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| Requirement | This application will take a mortgage application containing information including |
| | | the applicant's salary |
| | | debt load as a percentage of salary |
| | | credit rating - 1 to 5 ( 1 is good 5 is bad) |
| | | amount of mortgage |
| | | term in years |
| | the processor will determine if the applicant qualifies for a mortgage |
| | | if the calculated mortgage payment is less than 60% of the applicants monthly paycheque - approved |
| | | except if the credit rating is 3, 4 or 5 the mortgage payment can only be 45% of the monthly paycheque |
saiaravindc
MortgageApplicationProcessorTDD2.xls
