Bay Finance to Stop Writing Mortgages

Bay Finance Co., a Webster, Mass.-based mortgage subsidiary of The Commerce Group Inc., has announced that it will stop writing mortgage loans, effective immediately.The company said it intends to retain its loan portfolio, valued at approximately $20 million, which will continue to be serviced out of its Webster office. "Over the last year, we have made a concerted effort to focus our energy and resources on our core property and casualty insurance business," said Gerald Fels, president, chief executive, and chairman of the board of the Commerce Group. "Having taken this action, we are now clearly focused on our personal lines insurance business and our ancillary small commercial insurance business." Bay Finance said it will process all pending loan applications.