For lenders, having access to accurate, detailed property data is essential to streamlining lending processes and reducing exposure to risk. Whether you’re underwriting a mortgage, assessing risk, or verifying ownership, the difference between a smooth transaction and a costly mistake often comes down to the quality of your information.
Two strategic tools available in PurView® are Ontario Parcel Registers and Instrument Images. When used effectively, these documents provide clarity, reduce risk, and streamline decision-making in ways that the standard property or listing data alone cannot.
A Parcel Register is an official record of the Ontario government. It provides a comprehensive overview of a property, including:
- Current ownership details
- Full legal description of the property
- Unique PIN (Property Identification Number)
- Full list of registered encumbrances (mortgages, liens, easements)
- Complete transaction history since the date of automation
While the Parcel Register provides a certified list of the documents registered on title, accessing the individual Instrument Images themselves provides you with copies of the actual documents.
Depending on the nature of the instrument, these documents can often provide deeper insight into:
- Mortgage terms and conditions
- Borrower and lender details
- Special clauses or restrictions
- Execution details (signatures, dates, parties involved)
A Parcel Register may appear to be quite straightforward but the underlying documents can reveal details, including those related to who registered the instrument, that can affect the lending decision.
How does a Parcel Register and Instrument Image mitigate fraud in lending?
As a lender, you remain diligent on emerging types of fraud, including identity theft, title fraud, and misrepresentation of any sort. By incorporating Parcel Registers and Instrument Images into your workflow, you can:
Verify ownership and identify suspicious transfers:
A Parcel Register allows you to confirm ownership details on title and identify any discrepancies, such as inconsistencies in names or undisclosed additional parties on title.
Cross-check borrower information against registered documents:
Instrument Images provide visibility into both active and previously discharged mortgages, helping validate the borrower’s disclosures.
Detect unusual patterns or inconsistencies:
By reviewing authoritative land registry records, you can cross-reference borrower-provided information with Parcel Register and Instrument Image data to identify discrepancies, inconsistencies, or potential red flags.
Confirm proper discharge of prior mortgages:
The Parcel Register and Instrument Images help verify whether prior mortgages have been discharged and provide key details needed to assess the borrower’s current financial position on the property.
With access to these documents within PurView, lenders can quickly and seamlessly:
- Make faster underwriting decisions
- Reduce back-and-forth with legal teams
- Have greater confidence in approvals
- Improve client experience
By integrating these tools into your process, you strengthen your due diligence workflows, ensuring the information used to assess each transaction is verified and reliable. This helps mitigate the risk of fraud while protecting both your portfolio and your reputation.
Leverage PurView and these critical resources to make this an essential, consistent step in your lending workflow. Book a demo today to learn more.
