Willamette Valley Bank said it will cease residential mortgage lending on March 31 as competition and elevated interest rates pressure community bank economics. AI Summary
Salem, Oregon-based Willamette Valley Bank is exiting the residential mortgage lending business, citing intense competition and a prolonged high interest rate environment. The bank announced Thursday that its mortgage operations will cease on March 31.
President and CEO Ryan Dempster said the residential mortgage industry has undergone significant changes in recent years, including the rise of online and nonbank lenders and an extended period of elevated interest rates…