In the aftermath of a financial crisis, two things are certain: More regulation will follow, and the smartest bankers will look for cracks of light and see the potential for innovation. Amegy Bank's Melissa Moncrief, EVP of Private Banking, acted on the latter, rethinking mortgage lending since the industry — and the customer experience —was redefined by the Dodd-Frank Act.
As banks across the country overhauled their mortgage practices under Dodd-Frank, the process became increasingly onerous for borrowers, especially high-net-worth clients with complex financial situations. "We realized that amid all the compliance, the customer experience had gone by the wayside," Moncrief recalled. "Many of our [high-net-worth] clients have complex income pictures, with self-employment and K-1s. It got hard for them to get a mortgage."
That realization motivated Moncrief, whose colleagues see her as a "standout leader in the Texas banking scene," to swing into action, developing and implementing an innovative approach to mortgage lending from origination and underwriting to processing and servicing. The key: "getting very clear on what was actually law, and what was really guidance," she said.
That insight informed a tailored approach to HNW mortgages, now accounting for over 2,000 loans worth more than $2.5 billion. "We also made a concerted effort to build relationships with high-end real-estate brokers in the area," said Moncrief. "We understood that they needed a quick 'Yes' or 'No' — and sometimes a quick no is better than a long, drawn-out eventual yes, because Houston had quickly become a seller's market. In such a competitive landscape, the deal is going to go to the buyer with the bank who is going to get to close. We've got the reputation as that bank."
She applied the same approach to her group's response to the pandemic, which enabled them to pivot quickly when suddenly low rates meant reams of refis. "In every situation, I listen first. I'm always stressing that to my team," said Moncrief, who leads a team of 12 that collectively manages more than $2.4 billion in deposits and $1.7 billion in loans. "HNW clients are used to getting anything they want, so they don't like to be sold. They like to be heard and understood. They appreciate a sounding board for ideas and suggestions."
Amegy's Adam Traweek, SVP of middle-market banking, can attest to the value that Moncrief brings to the bank: "One of my largest clients had just moved his business accounts to us, and he mentioned that he was frustrated with the service he was getting for personal banking. I immediately put him in touch with Melissa." The result: Traweek's business banking client moved his family banking business to Amegy, too. "She gets her hands dirty and has a natural innovation and ability to solve problems by seeing both the details and the big picture."
