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.