Independent Banker - June 2022 - 16

PORTFOLIO
Josh Prejean (right) of
Bank of Zachary, here with
mortgage client David
Rozas, says community
banks must compete
through customer service.
◎FOCUS LENDING
The battle for mortgage
business heats up
Nonbank institutions continue to be serious contenders in the home
lending space. We look at how community banks can counter nonbanks'
offerings through streamlined technology, customer service and other
strategies. By Beth Mattson-Teig
n the highly competitive mortgage
arena, bankers are looking for
strategies that will give them an edge
in capturing business as originations
pull back from peak levels.
The low interest rate environment
fueled a frothy residential lending
market in 2020 and 2021, with
annual origination topping more than
I
$4.4 trillion each year, according
to Fannie Mae. But after two years
of record-high activity, demand is
slowing, and the pie is set to get a lot
smaller. The agency is forecasting
that mortgage originations will
drop to $2.98 trillion this year and
$2.72 million in 2023.
Although mortgage originations
remain at healthy levels by historical
standards, community banks are
battling stiff competition from
megabanks and nonbank institutions.
Nonbanks are also gobbling up a
bigger percentage of market share.
Nonbanks originated $2.6 trillion in
mortgages in 2020-nearly two-thirds
of total origination activity-and made
double the number of residential
mortgages in 2019, according to Home
Mortgage Disclosure Act data collected
by S&P Global Market Intelligence. In
addition, among the top 10 mortgage
lenders in 2020, seven were nonbanks;
Quicken Loans led with a total of
$314 billion in loans funded, according
to S&P Global.
The jump in volume for nonbanks
was partly due to consumers' shift to
digital solutions during pandemicrelated
lockdowns. However, the
growing market share for nonbank
institutions is a continuation of a trend
that was in place prior to COVID-19,
16 Q ICBA Independent Banker Q June 2022
Photo: Romero & Romero

Independent Banker - June 2022

Table of Contents for the Digital Edition of Independent Banker - June 2022

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
Independent Banker - June 2022 - 8
Independent Banker - June 2022 - 9
Independent Banker - June 2022 - 10
Independent Banker - June 2022 - 11
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Independent Banker - June 2022 - 14
Independent Banker - June 2022 - 15
Independent Banker - June 2022 - 16
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Independent Banker - June 2022 - 18
Independent Banker - June 2022 - 19
Independent Banker - June 2022 - 20
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Independent Banker - June 2022 - 24
Independent Banker - June 2022 - 25
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Independent Banker - June 2022 - 29
Independent Banker - June 2022 - 30
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Independent Banker - June 2022 - Cover3
Independent Banker - June 2022 - Cover4
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