BAYFIRST NATIONAL BANK SHUTS DOWN RESIDENTIAL MORTGAGE BUSINESS

High mortgage rates, low transaction costs, and intense competition prompted BayFirst National Bank to close its mortgage business and lay off workers.

BayFirst National Bank’s parent company is BayFirst Financial Corp. Last week, the council announced that it had begun closing down the country’s network of transfer agencies.

The bank will continue to offer mortgage services through its regional offices in Florida, the company said.