Colonial Savings, F.A. to Cease Mortgage Origination Business, Focus on Full-Service Banking and Mortgage Servicing

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May 25, 2023, 16:04 ET

FORT WORTH, Texas, May 25, 2023 /PRNewswire/ -- Colonial Savings, F.A., a trusted financial institution with a rich history spanning more than 70 years, announced its decision to cease its mortgage origination business, effective July 31, 2023. The company will shift its focus towards continuing to provide comprehensive full-service banking and mortgage servicing options to better meet the evolving needs of its customers.

Since its inception in 1952, Colonial Savings, F.A. has been a respected player in the mortgage origination industry, helping thousands of individuals and families achieve their homeownership dreams. However, in light of changing market dynamics and a strategic evaluation of its business operations, the company has decided to streamline its services and reallocate its resources to deliver an enhanced banking and mortgage servicing experience to its valued customers.

"We are deeply grateful to our employees, customers and partners for their unwavering support and loyalty throughout the years," said Dave Motley, President of Colonial Savings, F.A. "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."

Colonial Savings, F.A. is committed to ensuring a seamless transition for its existing mortgage customers. 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 Savings, F.A. would like to express its sincere gratitude to its customers, employees, and partners for their trust and support throughout its more than 70-year history. The company remains committed to its mission of delivering exceptional financial services to their customers.

About Colonial

Founded in 1952 as Fort Worth Mortgage Corporation, today Colonial is a national, multi-service financial institution headquartered in Fort Worth, Texas. A federally chartered thrift, Colonial is one of the largest servicers of residential mortgage loans in the United States, with a servicing portfolio of $20 Billion. Colonial operates a network of six consumer/commercial banks located throughout North Central Texas.

www.GoColonial.com

SOURCE Colonial Savings, F.A.