You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Around the Region

East-West Mortgage shutting down

WORCESTER — Commerce Bank & Trust Co. has largely suspended operations of its home mortgage subsidiary, 1-800-East-West Mortgage Co., and laid off half the subsidiary’s workforce.

As interest rates rise, fewer consumers have been seeking mortgages or refinancing, said Brian W. Thompson, chief executive. Bank directors will consider options for the subsidiary, he said.

Continue reading below

“As rates rose, a number of people just went to the sidelines,” Thompson said.

Commerce Bank acquired East-West in 2000. It handled all home mortgage lending for Commerce. East-West typically generated $400 million to $500 million a year in mortgages and then sold them.

The Marlborough operation employed fewer than 25 people, Thompson said, and about half have been laid off. Other workers continue to process applications already received, work that may take another month to two.

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.