St. Pete bank, citing economic uncertainty, pulls plug on mortgage lending

St. Petersburg-based BayFirst National Bank, formerly known as First Home Bank, has made moves toward significantly scaling back its mortgage lending business.

Citing a "precipitous decline" in mortgage volumes and an uncertain outlook for mortgage lending over the coming quarters, the bank, in a news release, says it will discontinue its nationwide network of residential mortgage loan production offices, but it will continue to offer mortgages to local borrowers. The shutdown is contingent upon regulatory approvals.