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4 Pics – Guess the Words

We thought we would have some fun and share a game – here are 4 pictures, can you guess the words? __ __ __ __ __ __ __ __         __ __ __ __ __   Hints: the answer is 2 words!

How to Review Your Property Report

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 Continue Reading

Tips for Identifying Mortgage Fraud

Unfortunately mortgage fraud is rampant and lenders lose hundreds of millions of dollars each year to mortgage defaults where there was an element of fraud that was not discovered through the underwriting process. reported that according to Equifax Canada mortgage fraud has increased 50% in recent years. Whether you are responsible for an underwriting department within a financial institution Continue Reading

HPI Monthly Report: Home Prices Up 0.8% In May

In May the Teranet–National Bank National Composite House Price Index™ was up 0.8% from the previous month. This increase, though substantial in itself, was the fifth smallest for May in the 16 years covered by the index. The countrywide composite index rose to an all-time high, but only three of the 11 metropolitan markets surveyed did the same. Prices were Continue Reading

7 Ways to Identify if a Deal May be High Risk

When underwriting a mortgage application, the quality of your underwriting process and policies directly dictate the proportion of high risk deals that go on the books. Sometimes you can do your basic underwriting and a deal seems to check out, but there could be information that you are unaware of because of non-disclosure or innocent oversight on the part of Continue Reading

Do You Need a Property Title Search to Validate Homeowner Information?

The question of property title searches is something that comes up on every real estate transaction. It used to be that, on a closing, the real estate lawyer would perform a full property title search which would include validating who the homeowners were and uncovering any encumbrances against the property. These days, the real estate lawyer will often review the Continue Reading

Comparing Real Estate Appraisal Tools – AVM vs. Property Appraisal

There are many different real estate tools that lenders leverage when underwriting deals. If you operate an underwriting department of a bank, mortgage insurer, credit union, trust company, finance company, mortgage investment corp., etc., then you know that a large part of the underwriting process deals with validating the value of a property. Whether your deals are high ratio insured Continue Reading

Did you Participate in Fraud Awareness Month?

Fraud continues to plague the mortgage industry. Mortgage fraud impacts everyone from insurers, to lenders, to brokers and more… Fraud drives of the cost of everything up – from insurance to the cost of the additional underwriting and due diligence required in correlation to mortgage financing. March was Fraud Awareness Month in Canada, an annual initiative undertaken by the RCMP. Continue Reading

HPI Monthly Report: Home Prices Up 0.5% In April

In April the Teranet–National Bank National Composite House Price Index™ was up 0.5% from the previous month, following a flat March. Though the gain might appear robust, it must be said that apart from the recession in 2009, the composite index always advanced in April, the average monthly increase having been 0.9%. Last month’s advance is indeed the third weakest Continue Reading

HPI Monthly Report: Home Prices Flat in March

In March the Teranet–National Bank National Composite House Price Index™ was essentially unchanged from the previous month. Except for the recession year 2009, this is the first time in 15 years of index data collection that home prices for Canada as a whole have failed to advance in March. However, the story varied widely from east to west. In all Continue Reading