MortgageDashboard Gets Its Own Bailout
Loan origination software provider MortgageDashboard had a busy weekend after suddenly having to close its doors on Wednesday after its line of credit was cut. On Friday, Catalizador Private Equity Group made an emergency cash infusion, earning a majority interest in the company and allowing MortgageDashboard to keep its doors open, according to chief technology officer -- formerly CEO before the Catalizador ownership -- Jorge Sauri. After a hectic weekend of negotiations on the new leadership structure, MortgageDashboard reopened Monday under Catalizador ownership. The company is debt-free, Sauri says, and faces a "promising" future with Catalizador's investment commitment. Things looked choppy on Wednesday when Sauri circulated a notification to clients that the company would shut down immediately, leaving seven business days for clients to retrieve loan files. Sauri tells HousingWire that MortgageDashboard was never in jeopardy, however, and that the notice was misprinted and should have read 30 days -- until August 21st. But it seems a moot point, now that Catalizador stepped in and is "eager to continue funding the development of the software code" of MortgageDashboard's Web-based loan origination software, according to a company press release announcing Catalizador's intervening cash infusion. Write to Diana Golobay.