Empowered Underwriting (definition): Lenders empowering their teams to know more through tools, leading to increased profitability, more closed deals, and better due diligence.
Giving your team more empowerment is a key management tool that is vital to many industries — in particular financial and mortgage professionals.
According to Forbes, a more empowered team leads to improved corporate culture, employee retention, customer experience, and increased profitability.
The question is how can you achieve it?
Empowerment — and empowered underwriting — comes when your team is enabled to know more sooner in the underwriting process and act on it quickly. This knowledge comes directly from one source: the underwriting tools they are given.
When roadblocks hamper workflow, lenders can find it more difficult — and discouraging – to make headway. However, the technology you use can ease barriers and put the power of knowledge into the lenders’ hands.
We see this in action when we look at the Purview suite of solutions.
Take, for example, an automated valuation model (AVM). When lenders are empowered to use an AVM at the application stage, they can uncover potential red flags sooner in the process, rather than waiting for the full property appraisal. While they may still decide to have an appraisal done (AVMs and property appraisals complement one another), they will have actionable data at their fingertips sooner.
Another example of empowering lender technology is Purview’s PIN Monitoring solution. With this tool, lenders can track title registration activity on properties of interest and be notified instantly when something changes. This can allow them to uncover liens, know more, and take action sooner.
The result of empowered underwriting is more closed deals, more due diligence, and ultimately increased profits.
Give your team the gift of empowered underwriting today by granting them access to Purview’s solutions for financial professionals. Access land title data to do more in one place through Property Details reports, Comparable Sales, Fraud Check, and more.
Discover our solutions by calling 1-855-787-8439 or visiting www.purview.ca.
Purview is just one of Teranet’s Financial Services Solutions; stay tuned for our upcoming portfolio unveiling!