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Mortgage.comMDCM, a provider of services for the online mortgage lending industry, plans to begin winding down its lending operations and will lay off about 518 of its 618 employees. Mortgage.com said the current interest rate climate "has made our job more difficult" and added that the downturn in the environment for dot-coms has prevented the company from raising additional capital. The company, which was founded in 1994 and is based in Sunrise, Fla., plans to sell certain assets, including its pipeline of mortgage loans in process, its URLs and its Internet technology and mortgage back office and CLOser software. Additionally, Mortgage.com is in violation of certain covenants of its mortgage loan warehousing agreement, including covenants regarding liquidity and tangible net worth. The company believes that it has reached a preliminary agreement with its warehouse lenders that will allow for the continued closing of certain loans in its pipeline and the sale of loans in its warehouse lines.
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