As a trusted advisor to your customers, it’s important to use the right tools at the right time in the mortgage transaction. One of the tools mortgage brokers have access to is PurView, which uses Teranet’s proprietary land title data and enables users to perform property-related research online, all in one place.
PurView reports include ownership information, sales history, property values, mortgages registered on title, equity position and more, which is data that is most commonly used as a part of deal due diligence.
However, we are often asked, “when else during a mortgage transaction can I use PurView data?” We also commonly hear from users, “can I use PurView data to market to new customers?” In this blog we will address both of these questions.
When else can I use PurView data?
Aside from using PurView to validate information about a customer and their property, you can also pull a report for customer engagement. PurView’s data can help you reach out to existing customers to inform them of their revised property value each year and determine upcoming renewal dates by examining registered mortgages on title. PurView also provides you data about comparable properties, which can help you provide some neighbourhood insights to your existing clients, further positioning you as the industry expert.
Last year we asked our mortgage broker customers to tell us why they use PurView and we heard from lots of you about how you use the platform for customer engagement. Here are just a few examples of how mortgage brokers use PurView data to proactively reach out to customers:
“PurView is great for refinances as it provides estimated market value, property identification information, sales history and much more. This information is easily accessible in the platform instead of the alternative of asking clients – which may take days. We also include a copy of the report with our annual mortgage check up letter to show our clients the growth in their asset.”
“I think that providing clients with the best possible service is the most important aspect of being a mortgage broker. PurView allows me to gather information for my clients that they wouldn’t be able to find anywhere else. My clients are my top priority and being able to personalize the PurView report before I send it to them gives an added touch of service.
Can I use PurView data to market to new customers?
Simply put, no, a PurView report cannot be used to market to new customers. While PurView can be used to contact existing or previous clients with updates about their property value, it should not be used to reach out to prospective customers. The use of personal information included in a PurView report should not be used for marketing purposes.