Twenty7Tec confirms Mortgage27 closure
Twenty7Tec Group, provider of mortgage and secured lending sourcing technology, has today confirmed that one of its subsidiary businesses, Mortgage27 Ltd, is to be closed.
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Mortgage27 Ltd, which was acquired by Twenty7Tec Group in February 2014, provided web based Direct to Consumer mortgage sourcing ‘iframe’ tools.
In a statement, Twenty7Tec said that the market has faced significant price pressure in recent times and this, coupled with a recent award against Mortgage27 Ltd in an employment tribunal hearing, has led the Directors of Mortgage 27 Ltd to determine that the right course of action is the closure and winding up of the company.
Twenty7Tec noted that the closure will have no impact on its other software solutions including MortgageSource, LoanSource, and MortgageApply.
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