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Colonial Savings to exit mortgage origination business

Texas-based Colonial Savings, F.A. has decided to exit the origination business amid one of the most challenging cycles in decades, provoked by the Federal Reserve‘s tightening monetary policy and a banking crisis. 

The company will focus on full-servicing banking and mortgage servicing businesses, it announced on Thursday. 

The origination activity will cease effective July 31, 2023, but 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, the company said. 

Colonial Savings, a federally chartered thrift founded in 1952, originated $470 million details ⇒

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