The Mortgage Calculator Goes Solo

The Mortgage Calculator, which announced in June that it was leaving its parent companies behind to become  a correspondent lender, has hired more than 200 loan originators in the last 90 days, according to company officials.

“We put in a lot of work to become a lender. We started as a branch at a bank, to a branch at a brokerage, to a branch at a lender,” said Nicholas Hiersche, the company’s founder and president. “We are very excited to finally be in total control of our business.”

The Mortgage Calculator, which is based in Miami Lakes, Fla., offers short-term loan mortgages, investment-property mortgages, rental-property mortgages, hard-money loans, among other options. By cutting out parent companies, The Mortgage Calculator is able to offer even further discounted rates to clients, officials said.

As experts in programs such as debt service coverage ratio (DSCR) loans, fix-and-flip loans, bank-statement loans, profit-and-loss loans, and other Non-QM products, The Mortgage Calculator is one of the top outlets for investor loans, officials said. 

Some of the most popular products are those that use Airbnb income for mortgage qualification and DSCR loans, which is a no-personal-income-verification mortgage. From the residential mortgage payment calculator to the commercial mortgage calculator on its website, The Mortgage Calculator provides insight and data to investors looking to calculate their mortgages. The website also features an FHA mortgage calculator and a Texas mortgage calculator, officials said.

Officials added they expect the company to continue to expand in a climate where other companies are cutting back or closing their doors.