In early April, federal-court decisions upheld the new compensation rule despite the efforts of mortgage-industry trade organizations and many individuals. Many promised to continue the fight. Their efforts, however, seem unlikely to succeed.

Like it or not, the fact remains that court action rarely invalidates regulations passed down from government agencies. Industry realists knew this all along. Rather than fight, many simply accepted the likely reality that new compensation rules would kick in — and kick hard.

As a community-bank loan officer, you can maintain the one-on-one customer service that built the foundation of your brokerage while simultaneously jettisoning the compensation uncertainty that continues to swirl.

If that sounds like paradise on earth, you might be ready to become a community-bank loan officer.

Hello, FHA

You might be ready to become a community-bank loan officer if …

Trying to originate FHA loans has become so frustrating you feel as if you’re aging faster than a termite in a tanning bed.

Having eliminated the mini-eagle designation — and cut broker access to FHA Connection — the U.S. Department of Housing and Urban Development essentially has tied brokers’ hands when it comes to originating FHA loans.

This wouldn’t hurt so much if FHA loans didn’t continue to play a strong role in the market. Although that could change because of increased FHA costs, many homebuyers will undoubtedly continue to flock to FHA’s low-downpayment requirement. In many cases, potential buyers can’t qualify for any other type of loan.

As a community-bank loan officer, you have the freedom to originate FHA loans without any of the roadblocks currently sending brokers through a detour.

If that sounds like a country drive in sunny weather, you might be ready to become a community-bank loan officer.

Borrower relationships

You might be ready to become a community-bank loan officer if …

Your marketing program consists of one part wing and one part prayer.

Mortgage-origination business is hard to come by these days, and many brokers find themselves lost when it comes to drumming up new clients.

One of the wonderful things about community banks is the inherent customer loyalty and brand awareness built into borrower relationships from day one. When you’re the only game in town — or one of few — marketing becomes relatively simple.

In addition, as a community-bank loan officer, you’d no longer be responsible for your own marketing. Rather than spread your efforts thin, you can focus on originating quality loans.

If that sounds like a dream come true, you might be ready to become a community-bank loan officer.

Renewed pride

You might be ready to become a community-bank loan officer if …

You’re worn out from the uncertainty of the wholesale market and the lack of respect the broker profession currently commands.

Are your kids not asking you to speak at their school’s career day?

Do your family members avoid telling people what you do for a living?

Are you hiding under the covers each morning, not wanting to face a heap of headaches, hassles and hardships waiting on your desk?

If so, you might be ready to become a community-bank loan officer. 

Kim Nelson is CEO of Atlanta-based LoanSouth, the mortgage-lending arm of Georgia-based community bank BankSouth. Possessing more than 20 years of sales experience in the mortgage industry, Nelson founded LoanSouth in 2007 after leaving her senior vice president position at SunTrust Mortgage to fulfill her dream of owning her own business. Reach her at (678) 551-7120.

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