Independent Banker - June 2020 - 28

PORTFOLIO
Maybe the buyer has
a down payment but
needs a little boost.
... [We're] going to
help them with that. "
-Brendon Wilkinson,
First Community Bank
Filling the rural
mortgage gap
Lending
With community banks providing the
only physical banking locations in nearly
one in five U.S. counties, they meet a critical need for
mortgage borrowers while also helping to stem rural
flight. By Bridget McCrea
he numbers don't lie: Community banks provide
rural homebuyers with vital access to credit. According
to the Brookings Institution, community banks and other
fi nancial institutions with fewer than $10 billion in assets
originate almost one in three mortgages in rural markets.
As the only physical banking locations in almost 20% of U.S.
counties, community banks fulfi ll a pivotal role in bringing
relationship banking to many small towns.
28 Q ICBA Independent Banker Q June 2020
T
While digital platforms can reach markets regardless of
geography, what happens when a borrower has a unique
fi nancial situation (such as self-employment or past bankruptcy)
or needs support with the application, underwriting
and approval process? What about a fi rst-time buyer who
wants a trusted advisor to talk to about potential challenges?
Community banks fi ll these gaps. " If someone has
nontraditional credit, a nontraditional income source or is
buying a property that wouldn't qualify for the secondary
lending market, we can be a lot more fl exible, " says Andy
Fischer, a mortgage loan offi cer at $330 million-asset Community
Bank Mankato in Mankato, Minn.
In other words, if a customer doesn't fi t into a megabank or
digital mortgage lender's " window, " Fischer says, then they

Independent Banker - June 2020

Table of Contents for the Digital Edition of Independent Banker - June 2020

Table of Contents
Independent Banker - June 2020 - Intro
Independent Banker - June 2020 - Cover1
Independent Banker - June 2020 - Cover2
Independent Banker - June 2020 - Table of Contents
Independent Banker - June 2020 - 2
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