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Alignment Power: Using Mortgage Technology to Increase Closure Rates
Often times when you’re working on a mortgage deal, there are many hands in the pot. Teams can include mortgage brokers, mortgage lenders, and mortgage insurers. When all team members are on the same page, it can make mortgage closures that much smoother, efficient, and accurate. Conversely, if one member of your team is out of alignment, it can significantly impact the deal — sometimes slowing it down or even killing it before the close.
How can you create better alignment within your mortgage team?
Mortgage brokers, lenders, and insurers alike rely on mortgage technology to investigate properties they intend to finance. Using the same mortgage technology means you are all dealing with the same data. This can lead to smoother closings. It can also identify bad deals more quickly, meaning you won’t be advancing down a costly mortgage underwriting process only to discover a discrepancy on appraisal or closing.
In order to create better alignment, you need mortgage technology that does more. These tools should not only allow you to estimate property value, but also to look at property history information, such as ownership and registered mortgages. This can reveal faulty estimations the homeowner may have made and in the worst-case scenario also prevent potential fraud.
When you’re choosing mortgage technology, the data source for your property information is critical. You want to access the most current, complete, and accurate data as quickly as possible.
Some property data sources, such as Real Estate Boards, get their information from the Multiple Listing Service (MLS). Others, such as municipalities, get theirs from tax records. These sources may not always be accurate and, in the case of tax assessment records, may not be current.
At Teranet, we source our property information directly from the Province of Ontario Land Registration Information System, POLARIS. Any time a property is transferred or mortgaged/remortgaged in Ontario, it is first registered with the land registry. So, if you are using a data provider who derives their data from POLARIS, you can be certain you are working with the most current and accurate property data available.
Purview’s mortgage technology gathers its data from POLARIS and has services for mortgage brokers, mortgage lenders, and mortgage insurers, meaning you can create strong, accurate alignment within your team — leading to more and faster mortgage closures. Discover all the features Purview has to offer by calling 1-855-787-8439.« Back to Blog