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Promotion & Compensation

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Sectors: Banking
Effective Date: December 06, 1994
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Exhibit 10.60


CWM MORTGAGE HOLDINGS, INC.
INTEROFFICE MEMORANDUM


Date: December 6, 1994


To: Kellie Johnson


From: Mike Perry


________________________________________________________________


Subject: Promotion and Compensation Plan ________________________________________________________________


Kellie, congratulations on your promotion to Senior Vice President and Director of Sales and Marketing for CWM, and Executive Vice President of CWM's three principal subsidiaries: Independent National Mortgage Corporation (INMC), Warehouse Lending Corporation of America (WLCA), and Construction Lending Corporation of America (CLCA). This promotion is well-deserved given your hard work and outstanding sales and marketing efforts on behalf of INMC.


The following is the compensation plan for your new position:


BASE SALARY: $180,000 per annum (effective November 1, 1994)


1994 BONUS PROGRAM


You will be eligible for a 1994 bonus based upon your new position of up to $35,000 based upon the following factors:


1. Successful implementation of the "barrel" or "no territories" approach to administering CWM's production personnel. Make sure our key customers remain extremely happy during our transition to this new approach. Cross-train all personnel on all products ASAP. Gain the confidence and respect of all National Account Managers and WLCA and CLCA personnel.


2. The master commitment process must
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