Whenever you look at ways to integrate new technology into your organization to increase efficiency, it is important to consider how versatile the technology is and how much use you can get out of it. The Purview For Lenders product is one that is commonly known as being a staple in underwriting departments Canada-wide, but Purview is actually used in many different areas within an organization.
In Ontario, Purview For Lenders uses data from the Province of Ontario’s Land Registry Information System (POLARIS), which contains the most current and accurate land information available. Data provided from outside of the Province of Ontario is facilitated through agreements with both municipal and city assessment offices and third party providers.
This data is then delivered through a report that reveals:
- Property Sales Information – information about the property’s sales history
- Home Ownership Information
- Registered Mortgages and Liens
- Property Value and Equity Estimate
- Fraud Check and more…
The information is versatile because, within a financial institution, it can be useful in so many different areas.
On the collections and enforcement side, this report can be obtained in an instant online and is far less expensive than an appraisal. It can be used to evaluate a particular client’s property or it can be used to evaluate your entire collection’s portfolio. You can locate clients and also learn of other properties they may own, so if you do power of sale and are in a loss position you may pursue the debt through other assets.
In special adjudication, you can use the AVM to validate the value that a broker or client has submitted in an application and even compare it to the active MLS listing or to active MLS listings.
In risk management, you can leverage the data in Purview to evaluate and value your current portfolio and determine price appreciation year over year. You can also use Purview to determine housing price trends again interest rates.
Private lenders really gain a lot of value from of Purview. Traditionally a product used by major banks, more trust companies, credit unions, MICs and private lenders now take advantage of Purview. Why? For all the same reasons listed above. The beauty though, is that technology and affordability have leveled the playing field, making Purview a product that everyone can take advantage of.
Whether you use Purview now or are thinking about it for the near future, consider all the ways you can use it to maximize its value in each workflow that you integrate it into.
For more about the many valuable uses for an AVM please contact Teranet today by calling 1.855.787.8439.