New to Purview For Mortgage Brokers? Here is how you can get started as easy as 1-2-3! Read our quick 5 Step Getting Started guide: http://brokers.purview.ca/getting-started.php.

Watch the Getting Started Video: 

Have a question? Just ask! We are quickly accessible on Facebook, Twitter, LinkedIn, by email and through our customer service team. Here are some great links you can reference:

Purview For Mortgage Brokers

-          Website: http://brokers.purview.ca/index.php

-          Facebook: https://www.facebook.com/purviewformortgagebrokers

-          LinkedIn: http://ca.linkedin.com/company/purview-for-mortgage-brokers?trk=biz-brand-tree-co-logo

-          Twitter: https://twitter.com/purview4brokers

-          Contact Us: http://brokers.purview.ca/contact-us.php

Purview For Mortgage Brokers makes obtaining property information easy - take advantage of it by calling us today at 1.855.787.8439.

Manage Relationships with Your Real Estate Professionals like a Marriage

We all know that real estate professionals give brokers a ton of business. We also know that this business depends on a number of factors, the most important one being the relationship between agent and broker. Without real estate agents, it is pretty safe to say that brokers would be in trouble. When you think about it, this relationship is much like a marriage - ups and downs, but a certain amount of dependency that can’t be denied.

As with any marriage, the agent/broker relationship needs to be handled a certain way to ensure both parties are content - and to get the most from the partnership. You also want the relationship to last, so this means some time and effort is required.

In an effort to help you build better relationships with your real estate professionals, we are donning our counselling hat and providing some relationship building tips that really do apply here.

Communication is huge. Of course this is the first tip. However, here we may not necessarily be talking about sharing your feelings (feel free to do so at your own risk), but rather communicating about business. Providing as much information as possible, obtaining as much information as possible, and communicating back and forth helps cement the relationship and helps to avoid issues upon closing that may have been missed without the due diligence.

Give and take - the relationship needs to be reciprocal. If one party is feeling taken advantage of (i.e. lots of referrals to one, but the other is left out to dry), their level of commitment to providing may decrease. If you are getting great business from an agent, make sure that you are giving them back as much as possible. Don’t just assume that they are happy getting nothing in return - they probably are not.

Be partners. Recognizing that there is no superior person in the relationship, but that both parties are equal partners, is the best way to ensure no one feels undervalued or as though their contributions are less important.

Trust. Don’t make promises you can’t keep and don’t go back on your word. Your business may depend a great deal on your relationships with your real estate professionals, so if you continually fail to deliver you may find yourself ostracized. People remember, and if you are not sure you can get something done or make something happen, don’t say that you can.

When it comes to building strong and long-lasting relationships with your real estate professionals, there are a few easy things to remember to help keep these relationships respectful, equal, and always beneficial.

For more tools to help you build and maintain an optimal relationship, with your real estate professionals, Purview For Mortgage Brokers has you covered. Contact us today at 1.855.787.8439.

Deal or No Deal: How to Save Big by Identifying Equity Issues at the Application Stage

Equity certainly will result in ‘Deal or no Deal!’ In the past, brokers and agents may have depended primarily on appraisers, insurers or lenders to validate that the property value provided by their client was accurate. This was generally validated through an appraisal or through the use of AVMs (Automated Valuation Models).

Lenders have been using AVMs for at least the past 15 years to validate a property’s value before ordering an appraisal or submitting a deal to a lender. Why? Because like your closure rates with your lenders matter, your lender’s closure rates matter with their insurers and are also measured departmentally.

Deals that blow up because of discrepancies in property value or equity because there is less equity than initially presented can cost FIs big money in administration and operational costs. This is primarily the motivation behind use of AVMs – to get the facts faster.

Just as lenders have discovered that the cost savings in leveraging AVMs are considerable – agents and brokers have begun following suit in the past 5 years.

There are searches you can leverage in tools like Purview to validate registered mortgages and equity – but the AVM on its own will tell you more or less what the property is worth. Using AVM providers that currently service FIs also creates more alignment because you are dealing with the identical data as your lenders.

For example – a broker who enters the same criteria when generating an AVM in Purview For Mortgage Brokers will see the same value as a underwriter who enters the same criteria when generating and AVM in Purview For Lenders. This helps to eliminate issues with value discrepancies.

When is the best time to get an AVM? As soon as you start working a new client or deal. Just as lenders lose huge in administration and operation costs when a deal blows up – so do you!

Validating home equity issues at the application stage is by far the best way to save you and your lender time, improve your closure rates and avoid counting on deals that are just not going to happen because the equity isn’t there!

Quick tips: the only way to validate equity is to validate what a property is worth and what is owed against it. Just remember - while there are different ways you can go about validating a property’s value - validating encumbrances are another story. While uncovering a lien involves some digging and may even mean buying a Parcel Register*, validating registered mortgages is as simple as a quick search if you subscribe to the right tools.

Purview For Mortgage Brokers can help you validate equity information easily. Call us today at 1.855.787.8439.

*An official product of the Ontario government pursuant to provincial land registration statutes.

Pamper Your Lender and Lawyer With A Tightly Packaged Deal

One of the most important relationships is that of a mortgage broker/agent and its lenders. It is not a surprise that without lenders there is no way to fund deals. Where availability to dedicated underwriters is concerned, relationship building is far easier. You can email your underwriter, phone them, get to know them and they have a chance to get to know you!

This relationship building can be far more difficult when it comes to dealing with larger financial institutions where the application, approval and funding processes are largely electronic. Sure, you can give feedback and even call your BDM if you have a dispute over the outcome of an app or if there is more information that wasn’t considered – but this does not necessarily establish with the underwriting department within the FI that you are worth your salt and to really work your deals.

Aside from a borrower not qualifying – would you agree that most agents and brokers have deals declined for poor underwriting, missing information or other information that is present that the lender discovers but was not picked up by the broker or agent?

Deal packaging and due diligence is by far the fastest and most effective way to build strong lender relationships.

How can you do this?

1.       Conduct a strong client interview and request as much supporting documentation up front as you can.

2.       Make sure your applications are complete – the fields are there for a reason.

3.       Validate information in the application – this one has sub-points:

·         Unsure about type of employment? Check into the company or independently verify employment with your client’s employer.

·         Check the documents you have against one another for inconsistencies and ensure that the information is consistent with what is on the application.

·         Basic due diligence should include validating who is on title to the property and current encumbrances.

·         Leverage AVMs as the most accessible and affordable tool in time and out of pocket expense to validate value – no doubt your lender will look at one and if you aren’t seeing what your lender is, that presents a problem.

·         Provide explanations – when submitting your deal, explain any discrepancies and potential issues your underwriter may have and address them from the start.

You don’t have to know your underwriters to have an excellent relationship with them. All you have to do is show them through the quality of your work that you are tried tested and true!

Don’t let missing or incorrect information tarnish your relationship or lead to a darkened reputation. Use the tools available through Purview For Mortgage Brokers to build a foundation for trust and responsibility. Call today: 1.855.787.8439.