Colonial Savings, F.A., a company headquartered in Fort Worth, Texas, has made a declaration to discontinue its mortgage origination operations by July 31, 2023. Instead, the company will focus on delivering comprehensive banking services and mortgage servicing solutions to its customers.
Having been established in 1952, Colonial Savings has gained a reputable position in the mortgage origination sector, assisting numerous individuals and families in realizing their aspirations of owning a home.
Dave Motley, the President of Colonial Savings, F.A., expressed profound gratitude towards the company’s employees, customers, and partners for their steadfast support and loyalty over the years. He acknowledged the challenging nature of the decision but firmly believed that it was the appropriate path to secure the company’s future.
Colonial Savings, originally established in 1952 as Fort Worth Mortgage Corporation, is a federally-chartered thrift and a prominent player in the residential mortgage loan servicing industry. The institution manages a network of six consumer/commercial banks in North Central Texas and has a servicing portfolio worth $20 billion.
Colonial Savings, F.A. is dedicated to guaranteeing a smooth shift for its current mortgage clientele. All outstanding mortgage loans will be handled in compliance with the agreed-upon terms and conditions. Throughout this transitional period, customers can expect continuous access to their accounts, dedicated customer support, and reliable mortgage servicing without any disruptions.
In the previous year, Colonial National Mortgage, a branch of Colonial Savings F.A., introduced Encompass by ICE Mortgage Technology, an extensive set of mortgage production solutions aimed at improving the borrower journey and streamlining manufacturing procedures.
Encompass by ICE Mortgage Technology is a comprehensive system that incorporates artificial intelligence (AI) at its core to enhance efficiency and provide an enhanced borrower experience. This modernization establishes a fresh lending ecosystem, enabling Colonial to leverage advancements in the financial technology marketplace and optimize products and services for all its customers.
