Independent Banker - June 2022 - 17

notes Nathan Stovall, principal
research analyst for banking at S&P
Global Market Intelligence. Nonbanks
are riding several tailwinds, including
the broader shift to digital channels
for a lot of basic financial services.
In addition, mortgages are more of
a commoditized product these days.
Stovall adds that customers often focus
on convenience and price, which tends
to favor nonbank fintechs.
" A lot of those nonbanks are
competing strictly on price, and as
a small community bank, we can't
do that, " says Josh Prejean, senior
vice president of loan production at
$330 million-asset Bank of Zachary in
Zachary, La. " We have to compete on
service. We have to be faster, and we
have to be more responsive. "
Community banks can set
themselves apart in their customer
service, being able to move quickly
and working with customers on
loans that don't conform, agrees
Stovall. Banks also need to continue
investing in technology to bring more
efficiency to the process, he says.
" The cake is sort of baked on this
trendline, " adds Stovall. However, it's
also possible that the shift away from
refinance activity, where consumers
are shopping for the lowest rate, will
keep banks more in the game to win
mortgage deals, he adds. A new home
purchase can be more complicated,
and consumers may want to lean on
an existing banking relationship to
help navigate that process.
Service as a strategic edge
Residential mortgages are often
viewed as a " bread and butter "
product for community banks. Even
though recent low rates weren't
attractive enough to hold those loans
on balance sheets for the next 15 to
30 years, selling those loans in the
secondary market helps to generate
fee income. Mortgage business also

Independent Banker - June 2022

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Table of Contents
Independent Banker - June 2022 - Intro
Independent Banker - June 2022 - Cover1
Independent Banker - June 2022 - Cover2
Independent Banker - June 2022 - Table of Contents
Independent Banker - June 2022 - 2
Independent Banker - June 2022 - 3
Independent Banker - June 2022 - 4
Independent Banker - June 2022 - 5
Independent Banker - June 2022 - 6
Independent Banker - June 2022 - 7
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