Portfolio insights designed for compliance and risk monitoring
Mortgage lenders and administrators are challenged by ensuring compliance in the face of evolving regulations.
The Financial Services Regulatory Authority of Ontario (FSRA)’s Standards of Practice for Mortgage Administrators state that it is the duty of mortgage administrators to keep current on the financial performance of each mortgage in their portfolio and the condition of the underlying property. If any encumbrances or other charges are registered that would impact the risk of the profile of the mortgages, mortgage administrators are required to promptly notify lenders or investors.
We heard from mortgage administrators across Ontario that they need an efficient and cost-effective way to ensure compliance with this regulation and provide proof in the event of an audit. Teranet’s new Portfolio Monitoring Service leverages our unique access to Ontario’s comprehensive and authoritative land registry data to provide the perfect solution.
The Portfolio Monitoring Service consists of three modules that can be added individually or in combination to a Purview for Lender subscription. The service helps mortgage administrators mitigate initial risk by confirming mortgage interests as well as analyze and monitor portfolios on an ongoing basis.
- Registration & Interest Validation: Confirm mortgage interests are properly registered and review position.
- Property Monitoring: Near real-time alerts on post-registration funding events on properties within your portfolio.
- Property Valuation: Understand the current market value of your portfolio as a whole and individual properties within it.
The new Lender Portfolio Summary Report that was recently introduced will also be included in this service. All Purview for Lenders customers will receive a complimentary report annually, but those who subscribe to the Property Monitoring and/or Property Valuation modules will receive this updated portfolio snapshot on a quarterly basis.
The Portfolio Monitoring Service was created to help you comply with ease by making it simple and affordable to assess your portfolio health, monitor your risk exposure and enhance your overall business decisions.