In what it's calling an "orderly wind-down" of its mortgage business, Irvine, Calif.-based Portellus will exit the space in the wake of what one insider called a "decimation" of its client base. Every technology vendor is feeling the pain as the universe of mortgage lenders dwindles as rapidly as liquidity is evaporating. To date, over 100 mortgage lenders have exited the business, according to the trade press.
Portellus was one of a number of mortgage technology firms that rose up to capitalize on the promise of SOA-based solutions for lenders. The company's Business Rules Management System (BRMS), Integration Services Hub, Web Portals and vertical market solutions all utilized SOA to deliver loosely coupled applications and flexible solutions designed to enable clients to gain competitive advantages, reduce costs, mitigate risk, increase profitability, comply with regulatory requirements and swiftly respond to marketplace dynamics.
The company will retain its BRMS to license to other vertical markets, but will sell off its other mortgage-related assets to the highest bidder. Up for sale: a web-based Loan Origination System (LOS), a Product and Pricing engine (PPE), an Automated Underwriting System (AUS), an Integration Services Hub (PIXMO), and point-of-sale (POS) portals for the Broker, Retail and Correspondent lending channels.
A large depository institution that didn't already have a home grown system and was serious about filling the void left by monoline lenders that have exited the business would be wise to consider these assets. The company is encouraging interested buyers to contact the company to participate in the asset bidding process at firstname.lastname@example.org.