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Superbrokers love to tout their technology, but too often that technology consists of non-value-added web apps.
Dominion Lending Centres (DLC) has an online tool that’s relevant. It’s called the Property Valuation System (PVS) and it’s a version of Teranet Purview, a property information system.
With the PVS, a mortgage broker can:
- Instantly obtain property value estimates
- Check who’s on title (which owners, which lenders, which mortgages)
- Evaluate sales history and property comparables
And the best part is, it’s free to all 2,200 DLCers thanks to a sizable investment in Purview by Dominion.
Brokers can even send the reports to their clients for free. That’s a welcome bonus for customers who love knowing their property value, especially relative to the Jones’s down the street.
Apart from satisfying client curiosity, the PVS can also be used to
- Check valuation and estimate equity before submitting refinance applications
- Match the mortgage application with who’s on title
- Cross-check comparables when analyzing appraisals
Teranet maintains a massive database of sale information, including the most comprehensive private (FSBO) sale data available in Ontario and Manitoba. According to Account Executive Rudy Naraine, Teranet’s valuation data closely approximates real appraisals up to 85% of the time. The remaining 15% is admittedly an annoyance, but it’s due to factors that can’t be computer recognized, like upgraded interiors, landscaping, views, etc.
Any licenced mortgage broker can use Teranet’s Purview system for a fee. It’s normally $300/year, says DLC, or as low as $10 per report. Brokers at firms like Mortgage Architects and Mortgage Alliance already use the system. CAAMP also has a member deal with Teranet.
But being free will significantly increase its uptake, at least among DLC brokers. It’s a unique perk for those agents because no other superbroker has this relationship with Teranet.
Robert McLister, CMT