Fort Worth, Texas-based Colonial Savings, F.A. [1] has announced its decision to cease its mortgage origination business, as of July 31, 2023. The company will turn its attention towards continuing to provide full-service banking and mortgage servicing options to its customers.
Since its inception in 1952, Colonial Savings has been a respected player in the mortgage origination industry, helping thousands of individuals and families achieve their homeownership dreams.
"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. [2] "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."
Founded in 1952 as Fort Worth Mortgage Corporation, Colonial Savings is a federally-chartered thrift, and one of the largest servicers of residential mortgage loans in the nation. The institution has a reported servicing portfolio of $20 billion, while operating a network of six consumer/commercial banks located throughout North Central Texas.
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.
Last year, Colonial National Mortgage, a division of Colonial Savings F.A., launched Encompass by ICE Mortgage Technology [3], a suite of comprehensive mortgage production solutions designed to enhance the borrower experience and streamline manufacturing processes.
"We are moving from a legacy platform that has served us very well for many years," said Sarah Boultinghouse, VP, Business Architecture for Colonial Savings [4]. "We've seen dramatic innovation in our industry over the past 5-10 years and this launch has demonstrated our organizational desire to participate in our changing marketplace. Customer expectations demand modernization and flexibility to meet them where they are in their path to home ownership and we recognize that by offering dynamic solutions. We are excited to reach this milestone in a journey that strives to deliver more benefits with fewer difficulties so that we are ready to help more people achieve their dreams by welcoming them into our Colonial family."
Encompass by ICE Mortgage Technology is an all-in-one system that is driven with artificial intelligence (AI) embedded throughout to increase effectiveness and ultimately deliver a better borrower experience. This modernization creates a new lending ecosystem that accelerates Colonial's ability to take advantage of innovation across the fin-tech marketplace in a way that optimizes products and services for all Colonial customers.