At Teranet, our goal is to constantly enhance our offering for Canadian lending professionals through solutions that give you access to crucial property data. We recently asked Christine Cole, a Senior Product Manager, a few questions about Property Monitoring and the benefits of this Teranet solution.
Q: Can you tell us about what Property Monitoring is?
A: Property Monitoring is a solution available to PurView enterprise users that allows mortgage professionals and mortgage lenders to mitigate property portfolio risk. Property Monitoring allows for Ontario properties to be monitored and users to receive alerts when activity is registered on title such as a lien, a charge, a discharge or a transfer.
Q: What are the benefits of using Property Monitoring?
A: Property Monitoring gives you the power of knowing when there is activity on an Ontario property that is within your portfolio. Through this solution you can find out immediately if there has been a change on title and action if necessary.
Q: Who has access to Property Monitoring?
A: PurView enterprise subscribers have access to purchase Property Monitoring as a separate solution in addition to their PurView service. Adding properties to monitoring and viewing alerts and activity on title is done using the PurView platform.
Q: How can enterprise subscribers access Property Monitoring?
A: Once PurView enterprise subscribers have added the Property Monitoring service, they can set up properties to be monitored either one at a time or in bulk using the PurView platform. Once properties are set up for monitoring, changes on the title will be emailed as an alert. Property Monitoring allows PurView subscribers to view a change report which provides details about what instruments have changed on title since the time the property was set up for monitoring.
The report shows the date the instrument was registered and what instrument type was registered on the title. If a user wants to further investigate the instrument or the property, they can produce two additional reports directly from the Property Monitoring report. For an additional charge they can view the specific instrument document that was registered, users can also produce a Parcel Register.
Do you want to take your property information to the next level with Parcel Registers? Click here to learn more about how Parcel Register can provide you peace of mind during your business due diligence process.
To learn more about how to better manage your portfolio with Property Monitoring, please contact your Teranet account manager.
Christine Cole is a Senior Product Manager for the Financial Solutions division at Teranet Inc. Christine joined Teranet Inc. in April of 2020 to develop the software product strategy for the financial services division with a strong focus on the mortgage broker and lender markets. Over the past few years in her role at Teranet Inc., Christine has worked to enhance the PurView platform by collaborating with Teranet’s mortgage broker and lender customers and driving value for those platform users by delivering unique product features.