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Lender Halts Wholesale

Colonial National Mortgage halts wholesale

February 11, 2009 (updated 2.12)

By MortgageDaily.com staff


A 56-year-old mortgage firm is exiting its wholesale operations.

Colonial National Mortgage has posted a statement indicating it will shutter its mortgage broker business. The unit is a division of Colonial Savings, F.A.

"Colonial National Mortgage will close its wholesale lending operations over the next few weeks," a message posted on its Web site says.

The Ft. Worth, Texas-based company said it will continue to accept locks until Feb. 13. All loans in the pipeline are expected to be funded by April 15.

The move was the result of increased regulation and "shrinking Alt-A product availability," a spokeswoman told MortgageDaily.com in a statement. She said the 19 employees of the wholesale division -- which originated around $290 million during fiscal 2008 -- will likely transfer to other departments.

Colonial was originally founded as Fort Worth Mortgage by James S. DuBose in 1952, the company said. The 1972 acquisition of Colonial Savings expanded his financial portfolio.

Colonial reported that it services $12.5 billion in mortgages.

"We regret any inconvenience this may cause," the Web site statement says.

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