So, you’re using Purview For Lenders and are starting to get your feet wet. One of the most popular reports generated by lenders/mortgage underwriters in Purview For Lenders is the Lender Report. This is because the report contains a diverse range of information – everything that is relevant to the process of underwriting a mortgage application.
Consider this blog your training tutorial to help you better understand the segments of the Lender Report and how they are relevant to your day-to-day task of financing mortgages.
There are 9 basic sections in the Lender Report:
Section 1 – The first section of the report provides you with the property address, homeowner’s name, legal description of the property, PIN number, aerial and street view imagery of the property and more…
Section 2 – This section provides you with the ownership and sales history information on the property. This can be a great tool when assessing all of the people on title listed on the application and also if the stated or sale value of the home is accurate.
Section 3 – In this section you can generate an estimated value of the property using the automated valuation model, which takes into consideration not only the subject property but also comparable sales in the area. Here you can see the range of sale prices in the area where the property is located as well as the average and median value of home sales in the area. This is very useful because this can help you identify if your estimated value is different than what is stated on the deal. You may also be able to identify upsell opportunities if the value ends up being more than anticipated.
Section 4 – The equity estimate in this section of the report balances the estimated value of the property against mortgages registered against the property to give you an idea of the equity available and existing encumbrances which may or may not influence your lending decision.
Section 5 and 6 – Here you can view comparable sales. Before even engaging an appraiser or submitting a deal to your insurer, these sections of the report provide even more insight into whether or not the property value is accurate.
Section 7 and 8 – Aerial imagery helps you identify if there are issues or factors within close proximity to the property being financed – issues or factors that may change the amount of your lending decision or if you want to lend at all. You can view aerial imagery of the subject property, the neighbourhood and also comparable properties, not to mention the fact that this feature greatly helps to mitigate mortgage fraud because you can validate if in fact there is/are structures as stated on the land in question.
Section 9 – This is one of the most unique report features. Fraud Check will automatically assess the property in question and flag anything that requires further investigation.
We hope that this training blog has been valuable in helping you see how you can leverage the different sections within the Lender Report when underwriting a deal.