Accessing the right tools and platforms throughout a mortgage transaction is key to ensuring the smooth processing of deals to deliver an exceptional customer experience. As a mortgage broker, there are many tools available to you. PurView is one of these invaluable tools – but when is the best time to pull a PurView report?
As a part of initial due diligence
The PurView for Mortgage Brokers solution uses Teranet’s proprietary land title data and enables users to perform property-related research online, all in one place. The PurView report provides mortgage brokers access to ownership information, sales history, property value, mortgages registered on title, equity position and more. Having access to this data before you submit a deal to the lender can help ensure you are working with the right clients by confirming they have disclosed any necessary information. Pulling a PurView report early on gives you peace of mind knowing you are putting time and effort into a deal that is very likely to close.
As a part of ongoing client engagement
PurView reports can also be pulled to help you proactively inform existing clients of their revised property value each year and determine upcoming renewal dates by examining registered mortgages on title. PurView also provides you data about comparable properties, which can help you provide some neighbourhood insights to your existing clients, further positioning you as the industry expert.
While a PurView report can be used to contact existing or previous clients with updates about their property value, and insights about activity in their neighbourhood, it should not be used to reach out to prospective customers. The use of the personal information included in a PurView report should not be used for marketing purposes.