If you want to have the strongest alliance with your lenders, choosing underwriting tools that your lenders use, where possible, is very advantageous. So, what are the tools your lenders are using?
The Davis and Henderson Mortgage Expert tool is a prime example. It enables you to underwrite your deals and collaborate with your lender right from within the same tool, including sharing credit reports and other information. With this tool, both you and your lender have the opportunity to leverage the same information in the same place, making alignment smooth and easy to achieve.
Why shouldn’t the same be true with other underwriting tools? Underwriting tools that lenders use haven’t always been available to mortgage brokers and agents in Ontario, but in recent years this has changed. Fortunately for brokers, technology providers who offer solutions to lenders have also begun providing solutions to brokers and agents as well.
Teranet is the perfect example of this. Traditionally lenders have relied on their tool, Purview, to generate, among other things, Automated Valuation Models (AVMs). This is a relied-upon technology for validating property value. In recent years, this technology has become available to mortgage brokers through an aligned product, Purview. Now brokers have access to the same information, from the same data source, that lenders have relied upon for several years.
What does this mean to you? When you are generating an AVM, the information and methodology is consistent with what your lender is using, leading to fewer discrepancies in information and more closed deals – a win on all fronts.
Things to consider when choosing the right underwriting tools:
- When choosing the right underwriting tools for you, consider asking your lenders what they are using. It doesn’t hurt to speak to your BDM or underwriter.
- Research online – what’s popular in the industry?
- Talk to other agents and brokers – what are they using?
- Talk to your brokerage – have they been privy to presentations from providers of underwriting tools that they perhaps have not implemented for the brokerage but that might be of interest to you?
- What is most accurate – ask providers of underwriting tools where their data comes from and why their data is more accurate than others?
- How accessible is the tool – is the tool available online? Can you generate a report instantly?
- Is the tool affordable?
Following these tips should make it easy for you to investigate and make a decision when it comes to choosing the best underwriting tool for you. In the real estate industry, knowledge is power, and it pays to know what your lender knows.
Find out what your lender knows with underwriting tools from Purview.
Visit http://purview.ca/ today.