As a mortgage administrator, we know the importance of maintaining visibility across the portfolio of registered properties from both an operational and a regulatory standpoint. In an industry where risk is everywhere, having a tool that provides an automated and reliable way to stay informed of registration activity to a property is essential. This is why we have introduced our Property Monitoring solution.
What is Property Monitoring?
Each property in Ontario is assigned a unique Property Identification Number (PIN) – our PIN Monitoring solution continuously tracks these PINs for any updates or changes to title – including mortgage discharges, new mortgage registrations, transfers, liens, encumbrances and other instruments of interest. As the user, you will receive an automatic notification if any changes are made to the PIN.
Since the Property Monitoring service is powered by Teranet’s authoritative land registry data, users can rely on the accuracy of each alert. The service offers users a seamless workflow to integrate in their business practices to ensure compliance with Ontario’s mandated Mortgage Brokers, Lenders and Administrators Act 2006.
Staying compliant with PIN Monitoring
As indicated in Ontario’s provincial policies for Mortgage Brokers, Lenders and Administrators, Mortgage Administrators are required to disclose any subsequent changes to lenders or investors regarding their portfolio. To adhere to these regulations, PIN monitoring offers the most streamlined and accurate way to manage this property information and allow mortgage administrators to meet regulatory requirements.
Additionally, the Property Monitoring service helps mortgage administrators strengthen their compliance and risk management practices by:
- Identifying unauthorized or unexpected title changes: With Property Monitoring, you will be notified if there is any suspicious activity with the property to help identify title fraud early in the process.
- Improving operational efficiency: This solution is also offered as an API, which can help streamline your business processes and remove any manual barriers when it comes to monitoring portfolios.
- Enhancing lender and investor trust: This solution allows mortgage administrators to strengthen their due diligence processes, which can help strengthen client relationships and trust.
To learn more about Teranet’s Property Monitoring solution and how it can be used to streamline your business, please contact your PurView account manager or book a demo with one of our experts today.
