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Mortgage Broker News | 10 Jan 2011, 10:10 AM Agree 0
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.
  • M | 12 Jan 2011, 09:15 AM Agree 0
    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.
  • Natasia Torston | 12 Jan 2011, 09:34 AM Agree 0
    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
  • Wayne | 12 Jan 2011, 09:37 AM Agree 0
    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
  • E | 12 Jan 2011, 04:02 PM Agree 0
    MM is an excellent tool for any broker, I'm a subscriber myself and use the program frequently. MM Pro is just 1 of many tools included with the software. You are right about the fact that a broker should be able to calculate ratios the old fashion way, MM Pro simply supplies information that allows a broker to calculate more accurately. I agree with Wayne 100%.
  • GAK | 13 Jan 2011, 02:32 AM Agree 0
    Who uses 20 lenders anyway? Most brokers will consistently use about 6 lenders, with the odd 'one off' deal going to someone used rarely. If you cannot learn your lenders guidelines why are you even in this business?

  • Rick | 13 Jan 2011, 06:08 AM Agree 0
    re. GAK's comment - we've been building Mortgage Mentor for more than a dozen years now and regularly sit down with each lender to make sure our data is correct. In all those years there has only been one time that the LENDER BDM knew all of their own guidelines. If the BDM's cannot remember their own 1 set of guidelines, how can a Broker pretend to remember 6. I'm not faulting the BDMs here, the marketplace has gotten far too complicated. Additionally, some lenders have multiple formulas depending on the ytpe of deal. Some have 5 or 6 different TDS calculations.
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