First Internet Bank is shutting down its consumer mortgage business due to a steep decline in mortgage volumes and the negative outlook for mortgage lending that is forecasted to continue for the next several years. First Internet Bancorp , parent company of First Internet Bank, announced that the exit will include its nationwide digital direct-to-consumer mortgage platform, which originates residential loans for sale in the secondary market. It will also include the company’s local traditional consumer mortgage and construction-to-permanent businesses. “While other lending lines have strong demand, the combination of housing prices, housing supply, economic uncertainty and interest rates have caused mortgage applications nationally to plunge to their lowest level in 26 years,” David Becker, chairman and CEO of First Internet Bancorp, told analysts in its fourth quarter earnings call last week. First Internet Bank will end its direct-to-consumer operations in the first quarter of 2023 and shifts its focus to origination efforts on its floating rate loan products — most notably its commercial construction and small business lending — as well as its higher-yielding fixed rate programs, such as franchise finance. The residential mortgage loan balance for First Internet was $383.9 million as of December 31, 2022, a […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
