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Creating a Foundation to Expand Your Lending Operation Nationally

Lenders working locally or provincially, have you ever considered expanding your lending operation? If so, there are some critical lender tools you will want to include in your deliberation.

While there can be lots of opportunity in your current province, you might have thought about expanding nationally across Canada, but paused due to logistical considerations — namely how to ensure that you can offer the same great services in a different province with potentially different markets and different lending regulations.

Lender tools and technology can help with both. By implementing these solutions now while you are working provincially, you can use them to expand beyond your current region.

Automated Valuation Models (AVMs) That Provide National Coverage

AVMs that provide national capability are one great way to expand your lending operation. With these types of AVMs, you can look up the same property information that you currently require nationally from one central location. This in turn can help your underwriting team exercise due diligence no matter where they are located.

One item that may be pausing your expansion plans is considering the logistics of setting up offices in other provinces — finding a commercial space, hiring a team, and more.

However, with an AVM tool, your current provincial team could manage the majority of the underwriting from your current location digitally. You may still require team members in other provinces for in-person meetings and networking, but much of the due diligence and risk management work could be done remotely.

Property Data Source

Another important consideration to make is where you access your property data from currently.

While AVMs offered by municipalities and local MLS systems can be useful, often they only deal with data in a particular region. To expand, you would have to find the equivalent in your new location.

Not only can this be an extra roadblock in your consideration process, but it can also quickly get expensive — if you have to find AVMs from multiple sources, you may be paying more than using one consolidated provider.

When you choose an AVM from Purview, however, you are ensuring national coverage. Purview property data comes from provincial land registries, so you can access information for anywhere in the country in one, streamlined tool.

This will give you assurance that you are receiving accurate, complete data even when you are working remotely.

Mortgage Marketing Opportunities

Generating leads could be another part of the equation you are considering as you think about expanding nationally. A boots-on-the-ground approach may be necessary, however, it can be reduced or mitigated by looking at digital marketing opportunities as well.

With today’s property tools, much of the mortgage marketing and lead generation can be done from your computer. You could find properties, estimate equity, look up comparable sales, and more, all from one location.

Recent research from the Teranet Market Insights Report found that many first-time homebuyers in Ontario are purchasing homes outside of regions that have been traditionally popular. For instance, as house prices in Toronto increase, buyers are changing their focus to other regions, like Peel and Ottawa-Carleton, with more affordable housing. Property data tools can help you identify these regions in your new locations to truly target your marketing.

Through modern-day tools, such as video conferencing, you may even be able to meet with clients over a computer screen.

While there is a lot to consider when thinking about expanding nationally, your lender tools can be an easy choice. Choosing technology that provides national coverage enables you to be agile, scale your mortgage business, and do more from one location.

Uncover all of Purview’s capabilities today for your lending operation. Call 1-855-787-8439 or visit www.purview.ca.

Our portfolio of solutions for the financial industry is growing. Stay tuned for more information.

 

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