As mortgage brokers, we understand that you are constantly evolving your business and growing your client base. With 2024 coming to a close and as the new year approaches, we know that 2025 planning and goal setting is under way for you in your business.
To help support mortgage brokers’ success in 2025, the PurView Property Report offers the data and resources to brokers and agents across Ontario, Alberta and British Columbia, Manitoba, Quebec, Nova Scotia, New Brunswick and Newfoundland & Labrador to help exceed their clients’ expectations, drive business and help gain a competitive advantage in the coming year. Here’s how:
Expand your property knowledge with the PurView Property Report
The PurView Property Report for mortgage brokers in Ontario, Alberta and BC, provides users the property data direct from the Land Registry database. These insights can help users gain critical insight into the subject property to help prepare their clients ahead of the application process. By understanding the property, you can gain the advantage of knowing the following:
- Property identification information
- Ownership information
- Sales history
- Estimated value (AVM)
- *Assessment information and valuation *Applicable to Alberta and BC only
- Comparable sales
- Aerial view of property
*Structural data *Applicable to Alberta and BC only
With access to this information, mortgage brokers are armed with the important property details needed to ensure a smooth transaction.
Conduct your due diligence to mitigate fraud
PurView offers subscribers the ability to dive deeper and identify any red flags ahead of the application process. The Property Report coupled with a Parcel Register for Ontario, Title Search for B.C or Title Certificate for Alberta, can allow mortgage brokers to get a fulsome understanding of the history of the property, including the following key aspects:
- Historical ownership information
- Title information
- Liens and encumbrances on the property
- Registered mortgages
- Legal description
- And more
These registered documents can provide a more detailed insight into the history of the property and further knowledge into the registered mortgages on title. This can be a critical aspect for mortgage brokers when working with new clients, to ensure the information they are providing is accurate and up-to-date. It is also important to reference these documents to ensure there are no discrepancies or red flags on the property.
Meet the new FINTRAC Requirements
With the introduction of the new FINTRAC AML Requirements in Canada for those in the mortgage industry, mortgage brokers have pivoted their business practice to ensure compliance.
To help mortgage brokers meet these new requirements, PurView offers the ability to keep records on the subject properties that they have worked with, and act as a due diligence tool to ensure the validation of ownership information. These capabilities will help brokers and agent meet the requirements in keeping records for FINTRAC reporting, as well as ensuring the client they are working with is who they say they are, to mitigate fraudulent behaviours.
Learn more about the new FINTRAC requirements by clicking here.
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As 2024 comes to an end, we continue to evolve our service offerings to ensure mortgage brokers across Canada continue to feel supported in their business. If you would like to share your insights and opinion on how we can continue to evolve, please consider joining our Teranet Insighters Community.
