Express America Holdings Corp. said it is dropping originations, the last vestige of its Scottsdale, Ariz.-based mortgage operation.

Nationwide mortgage originations have been dramatically reduced during the past 12 months in reaction to rising interest rates and the company can no longer profitably originate mortgage loans, according to the announcement.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.