In the fall of 2019, Teranet hosted a Market Insight Forum at the TIFF Bell Lightbox Malaparte.
During an industry panel discussion, an audience member asked a question:
“You talked about data being the new bacon. And I think that we would all agree that bacon is sufficiently anonymized. You don’t have to sign the Protein Usage Agreement to eat it. But that’s not true for real data. And that’s certainly not true for our situation where we’re dealing with data usage agreements and we have to pass those all through.”
The audience member asked the panel what they would advocate for in terms of providing access to data to drive the types of automation to support PropTech, to support FinTech, and to make these types of processes easier for the consumer.
Dilprit Grewal, Senior Vice President of Mortgages, Secured Lending, and Project Delivery at CIBC, pointed to the importance of data driving decisions.
“In a low-growth environment, not making mistakes from a decision-making standpoint, becomes absolutely more important,” Grewal said.
“Not only more important, but we have to be really, really tight around how we’re allocating our resources.”
Grewal said the customer experience will drive how data is used.
“How can we leverage data that’s available to us, so we don’t have to ask the client for stuff?” Grewal asked. “We won’t have to go out there and say, ‘Bring in 16 different documents.’ The degree to which we can leverage data that is available to us to do those things, it’s in our interest and it also makes for a better client experience.”
Paul Taylor, CEO of Mortgage Professionals Canada, talked about the potential for working with advocates to gain access to more government-driven data.
“If a regulator is asking for exposure to that data, for the protection of the community they’re overseeing, then it might be a stronger argument, potentially,” Taylor said.
Tim Hudak, CEO of the Ontario Real Estate Association (OREA), agreed with Taylor about working with regulators. Earlier in the panel, Hudak also pointed to how professionals can make use of data that is already at their disposal and committed to security.
“It starts with a T and ends with a T,” Hudak said. “Teranet already collects foreign ownership data. … It has an exemplary reputation and is a fantastic example of public-private partnership.”
Accurate, Comprehensive Data
Teranet strives to provide property data that is accurate, complete, timely, and across a wide coverage zone.
In turn, mortgage and financial professionals can use this data to facilitate smoother client experiences.
For instance, when a client comes to you, your Purview Report allows you to:
- Confirm property ownership and view sales history.
- Determine an estimated property value based on a precise AVM (automated valuation model).
- View registered mortgages on title and generate an equity estimate.
- View comparable sales and local aerial imagery.
- Quickly check for suspicious or fraudulent activity.
All of this information is available online, at your fingertips.
From there, you can use this data to ask your client about any flags and cut down on the amount of information they need to provide.
Teranet’s foundation for creating value is our data. Our vision is to be the most trusted source of real estate market insights, based on the highest quality, most comprehensive dataset in Canada.
Our focus on data accuracy, completeness, coverage and timeliness ensures the highest quality data set for land information is available to our customers and partners.
How do you use data in your mortgage business? Are there any ways you would like to use data but are not able to? Share with us on social media. Purview is on Facebook, Twitter, and LinkedIn.
Access Teranet’s comprehensive, accurate data today through Purview. Learn more by calling 1-855-787-8439 or visiting www.purview.ca.
