The mortgage application process starts the ball rolling for most mortgage brokers.
After you’ve found a lead, or a client has come to you, determining if the application is eligible is the number one thing brokers need to do before moving forward with the deal. But within the mortgage application process itself, there are steps you should be taking. What is your first step?
There are certain key attributes that a broker should be independently validating on every deal
These are:
- Who the legal homeowner is.
- What the property is worth.
- Any registered mortgages.
Those are the three things that are critical you consider at the mortgage application stage.
After validating this information, you may decide to dig deeper and look at a sales history report or request a Parcel Register* to see if any liens are registered.
Why those three items? Because you know as well as we do those are the three most common reasons deals fail to close. Undisclosed people on title, properties that are valued less than indicated on the application, mortgages that are higher than disclosed, there are additional undisclosed mortgages and/or liens, etc. All of these problems and more can stop a promising deal in its tracks.
And if something slips through the cracks and you go further into the mortgage approval process before catching these items, that’s even more time and money wasted — not just for yourself, but for any outside partners you are working with, such as a mortgage lender.
Not only that, but also being sure to validate property information is key to your broker due diligence and preventing mortgage fraud.
However, in one search you can eliminate most of the common challenges brokers face with mortgage deals.
With the Purview report, you can:
- Validate property ownership information.
- Quickly generate an estimated property value.
- Identify registered mortgages.
Plus, you can also use your Purview report to mitigate fraud, view comparable sales, get an equity estimate, and much more. And if there are any discrepancies or items that raise your suspicions, you can dig deeper and ask your client about them so that they and you are protected.
Your first step in the mortgage application process should be accessing your Purview report. It will save you time, save you money, and give you peace of mind that the deals you are putting through are valid.
Learn how to access your Purview report today. Call 1.855.787.8439 or visit www.purview.ca.
