Mortgage Software Company Closing Its Doors

MortgageDashboard, an Austin, Texas-based loan origination software firm, lost funding unexpectedly and is out of business. The company's head of marketing confirmed the company was forced to close its doors yesterday. One Maryland lender told National Mortgage News that he received an e-mail from the company saying it would be closing. "They gave us seven days to get our files in order," he said. "It's too bad. It's a wonderful program." Since 2001 MortgageDashboard's claim to fame was that it operated a Web-based on-demand system that allowed users to pay as they go. Jordan Brown, president of MarketWise Advisors, a mergers and acquisition consulting firm, said he is not surprised by the development. "I've looked at least 30 loan origination systems [firms] looking for a buyer. It's a tough market for an LOS. I suspect more will go out of business going forward." Mr. Brown predicted that the more prominent LOS firms will find refuge and eventually be bought.