Portellus Winding Down Mortgage Ops

Citing declining market conditions, Portellus Inc., Irvine, Calif., has announced plans to wind down its mortgage technology business unit and sell the unit's supporting technology assets.Portellus said, however, that arrangements have been made to preserve the company's multipurpose business rules management system, which will continue to be sold via licensing agreements into other vertical markets. "After assessing the market's technology buying landscape over the next 18 to 24 months, Portellus elected to discontinue its mortgage business and instead focus efforts on more promising BRMS prospects," the company said. Portellus said it is divesting itself of its mortgage technology operations and plans to hold an auction for its intellectual property and other assets. Portellus' mortgage technology framework includes: a Web-based loan origination system; a product and pricing engine; an automated underwriting system; an integration services hub; and point-of-sale portals for the broker, retail, and correspondent lending channels. The company can be found online at http://www.portellus.com.