Promontory MortgagePath is closing its doors

Promontory MortgagePath, a provider of mortgage fulfillment services, is closing its doors due to "unprecedented and rapid mortgage market deterioration." 

The decision to "cease doing business at this time" was made after "an exhaustive process to evaluate all viable options," a spokesperson for the Connecticut company said. 

The vendor has seven locations across the nation and nearly 200 employees, according to LinkedIn. The company did not disclose how quickly it will be winding down operations.

Promontory MortgagePath in its current form was created in January 2020, when Promontory Fulfillment Services and PromonTech were brought together under a common brand with the namesake business. All three companies were originally created in 2015. 

In 2021, the company, which offers mortgage solutions such as loan officer software, processing, underwriting and closing services, ranked No. 36 in the Best Fintechs to Work For.

Last year, Debora Aydelotte, former chief operating officer at Promontory MortgagePath, said in a statement that the companies' "vision differentiates them from any competitor out there, because we're not only a fintech, we have a fulfillment side and our mission is around supporting the community bank fabric across the country."

Promontory MortgagePath joins a lengthy list of companies in the mortgage space that have buckled in the past year due to the downturn of the market.

"Promontory MortgagePath is proud of its history of taking a mission-driven approach to supporting community banks and the communities, customers and markets they serve," the spokesperson said. "We sincerely appreciate the dedication of our employees for their contributions to create a more inclusive mortgage market by providing a simplified, efficient and cost-effective solution that benefits both consumers and the community-oriented institutions that serve them."