FT. LAUDERDALE, Fla. — OnLoan.com has sold its mortgage origination operation and fired dozens of employees, completing its plan to merge with Decade Systems, which it bought earlier this year, and become a technology vendor.

The company announced on Aug. 22 that it planned to jettison its consumer origination operation and Web site to focus on providing technology to other lenders through Decade.

Officials at the time, discouraged by consumer adoption said direct-to-consumer lending is not yet profitable.

The two companies are currently merging technical staffs, according to Inman News.

In joining the rush to originate loans over the Internet, OnLoan.com launched its site late last year and promptly invested in a 30-foot armored truck to help drum up business. Employees drove the truck—equipped with five satellite-linked computers—around south Florida, parking it at weekend events to encourage online borrowing.

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