Mortgage Mentor Inc. launches new TDS lender matrix

Mortgage Mentor Inc. launches new TDS lender matrix

Mortgage Mentor Inc. has launched a new software module called MM Pro to help brokers consistently calculate debt service ratio for all of their deals.
 
The new product, a lender information matrix, was designed after many brokers commented that many deals were being declined because of debt service ratios, according to Mortgage Mentor Inc.
 
The mortgage productivity software company decided to investigate why. “Once we had interviewed several of the major lenders in a more in-depth way, we started noticing that although those lenders’ general claim was that they use the insurer’s guidelines, they each had some little exception,” said Rick Robertson, Mortgage Mentor president.
 
Out of the top 20 lenders, the company found there were 27 minor differences in how they looked at other payments and another 20 unique ways they each calculated income. This resulted in nearly 40 different total debt service formulas. MM Pro aims to simplify the formulas and ensure smoother deal processing.
 
For more information, please visit www.mortgagementor.com.
6 Comments
  • M 2011-01-12 9:15:27 AM
    An experienced broker should be able to know how lenders calculate income and debts and not need this product. When in doubt calculate the old fashioned way.
    Post a reply
  • Natasia Torston 2011-01-12 9:34:30 AM
    It would seem that this is pretty basic stuff.
    If a broker can't get past this basic preliminary step, then they might want to consider looking at a different vocation. These parameters rarely change, so make yourself up a little chart, and share it with your office.
    Sorry Mortgage Mentor
    Post a reply
  • Wayne 2011-01-12 9:37:15 AM
    This product keeps getting better. Yes you can
    do the calculations the old fashion way but you
    still need the formula from the 20 plus lenders in how they
    Calculate ratios. This add on comes with Mortgage Mentor.
    The developers of Mortge Mentor are doing more for the brokerage
    industry than any other program out there.

    Well done MM
    WD
    Post a reply