Colonial Savings says it is stopping its mortgage origination business at the end of July, shifting its focus to full-service banking and mortgage servicing.
The company has been in the mortgage origination industry since 1952. However, “changing market dynamics” have led Colonial to “streamline its services and reallocate its resources to deliver an enhanced banking and mortgage servicing experience.”
“We are deeply grateful to our employees, customers and partners for their unwavering support and loyalty throughout the years,” says Dave Motley, president of Colonial. “It is with a heavy heart that we make this difficult decision, but we firmly believe it is the right course of action for the company’s future.”
All outstanding mortgage loans will continue to be serviced in accordance with the terms and conditions of the agreements. Customers can expect uninterrupted access to their accounts, dedicated customer support and reliable mortgage servicing throughout this transition.
Colonial administers a servicing portfolio totaling approximately $20 billion.