Independent Banker - July 2020 - 41

West Gate Bank celebrated a milestone last year: The community
bank's mortgage team serviced $2 billion in mortgage loans in 2019.
100 correspondent banks across
the Midwest, Sjulin says. The bank
employs 80 in its mortgage division,
including those who underwrite,
purchase, sell and service the loans.
The community bank's success
has steadily grown, but a typical
client makes the transition to West
Gate gradually.
" Onboarding to a new bank is a
long runway, " Sjulin says. " They
don't make quick decisions. That's
the nature of banking, I think. But as
our list of correspondents has grown,
we have developed a reputation
among community banks. They're
getting good service and pricing and
execution, and that gets around. "
Sjulin attributes West Gate's success
largely to the fact that the bank, like
its correspondent banks, is focused
on community. " We are unique relative
to many other mortgage aggregators
in the sense that we are a small
community bank, " he says. " Most of
our correspondent banks are a lot like
us. We are an $800 million bank with
10 branches, and we have an active
retail mortgage division. A lot of banks
like us like selling their mortgages to
a local community bank like them,
rather than a large aggregator. "
Sjulin explains that West Gate
Bank sells the aggregated loans to
Fannie Mae and Federal Home Loan
Bank after holding them about 30
days, but it retains the servicing. This
allows the bank to provide the level
of attention to homebuyers that the
correspondent banks want to see,
such as calls returned promptly and
issues handled expeditiously.
That level of personal service is
supported behind the scenes by
investments in technology.
" With mortgages, you're dealing
with a standardized product and
process, and you can leverage
your capacity with technology, "
Sjulin says. " We employ much of
the same technology very large
West Gate Bank
Lincoln, Neb.
Category: Consumer
($500 million to
$999 million)
Asset size: $738 million
Consumer lender
score: 88.5
Rank in category: 5
independentbanker.org Q 41

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Independent Banker - July 2020

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