Dallas, Chicago-area lenders merge while facing a ‘paralyzed’ mortgage market

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Dallas-based Town Square Mortgage has merged with a Chicago-area firm to better position both companies to weather the storm as the rapid rise in interest...

Dallas' Town Square Mortgage has merged with Illinois-based American Portfolio Mortgage Corp.Dallas-based Town Square Mortgage has merged with Palatine, Illinois-based American Portfolio Mortgage Corp., a move to better position both companies to weather the storm as the rapid rise in interest rates has stalled homebuying activity.

Nationally, residential mortgage originations were down 55% in the last three months of 2022 from a year before,“Volatility in the market overall breeds uncertainty, and uncertainty kind of paralyzes the market,” Thomas said in an interview. “So it becomes more difficult to have a stable and growing business if the overall industry is on a decline or not executing because of rates.”

, a company Thomas co-founded. At that time, Town Square was setting itself up for continued growth and expansion, Thomas said.

 

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