The Vancouver-based software company Mortgage Mentor just announced the launch of its latest product, the Rentalsman, an interactive database of major Canadian lenders that provide rental and investment property financing.
The product's search tools are based on 37 lender products and 51 sets of lender policies. These policies include things like which lenders accept five per cent down payments, to which lenders accept 50, 70, 80, or 100 per cent rent-to income ratios. The database is updated daily by UBC-trained mortgage professionals with close ties to the lending community.
"This mentor has taken longer to develop than any previous module," said broker and Mortgage Mentor founder Rick Robertson. "We continually learned of the significant differences amongst lenders in this market segment. One example is the use of rental income in getting the borrower qualified - we discovered 13 different policy sets, including DCRs, in one area alone."
Robertson entered the software market in early 2008 with his lender guideline and rate comparison program, which was subscribed to by Mortgage Architects, and adopted by Verico and the Mortgage Brokers Association of British Columbia. Each of the program's seven modules has a cyber-personality based on expertise, such as line of credit rates and no income qualifying mortgages.