Identifying fraud before it happens: How mortgage brokers can spot red flags with PurView

Mortgage fraud continues to be an increasing concern within the industry. As new technologies emerge and as processes become more digital, brokers are expected to implement strong due diligence efforts to spot any potential red flags that can lead to larger issues.  

To help combat fraud, PurView provides brokers and agents with access to the most trusted and authoritative data available, which can be used to validate information and flag inconsistencies in the application. By reviewing the land registry data, including ownership data and title information, brokers can identify any potential fraud risks before they become a greater problem.  

Here’s the necessary steps you should take with PurView to mitigate fraud: 

Start by Verifying Property Ownership 

A critical first step to identify any potential red flags is by confirming the ownership information. With the help of a Parcel Register (ON), Title Search (BC) or Land Title Certificate (AB), available for purchase in PurView, brokers and agents can see a fulsome overview of the following information: 

By cross checking the registered owners’ legal name, property description, and address, brokers can immediately identify if there are any inconsistencies to the borrower’s information.  In some cases, discrepancies could point to identity fraud, misrepresentation, or unauthorized refinancing attempts. Verifying ownership early in the process helps ensure the deal is built on accurate information from the start. 

“We [use PurView to] 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 Xu, Principal Broker, MoneyBroker & PurView Ambassador 

Review Existing Mortgages and Liens on Title 

Another important step in identifying potential fraud is reviewing the mortgages (charges) already registered against the property. With the support of a Land Title Documents, PurView allows brokers to see existing mortgages, historical registrations, and other financial interests tied to the property, verifying this information can provide a clear picture of the borrower’s financial history and any registered charges.  

Red flags may include: 

In addition to the Land Title Documents, PurView users can also access an Instrument Image (ON) and Mortgage Form B (BC) to dig deeper into the charges on title dependent on the property and what has been registered.  

When the information on title differs from what appears in the mortgage application, it’s often worth asking additional questions before proceeding. 

Dig Deeper into Sales History and Transaction Patterns 

Property sales history can reveal patterns that may indicate fraudulent activity. PurView allows brokers to review historical property transactions, including past sale prices and transfer dates. This context helps determine whether a deal aligns with typical market behavior in the area. 

For example, brokers should take a closer look when they see:

These situations don’t automatically mean fraud is present, but they may require further verification before moving forward. 

In today’s industry, access to reliable property intelligence is more important than ever. PurView provides mortgage brokers with a trusted source of authoritative property data to further enhance their due diligence. By incorporating PurView and these practices into their workflow, brokers can verify information faster, identify inconsistencies earlier, and reduce the risk of fraudulent transactions. 

Learn how you can benefit from the power of PurView by booking a 1 on 1 customized demo today.