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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

LoanTrader to Shut Down Mortgage Service Web Site

April 14, 2001|Daryl Strickland

LoanTrader Inc., an Irvine provider of mortgage listings for brokers, said Friday that it plans to shut down its Internet mortgage service Thursday. The industry had been slow to respond to the 2-year-old online operation, which connected mortgage brokers with lenders, chief executive John Le said in a prepared statement. "The operational and financial burdens . . . were too great a drain on resources," he said. The company said it has stopped accepting loan applications and adding new brokers to the Web site. LoanTrader said it will continue to process applications already in the pipeline. The company said it will focus on creating software for the mortgage industry that further streamlines the loan process.

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