Connecticut-based Promontory MortgagePath, a provider of mortgage fulfillment services, is shutting down due to an “unprecedented and rapid downturn in the mortgage market.”
A spokeswoman for Promontory MortgagePath said the decision to “discontinue operations at this time” was made after “a thorough process to evaluate all viable options.”
The vendor has seven locations nationwide and employs nearly 200 people, according to LinkedIn. The company has not disclosed how quickly it will exit the business.
of Promontory MortgagePath present form was created in January 2020 when Promontory Fulfillment Services and PromonTech merged under a common brand with the business of the same name. All three companies were founded by him in 2015.
In 2021, the fintech company, which provides mortgage solutions such as loan officer software, processing, underwriting and closing services, ranked 36th in the ranking. best fintech to work for.
Last year, Debora Aydelotte, former chief operating officer of Promontory MortgagePath, said in a statement that the two companies “have a vision that differentiates them from other competitors because we are not just a fintech. , because it has a fulfillment aspect and our mission is around: supporting community bank structures across the country.”
Promontory MortgagePath Joins long list Percentage of companies in the mortgage sector that failed in the past year due to market downturns.
A company spokesperson said, “Promontory MortgagePath is proud of our history of taking a mission-driven approach to supporting community banks and their communities, customers and markets.” Help us create a more inclusive mortgage market by providing simplified, efficient and cost-effective solutions that benefit both the community-oriented institutions we serve. We sincerely appreciate the dedication of our employees.”