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.