Product · How it works

From seller claim to reviewable mortgage note analysis.

Six stages, in the order they actually run — shown with the real report components on a real sanitized deal, not illustrations.

Capture the deal as it was presented

Paste a Paperstac or FIXnotes URL, the listing text, a broker email, one row of a tape, or enter the deal manually. The original input is stored verbatim and the seller's comments are kept word-for-word — the claims you were shown never get overwritten by the analysis that follows.

Structure the note terms

NoteGage extracts the terms it can identify — balance, rate, payment, maturity, lien position, payment status, property address — and every extraction is validated before it is stored. A field the source didn't state stays empty and is listed as a gap with the way to resolve it, instead of being filled with a guess.

Gather available evidence

On request, NoteGage reads the sourced evidence available for the deal: county records (assessor value, recorded liens, the most recent recorded sale), an independent automated valuation, and the documents attached to the listing itself — a payment ledger, an appraisal or BPO, the note and mortgage. Coverage varies by property and jurisdiction; when no record is found, the deal honestly keeps its listing-only read.

Reconcile before the math is trusted

Each claim is set next to the evidence that tests it. Sources that agree corroborate a value; sources that disagree raise a flagged conflict with both numbers shown; a ledger that stops early makes the pay-status claim unsubstantiated rather than confirmed. The contradicted claim stays on the page, struck through: the report detects and preserves the discrepancy between the claim and the evidence — “contradicted” describes the evidence, never the seller's intent.

The production component, liveReal figures · sanitized deal · person identity withheld

Reconciliation

1 not corroborated3 recalculated0 claims corroborated

Listing claims vs. the evidence on record vs. our math — read across each row. Each evidence cell names its own source; only public records are independent.

Property valuenot corroborated
Listing claims
$189,000 (stated by seller)
Evidence / records
$154,440 corroborated (County assessor $154,440 / Independent AVM $158,837 / Comparable-sales estimate $163,534)
Our calc
Independent records support $154,440–$163,534; the seller's $189,000 claim is not independently corroborated.
LTVrecalculated
Listing claims
77.3%
Evidence / records
Our calc
94.7%
ITVrecalculated
Listing claims
68.8%
Evidence / records
Our calc
84.2%
Yield to maturityunchanged
Listing claims
10.4%
Evidence / records
Our calc
10.4%
Equity positionrecalculated
Listing claims
$42,829
Evidence / records
Our calc
$8,269
Lien positionunverified
Listing claims
1st lien (claimed)
Evidence / records
1 lien on record — identity ambiguous
Our calc
Performing statusunverified
Listing claims
performing (stated by seller)
Evidence / records
sub-performing (seller's ledger, stale)
Our calc
Occupancy
Listing claims
Occupied
Evidence / records
Absentee owner
Our calc
Foreclosureno conflict found
Listing claims
None
Evidence / records
None on record
Our calc

Run the deal math

Yield to maturity, LTV, ITV, equity position and monthly cashflow are computed by deterministic code — the same inputs always produce the same numbers — and recomputed in place when the evidence changes the value basis. When stated terms contradict each other, the math refuses with the reason shown instead of computing from a silent assumption.

Review what is known — and what still needs diligence

The report resolves into a Deal Position — Preliminary, Pursue, Reprice, Verify first, or Avoid — with the evidence maturity and report condition beside it, every contradicted claim on record, and each material open question named with the evidence that would settle it. What the software can't verify is handed to you as a question, not hidden inside a conclusion.

The production component, liveReal figures · sanitized deal · person identity withheld
Verify firstmaterial questions block an honest stance — resolve them firstPartially checked · Conflict open2 material questions open · 0 seller claims contradicted · 1 not independently corroborated

2 material questions must resolve before an honest stance.

Conditional: If the open questions clear, price against the supported ~$154,440 basis — not the claim.

  • Seller-stated value $189,000 — not independently corroborated (22% above the ~$154,440 underwriting basis) — remains on this record

Go deeper: the methodology behind the rules · a full sample report · the due-diligence guide

Analyze a note you're already weighing.

NoteGage is in free early access for active note buyers during the pilot. Request access and bring a real listing — requesting access is the current path to analyzing a note.