Appraisal ManagementWorking Together

Behind the Scenes with MidSouth Bank’s Greg Corrales, Commercial Credit Analyst

By April 27, 2017 January 21st, 2020 No Comments
commercial credit

In our latest customer spotlight, we had the opportunity to speak with Greg Corrales, Commercial Credit Analyst Sr II at MidSouth Bank. Greg oversees MidSouth Bank’s appraisal process as well as performs commercial underwriting and financial analysis for commercial credit requests. Let’s hear a little bit of his story:


How did your career begin in the banking business?

My banking career started in 2007 when I began working for Wells Fargo. While I was there I helped with sales and cold calls. MidSouth Bank was actually across the street from Wells Fargo. Eventually I applied for their Assistant Branch Manager position and I’ve been with MidSouth Bank ever since.

Nowadays I’m a part of the commercial credit team where I’m responsible for commercial underwriting and financial analysis. I’m also the main point of contact for the appraisal process.


Can you tell me a little bit about MidSouth Bank?


MidSouth Bank started in 1985 and has grown to almost 60 locations throughout Louisiana and Texas. We like to think of ourselves as a business bank that’s sized regionally. We have the heart and culture of a community bank, we just offer the products and services that a larger financial institution would.

The most important aspect we always try to uphold for all of customers is to exceed their expectations by delivering the highest quality of service. We’re a strong, continuously growing bank, but we couldn’t do it without our team being accountable and honest every step along the way.


What would you say are the greatest challenges you face day to day as a Commercial Credit Analyst?


An ever-changing environment. The best example is the oil price collapse of late 2014. Those types of things you just can’t predict and so many different market considerations change quickly.


What do you think are the biggest hurdles banks face today when it comes to appraisal management?


For us personally, the biggest hurdle are the rural markets. Specifically on the residential side, when you are dealing with a rural area it can be tough to find an appraiser because there’s a very limited number of appraisers who know the area.

If we aren’t an existing client, then the appraiser doesn’t jump to complete an appraisal for us. Then we can’t meet our customer’s needs and have to rely on a third party. When we have an appraiser who drops the ball, it’s our fault when it’s really not. In some of these areas there isn’t an appraiser living within 50 miles of the appraisal property too, so they have to travel which makes the appraisal cost increase even more.

Pro Tip: Find an appraiser even in tough regions with these pointers.


Do you remember what made you start searching for an AMC partner to help with your appraisal management process?


Absolutely — like it was yesterday. We’ve always completed a lot of work with residential, commercial, and C&I properties, but back in 2013 all of our ordering, bidding, and reviewing of appraisals were in-house. Eventually the loan documentation specialists began spending huge amounts of time just managing the appraisal process. With all the back and forth needed for appraisals, we began to spot an issue.

We looked into AMC softwares, but it didn’t solve the problem. We would’ve still had to have people inputting, manually into the system. We needed help and couldn’t have an entirely in-house appraisal department. We needed something in the middle. After finding MountainSeed, they explained the platform, services, and provided our team with the personnel and resources to do all the appraisal bidding and follow-ups at almost no cost to the bank. It was a perfect fit, at the perfect time.


What’s MidSouth Bank’s role in the community?


We have a strong commitment to the neighbors, organizations, and businesses that make up our local communities. It’s a priority — and helps drive the way we work and live every day. We proudly partner with the FDIC to present the FDIC Money Smart for Young Adults curriculum. The program is aimed at helping those age 12-20 learn the basics of handling money and establishing positive relationships with financial institutions. We also support United Way and various other non-profits in our communities.


What’s on the horizon for MidSouth Bank this year?


In 2017 we want to improve our technology even further to better serve our customers wherever they are. We’re also closely reviewing at our products and services to make sure we are offering the best-in-class solutions to our customers.


Do you have any fun hobbies or interests that you pursue in your spare time?


I like to be on the water, so boating and fishing are my favorite pastimes.


Onto the lightning round. As quick as you can, answer the following questions:

1.What’s your favorite vacation spot?


2. Do you have any pets?

One labrador retriever — his name’s Fred.

3. Do you have any advice on how to best manage your time day to day?

Focus on one task at a time. Pick a task, get it done, and don’t move on until you feel confident you’ve solved whatever you were working on.

4. How do you stay up to date on the latest news and trends in the banking industry?

Whenever I step back from work, I check Yahoo Finance, Google Finance, and of course the RMA newsletters. We like RMA to stay up to date on the latest regulations.

5. What is the biggest risk you have taken in your life or career?

I’ve passed up more money to stay with MidSouth Bank and I don’t regret it for a minute. I’ve always been able to move my career forward by sticking with MidSouth Bank.