of Outstanding” is calculated using shares outstanding as of Apr 7, 2025 (32,658,449) .
Governance Assessment
- Strengths: Lead Independent Director; chair of Nominating & Corporate Governance; Audit Committee Financial Expert; 100% attendance across Board/committees in 2024; chaired a 44-meeting Special Committee that recommended internalization—an investor-friendly shift eliminating external manager conflicts .
- Alignment: Cash/equity director compensation is modest and includes time-based stock; anti-hedging/pledging and clawback policies strengthen alignment and discipline .
- Independence/Conflicts: Board determined Murin independent with no material transactions requiring disclosure; formal related-party transaction policy with Audit Committee review and mandatory recusal mitigates external-role conflict risk given his ongoing leadership at mortgage-sector firms (Collingwood, New Day, Chrysalis) .
- Watch items: Say-on-pay support rose but remained at ~65% in 2024—monitor shareholder sentiment and any spillover concerns on overall governance; director special committee fees reflect extraordinary workload but should be episodic post-internalization .
- Compliance signals: All Section 16(a) reports timely in 2024; committees entirely independent; regular executive sessions (nine in 2024) .
Overall: Murin’s deep mortgage/government experience and active leadership roles underpin board effectiveness, with strong independence determinations and robust policies offsetting potential external-role conflicts; his stewardship of the internalization process is a positive governance signal for investors .