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Tribune News Service
Tribune News Service
Business
Mitchell Parton

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

Lisa Thomas Dallas Illinois Interest Rates Palatine

DALLAS — 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.

Both companies will retain their individual names and brands as well as their leaders, Lisa Thomas, chief executive officer of Town Square Mortgage, and Paul Kessel, president of American Portfolio Mortgage. No cash changed hands in the deal, Thomas said.

The transaction brings together Town Square’s 94 loan originators and American Portfolio Mortgage’s 108 originators. There will not be any layoffs through the merger.

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