Explore Colonial National Mortgage for expert guidance on home financing. From mortgage options to personalized solutions, trust us to help you achieve your homeownership goals
Colonial National Mortgage
Founded in 1952 as Fort Worth Mortgage Corporation, the national, multi-service financial institution boasts one of the largest servicing portfolios with a reported $20 billion and operates a network of six consumer/commercial banks throughout North Central Texas.
Despite the devastation caused by the storm, Colonial employees rallied together to deliver quality customer service.
1. Competitive Rates
Colonial National Mortgage has a great reputation in the financial industry for offering competitive rates. The company offers several different mortgage products, including fixed-rate and adjustable-rate loans as well as jumbo loans for homebuyers in the Dallas-Fort Worth area. It also has a variety of deposit products, including savings accounts, checking accounts, money market accounts and CDs. The bank’s mobile app is easy to use and offers a convenient way for customers to manage their funds. However, the company does not have the best savings or CD rates in comparison with other U.S. banks.
Founded in 1952 as Fort Worth Mortgage Corporation, the bank has since grown to become one of the largest servicers of residential mortgage loans in the country. It currently has a servicing portfolio of $20 billion and operates a network of six consumer/commercial banks throughout North Central Texas. The bank has a strong reputation for delivering exceptional customer service and is consistently recognized as a top-performing servicer by Fannie Mae.
Its corporate office is located in Fort Worth, Texas and its team of employees consists of more than 200 people. The company’s mortgage servicing operations include construction lending, teacher home or condomium loans, bond money loan, purchase or refinance loans and more. The company’s mortgage division is known for its sound underwriting practices and high standards.
In addition to its mortgage services, Colonial National Mortgage offers a range of other financial products and is an expert in providing the most efficient mortgage financing for homeowners and small businesses. Its business banking and personal financial services are highly rated by BauerFinancial Inc. and accredited by the Better Business Bureau. The bank is also a multiple recipient of the Fannie Mae STAR Performer in General Servicing.
When James DuBose purchased Colonial Savings in 1972, he saw the value of integrating banking and mortgage services under one corporate roof. By doing so, he was able to offer customers more convenience and better service. During the savings and loan crisis of the 1980s, when thousands of S&Ls closed for good, Colonial Savings was able to survive through its conservative approach and solid leadership.
2. Innovative Technology
Throughout its seven decades of history, Colonial has faced challenges head-on with sound lending practices and strong leadership. During the mortgage crisis in the 1980’s and the global financial collapse of the 2000’s, Colonial remained resilient. They were among the few lenders that avoided bankruptcy and continued to grow, serving customers across the country.
In 2023, the company made a bold move to streamline its services and focus on banking and mortgage servicing options. The decision was based on changing market dynamics and a strategic evaluation of the company’s business operations.
The company’s decision to discontinue its mortgage origination business is an effort to shift the company’s focus to providing comprehensive full-service banking and mortgage services options for its customers. The company’s goal remains to deliver exceptional customer service while offering the most competitive home loans.
As the company shifts its focus to mortgage servicing, they are implementing innovative technology that will help them better meet the needs of their customers. They are partnering with Black Knight to deploy the MSP loan servicing system, which provides an ecosystem of servicing capabilities that enable a more personalized customer experience. MSP’s suite of solutions includes automated loan boarding for processing single or bulk transactions and real-time reporting with flexible fee structures and payment options.
Additionally, MSP’s Servicing Digital solution makes it easier for borrowers to access the information they need by putting the right content at the right time on their preferred device. The platform also supports online communication channels like email, social media and text messaging.
Finally, MSP’s Loss Mitigation solution helps Colonial support customers who are experiencing financial hardship with the objective of helping them stay in their homes. The software features advanced rules and logic to reduce errors while guiding users step-by-step through processes.
These are just a few of the many innovative technologies that will be available to Colonial mortgage customers in the future. By leveraging these cutting-edge tools, Colonial National Mortgage will be able to deliver a superior customer experience while meeting the needs of their diverse customers. In addition, the new tools will make it easier for borrowers to navigate complex transactions, track their progress and stay on track to close on their home.
3. Personal Service
During the mortgage crisis of the 1980s, many financial institutions failed while James DuBose’s Colonial Savings survived because he focused on offering competitive home loans and personal banking services. His emphasis on empathetic and proficient customer service has been an integral part of the company’s culture since.
In 2022, the company celebrated its 70th anniversary of providing the best mortgages and the most reliable mortgage servicing to customers. Today, the Fort Worth-based bank serves thousands of homeowners and borrowers. It is a trusted financial institution with an A+ rating from the Better Business Bureau and multiple Fannie Mae STAR Performer in General Servicing awards.
The company also offers a wide range of other consumer and commercial financial products and is a member of the Federal Reserve System. In addition to its mortgage services, it offers construction lending, teachers’ home or condomium loans, bond money loan, purchase or refinance, and business loan products.
While the company’s decision to discontinue its mortgage origination business is a difficult one, it will continue to focus on banking and mortgage servicing options for its customers. The company will also remain committed to ensuring a seamless transition for its existing mortgage customers. All outstanding mortgage loans will be serviced in accordance with the terms of their agreements and customers can expect uninterrupted access to their accounts, according to the bank.
In the court case, Gohl argued that Colonial should have made some effort to locate him at the Jeffersonville address. However, he claimed that his due process rights were violated because the search used by Colonial did not produce the correct address as indicated on the second mortgage document signed with the Yoders in LaGrange County.
4. Flexibility
When it comes to mortgages, you have a lot of options at your disposal. That’s why it’s important to find the right option for your needs. Colonial offers a variety of loans to help you achieve your home buying goals.
Whether you’re looking for an FHA loan with a low down payment or a VA loan for active military service members, you’ll find a wide range of options with Colonial. The company also provides jumbo mortgages, revolving lines of credit, home equity loans and refinancing options.
When you choose to buy a mortgage with Colonial, you can lock in an interest rate before closing on your new home. This can help you budget for expenses and ensure that your rate won’t increase between when you start shopping for a new home and close on your mortgage.
In addition, the company offers a variety of prepayment options to allow you to pay off your loan early without paying any penalties. You can choose to pay as little as 10% of your outstanding balance or $25, whichever is higher. Colonial will send you a monthly activity summary with your checking account statement, and you can check your loan status online at any time.
As a trusted financial institution, Colonial prides itself on quality originations and has been recognized as one of the strongest mortgage servicing companies in the country. Their sound lending practices have allowed them to weather the economic challenges of the 2008 housing crisis, unlike many of their competitors who were wiped out by the turmoil in the industry.
During the recent government shutdown, the company was asked to extend their customer service hours to assist homeowners who had a hard time meeting their payments. The company did this without hesitation, and they remain dedicated to providing a comprehensive full-service banking and mortgage servicing solutions that fit the needs of their customers. They’re a top choice for borrowers seeking competitive home loans and personalized service. The company’s core values of Empathy, Proficiency and Integrity are woven into the fabric of everything they do.
