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Citing the effects of the current economic environment on the mortgage industry, Connecticut-based mortgage technology company Promontory MortgagePath has decided to shut down.

“As a result of the unprecedented and rapid mortgage market deterioration, rising interest rates and a decline in loan applications – and following an exhaustive process to evaluate all viable options – Promontory MortgagePath has made the extremely difficult decision to cease doing business at this time,” a Promontory MortgagePath spokesperson said in a statement to Banker & Tradesman.

The news was previously reported by National Mortgage News.

Promontory MortgagePath provided an end-to-end digital mortgage platform and was a member of the Massachusetts Bankers Association. The company was founded in 2015 by Eugene “Gene’ Ludwig, who was the U.S. comptroller of the currency during the Clinton administration.

Ludwig is a longtime advocate for underserved communities, and the company in 2020 had launched an initiative to help minority depository institutions and community development financial institutions expand access to credit and homeownership in underserved communities.

“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 in the statement. “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.”