How Originators Might Be Paid After April 1, 2012.(MortgageGrapevine.com)

Hestia: How are you going to get paid after April 1, 2011? Any ideas? Been told anything by account executives or your net branch corporation? I am from a small town with a military base. (Therefore this site is my only connection with other mortgage loan officers.) Since I have been with a net branch, I have done maybe eight FHA loans. With FHA adopting HVCC and the fact I can do USDA I am not sure I should stay with a branch. Before I even get paid, the mother branch has $1,570 in fees (loan administration $550, mandatory processor $695, to pull docs, $325). These fees were not fees I normally charged, plus padded interest rates. I actually did a loan where the fees were so much that I didn't get paid.

So I am pondering going back to brokering. I am not sure based on the Fed rule if this is a good idea or not? Now please (I know people in the past have) don't banter on this post. Simple questions and serious ones at that. I use this site for information, and seriously have to look hard for solid answers. I am a single parent mother and this is my only source of income, so please take this seriously.

MichiganTed: First of all, sign the petition to try and postpone or stop the Fed rule at www.surveymonkey.com/s/STOP-THE-FED.

Second of all, I think $1,570 is awfully high. Thirdly, in the post-4/1/11 environment (assuming the Fed rules goes into place as currently constituted) the unknown today is how lenders are going to construct their rate sheets. Getting paid as a loan officer from the company should not be a problem, merely a matter of bonuses and creativity.

Frankenstyle: I hope you do VA loans. Market the heck out of that base. But to your question, go with a correspondent where yield-spread premium is not disclosed. Ditch your current situation for sure though. Padded rates with those fees is not competitive, it's cannibalistic. Try large nationals like Quicken, their folks work from home. You'll need a license.

Hestia: Funny thing is, I wrote on the Fed's website when the proposition was up for comments. This was up for comments a year ago and no one was aware of the Fed's comment page. (Few people actually signed it.) I found it not through NAMB or any national mortgage associations. I found it breezing the Internet. I did sign the petition as well. I seriously think Calyx and Encompass should do us all a favor and help us with industry information. I believe they are the only groups who actually have all of us in a database, since we use their products.

I owned a brokerage for seven years prior to joining a net branch. I only joined a net branch for FHA and the fact they did not require HVCC. And I have a license. The only thing that is safe with this company I am with, is I don't have a minimum loan production. Again I work in a small community.

I was thinking of starting a real estate agency, I am Mrs. Smalltown with the crown and everything. I spend more time sending my prequals to Realtors who in essence have no idea what they are doing nor any allegiance to me. And they are not nice either. I am tired of them, so I am thinking of joining them. So my thought is to double dip. You can't do FHA if you do this, but on the other hand you can process them. Refer them to another MLO. I don't need a whole bunch to live on.