What this document proves for a mortgage file
An MLS listing provides property details supplied for the sale, including the listed price, property type and cost information available in the listing. It is useful context for the mortgage file, but a listing price is not necessarily the agreed purchase price or the lender value. Review the purchase agreement and any additional property evidence the lender requires.
Annual taxes and condo or strata fees can change the housing cost calculation. A borrower who entered only a mortgage payment may have missed a material expense. Use the listing to ask specific questions and establish the current figures. Do not treat a listing as a substitute for the relevant tax record, strata documents or appraisal when those are required.
What brokers check on it
Check the address, property type and listed price against the application and agreement. Make sure you are looking at the correct unit and version of the listing. Read the annual property taxes and the condo or strata fee field carefully, including the stated payment period. A monthly fee and an annual amount should not be copied into the same input without conversion.
Compare the taxes and fees with the figures used in the ratios. Ask whether the listing information is current and whether there are relevant additional property documents. Property type and use may affect lender eligibility, so describe the property accurately rather than assuming every listing represents a straightforward residential purchase. Record the source of each cost used in the scenario.
Common red flags
A purchase price that differs from the application may simply reflect negotiation, but the mortgage calculation needs the agreed scenario. Missing condo fees, stale taxes or an incorrect unit can distort the housing costs. Resolve the difference before you send a ratio summary that relies on the wrong property. Keep the corrected figure visible in both the application and notes.
Unclear property type or missing listing pages can leave the lender without important context. Do not infer property acceptability from a well presented listing. Ask for the documents needed to establish the details and explain what remains uncertain. The broker should not silently replace a missing figure with zero merely because the ratio would look better that way.
What the AI Underwriter cross checks it against
The AI Underwriter compares the listing address, price, taxes and condo fees with the application and ratio inputs. It can highlight a cost that was omitted or copied incorrectly. The broker verifies the actual property evidence and updates the scenario where needed. A finding that names the field and source lets you fix the file without searching through every page again.
In the Emily Carter specimen, the listing supports the property figures rather than causing the income discrepancy. The report keeps the same purchase, down payment and property costs in both columns. Only income and documented debt change. That makes it clear why the file moves above the typical insured guidelines when the documents are read together.
What the AI does not do
The AI does not approve or decline, contact lenders or contact credit bureaus. It does not appraise the property, inspect the building or confirm strata condition. It compares the supplied material and calculates from the figures entered. The broker reviews every finding and obtains the property documentation and lender review needed for the particular file.
Before submission, make the property summary consistent across the application, purchase documents and ratio notes. If taxes or fees change, recalculate and keep the evidence that supports the update. A useful property review does not make an approval promise. It gives the lender a clear description of the property and an honest account of the costs and questions still outstanding.
Frequently asked questions
- Is the listing price the final purchase price?
- Not necessarily. Compare the listing with the agreed purchase documents and use the correct scenario in the application and calculations.
- Why do condo fees matter to GDS?
- The housing cost illustration includes half of monthly condo fees along with the qualifying mortgage payment, property tax and heat.
- Can missing property taxes be entered as zero?
- Do not use zero simply because the information is missing. Obtain a supportable figure and make any estimate explicit.
- Does the AI determine the property value?
- No. It compares the supplied listing and application figures. Property valuation and lender acceptance require the appropriate review and evidence.