Higher mortgage rates, lower volume and fiercer competition forced BayFirst National Bank to shut down its residential mortgage business and lay off staffers.

BayFirst Financial Corp., the parent company of BayFirst National Bank, announced last week that its board of directors started the process of closing the bank’s nationwide network of residential mortgage loan production offices. The bank will continue to originate mortgage loans in its local Florida offices, the firm said.

“Given the impact of declining mortgage volume on the company’s operating performance in recent quarters, together with the uncertain outlook for mortgage lending in the near to mid-term, we made details ⇒

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