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Are You Ready for Fraud Prevention Month?

March 2017 will kick off Canada’s annual Fraud Prevention Month. During the month, everyone from banks to government to law enforcement will release useful information to aid in preventing fraud. Fraud costs consumers and financial institutions billions of dollars annually. In fact, last year there was an article released by CBC news that tagged the top 6 consumer fraud scams Continue Reading

Scheduled Maintenance for Purview

Purview® will be undergoing system maintenance during the following period. Friday March 17th 10:00PM to Saturday March 18th 4:00PM During this time, you may notice service disruptions specifically while searching for parcel registers and instrument images. Please ensure you run any critical reports in advance of this maintenance period. We apologize for any inconvenience this may cause. Have any questions? Continue Reading

The numbers are in: #HomePrices up 1.0% in February

In February, the Teranet–National Bank National Composite House Price Index™ was up 1.0% from the previous month, the largest February increase in the 18-year history of the Index. This increase of unusual magnitude for the season is attributable to three of the 11 metropolitan markets surveyed: Toronto (+1.9%), Hamilton (+1.4%) and Vancouver (+1.4%). The Toronto and Hamilton rises were also Continue Reading

In the News – CMHC Premiums to Rise

The Canadian Mortgage and Housing Corporation has announced that, this coming March, it will be making a slight increase to premiums that homeowners have to pay to insure their mortgages. Effective March 17, 2017 CMHC premiums will increase as follows: The higher premiums will only apply to mortgage applications that have been received after March 17, 2017. The CBC recently Continue Reading

Could Bundled Loans Represent More Risk than Reward?

If you are a subprime lender or MIC, you may have started looking at bundled loans as a way to get around some of the new mortgage rules that initially would have made it more difficult to organize mortgages on property purchases of $500,000 or more. Is this a viable option – do they offer more risk than reward? Global Continue Reading

Property Appraisal vs. Automated Valuation Model

We hear it often enough, but is the question of an appraisal vs automated valuation model really a question of either or? This blog will explore this very question. First, let’s take a look at the differences between an appraisal and an automated valuation model (AVM). An appraisal is completed by a human – a licensed appraiser. As you know, Continue Reading

The Numbers Are In: House Prices Up 0.5% in January

In January, the Teranet–National Bank National Composite House Price Index™ was up 0.5% from the previous month, matching the largest January increases in the 18-year history of the Index, in 2003 and 2010. Prices were up in seven of the 11 metropolitan markets surveyed. The increase exceeded the countrywide average in Hamilton (1.1%), Toronto (0.8%) and Montreal (0.8%). It lagged Continue Reading

Who is Committing Mortgage Fraud – Your Brokers or Your Applicants?

It has been widely debated what is and what is not considered mortgage fraud, and who the perpetrators of mortgage fraud are. Because mortgage fraud deals with information that is often incorrectly declared or omitted from mortgage applications, this debate runs rampant. The most common incidences of mortgage fraud occur when information is incorrectly declared or omitted from a mortgage Continue Reading

Time = Money: Save Resources Through Strong Underwriting Principals

Would you agree that strong underwriting principals directly translate into the operations cost of your underwriting department? We think so. The further a deal goes down the funding process, the more time and expense it means to you. The same reasons still exist for deals blowing up after an initial approval: Other parties showing up on title or the owner Continue Reading

2017 is Here and Interest Rates Have No Where to Go But…

While 2015 was a fairly active year as far as the Bank of Canada adjusting interest rates, 2016 has remained largely uneventful. Canada began 2016 with a low interest rate of 0.5%, which has remained the status quo throughout the entire year. Economists and the Canadian government alike have continued to voice concerns that Canada could be at risk of Continue Reading