Fraud continues to be a significant challenge in the mortgage industry. As fraudsters develop more sophisticated schemes, it becomes cortical for mortgage professionals to leverage the tools needed to detect and prevent fraudulent behaviours early on. PurView is a critical tool that plays a pivotal role in mitigating fraud by providing users with the most authoritative property data that can be used for enhanced due diligence.
Top mortgage broker and PurView Ambassador, Christine Xu, is an avid PurView user and knows the importance the data she can access through PurView can help identify and prevent fraud when working with new and existing clients alike.
Here are some key ways Christine uses PurView in her business to combat fraud.
Ownership verification
In addition to relying on her years of experience, Margaret emphasizes the importance of continuous education & feedback. As part of the Teranet Insighters Community, Margaret uses GeoWarehouse to gather critical property data for her clients.
“We check the owner’s name, purchase date, purchase price, mortgage amount, lender’s name, etc. If there is any discrepancy, we ask more questions.”
Christine uses PurView as her first point of verification. With access to the most authoritative property data in Ontario, she can determine ownership information, including who is on title and who is on the registered mortgage. This can immediately help identify any red flags when an applicant is presenting an incorrect name, or if is found that there is someone else indicating in the ownership information.
Sales and Mortgage History analysis
PurView also offers a Parcel Register and Instrument Image. These documents can provide more in-depth information into historical ownership and sales and detailed mortgage information. Christine has found success in accessing mortgage information to identify any discrepancies, such as frequent sales, sudden significant price increases or other potential red flags. This can be a potential sign of fraudulent activity and can help brokers further do their research into the property and the individual.
Streamlined due diligence processes
With the help of PurView, Christine has found that having instant access to property information has helped streamline her due diligence process, without needing manual verification. This has not only helped her mitigate fraud in her daily business, but helped enhance her service offerings to her clients.
With the help of PurView, Christine can triple check and compare what information is provided to her by her client. Not only does PurView offer her the ability to enhance her due diligence but also empowers her to protect her business and her clients from fraudulent activities.
Incorporating PurView into fraud prevention protocols ensures a more secure, efficient and transparent mortgage application process. Learn how PurView can help you mitigate fraud in your business by booking a demo with one of our dedicated experts.
