The Retail Exodus: Why Top IMB Talent is Flocking to Wholesale Brokerages

PHOENIX, AZ – November 03, 2026 – The mortgage industry is undergoing a structural realignment. As elevated interest rates and tightening profit margins continue to pressure traditional retail lending models, a definitive migration is taking place across the financial services landscape. High-producing executives and elite loan originators are increasingly abandoning the independent mortgage banking (IMB) sector in favor of the agility, lower overhead, and entrepreneurial freedom offered by wholesale brokerages.

This industry-wide shift was underscored this week when NEXA Lending, the nation's largest mortgage brokerage, announced the appointment of seasoned mortgage sales executive Susie Cheatham as its new National Sales Director.

Cheatham's transition from the IMB sector to a decentralized wholesale platform serves as a prime case study in how modern brokerages are capitalizing on market dislocation to aggressively acquire top-tier executive talent. Joining existing National Sales Directors Todd Bitter and John Flores, Cheatham brings a mandate to expand national recruiting, drive business development, and overhaul internal coaching initiatives for loan officers navigating a complex housing market.

The Retail Exodus: Navigating Tightening Margins

The current interest rate environment has fundamentally altered the economics of mortgage lending. With refinancing activity subdued and purchase markets highly competitive, traditional IMBs are finding themselves burdened by the high overhead costs associated with maintaining physical retail branches, extensive middle management, and bloated marketing budgets.

Conversely, the wholesale broker model has emerged as a resilient alternative. Brokerages operate with significantly lower overhead and offer originators the flexibility to shop for the best rates and products across a multitude of lenders. This product optionality provides a critical competitive edge when consumers are highly sensitive to pricing.

"The overhead required to maintain a traditional retail footprint is becoming an anchor in today's rate environment," noted one mortgage recruitment analyst who tracks executive movement. "We are seeing a definitive migration of elite producers toward decentralized, low-overhead platforms that offer greater agility and better unit economics for the originators themselves."

Cheatham's career trajectory mirrors this evolution. Recognized in the 2025 "Elite Women" list by Mortgage Professional America, she has built a formidable reputation over the past decade. Prior to joining NEXA, she served as Senior Vice President and Division Manager at Radiant Mortgage and held pivotal leadership roles at Bay Equity and HomeBridge Financial Services. During her tenure at Bay Equity, she successfully scaled a small Kansas City branch into a regional powerhouse, eventually expanding operations into the Dallas market and ranking among the firm's top three in production volume and units.

Her decision to move to the broker channel highlights a growing consensus that the future of mortgage origination lies in empowering independent entrepreneurs rather than managing corporate employees.

"We're not interested in simply growing for the sake of growing. We're building an organization where the best mortgage professionals in the country have the opportunity to achieve more than they ever thought possible," said Mike Kortas, Founder of NEXA. "Susie has spent her career proving that she knows how to build teams, develop talent, and drive production at scale. Bringing someone with her experience and leadership into NEXA speaks to where we're going as a company. We want the best people in this industry, and we want to give them a platform where there's no ceiling on what they can accomplish."

The Power of Prior Alliances in Scaling Operations

While the macroeconomic advantages of the broker model are clear, executive recruitment at the highest levels often hinges on established relationships and mutual trust. An instrumental factor in Cheatham's transition to NEXA was the opportunity to reunite with NEXA CEO Geri Farr, a leader she previously worked alongside during her highly successful tenure at Bay Equity.

In an industry where culture clashes frequently derail executive integrations, leveraging prior alliances allows rapidly growing organizations to bypass the typical friction of onboarding new leadership. Their established professional relationship, built on shared expectations and a mutual commitment to talent development, provided Cheatham with the necessary confidence to make the leap into the wholesale channel.

"Having worked with Geri before, I know the kind of leader she is and the environment she creates for the people around her," said Cheatham. "There is an incredible level of trust that comes from knowing someone has your back, believes in your abilities and gives you the freedom to build. That relationship was absolutely one of the reasons NEXA felt like the right place for me to take this next step."

For Farr, the reunion represents a strategic fortification of the company's national leadership bench during a critical growth phase.

"I've had the privilege of working alongside Susie before, and I know firsthand the kind of leader she is," said Farr. "She doesn't just build production; she builds people, relationships, and teams that genuinely want to succeed together. What makes Susie so special is her ability to recognize the potential in others and help them see it in themselves. Having her join us at NEXA is meaningful to me personally, but even more exciting is what I know she'll bring to NEXA Nation."

Ditching the Cookie-Cutter: A New Era of Coaching

Beyond recruitment, Cheatham's primary focus will be modernizing the "loan officer experience" through a radically individualized coaching framework. Historically, the mortgage industry has relied heavily on high-pressure, boiler-room sales tactics that force originators into rigid, one-size-fits-all prospecting formulas.

Cheatham's philosophy actively rejects this uniform approach. She argues that while foundational business systems must remain consistent, their implementation should be uniquely tailored to an originator's personality, intrinsic values, and long-term ambitions.

"Number one is motivation. If they have the will to do it, we want to work with them," said Cheatham. "We want to understand their motivation, their patterns and how they approach their business. Then we can build systems and processes around who they are and how they naturally operate."

This bespoke coaching model is designed to help motivated loan officers identify their unique strengths and implement repeatable workflows that yield sustainable growth rather than cyclical burnout. By treating originators as distinct entrepreneurs rather than interchangeable sales cogs, brokerages can significantly improve retention rates—a critical metric for return on investment in a high-turnover sector.

"What really excited me was the leadership and the way NEXA is approaching a market where everyone else is feeling deflated," Cheatham added. "They're hungry. They're approaching the market with eagerness and tenacity rather than a victim mentality. That was incredibly appealing to me."

Redefining Work-Life Integration for Mortgage Professionals

Perhaps the most transformative aspect of Cheatham's leadership approach is her vocal commitment to sustainable work-life integration. The financial services sector is notorious for demanding grueling hours that frequently force professionals to choose between scaling their business and being present for their families.

Having built a top-tier career while raising children, Cheatham brings a deeply personal perspective to burnout prevention. She advocates that meaningful professional growth requires surrounding oneself with leadership and resources that support holistic success.

"My family was always first, no matter what," said Cheatham. "I never missed a moment, and that was because of who I surrounded myself with and the support that I had. I want other mothers to know they can have that too, without giving up their business."

By prioritizing the well-being of its workforce and dismantling the archaic expectation that top producers must sacrifice their personal lives, the wholesale broker channel is positioning itself as the premier destination for modern mortgage professionals. For industry veterans looking toward the future, the message is clear: the next generation of mortgage lending will be built by those who are given the freedom, guidance, and unwavering support to succeed entirely on their own terms.