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What Is In Your Mortgage Broker Toolbelt? Solutions for 2020

To get a job done the most effectively, you need the right tools. The same is true for mortgage brokers.

Whether you are a mortgage brokerage with franchisees or an independent mortgage broker operating on your own, the right mortgage broker tools can help you be more efficient, more competitive, and more profitable.

However, it is not always obvious what tools are the most beneficial. Some may vary depending on the situation.

Read on to see what mortgage broker solutions give you the most range and efficiency so you can make sure that your brokerages are prepared.

  1. A Tool to Determine a Property Valuation

When a client comes to your brokerage, it is in the best interest of both the mortgage agent and the customer to identify an estimated property value sooner rather than later. This will help verify whether the deal is even viable.

An AVM (automated valuation model) allows brokers to estimate the property value instantly in real-time at a much lower cost than a full appraisal.

While an AVM does not replace an appraisal, by having the option in their toolbelt, brokers can ensure that only the most feasible deals make it through the application process.

Learn more about AVMs:

  1. A Tool to Confirm Property Ownership

A key part of the due diligence process is verifying property ownership, including the legal homeowners, all parties on title, and the property’s sales history.

Brokers need a solution in their toolbelt that empowers them to confirm this information as soon as possible in the application process so that only legal, validated deals go through to lender partners.

The Purview Report is a great solution for this as it takes data directly from provincial land registries to confirm crucial details quickly.

Learn more about the Purview Report:

  1. A Tool to Estimate Equity

In addition to verifying property value and ownership when a client comes to them, brokers also need to be able to identify opportunities their clients may not even be aware about.

This can happen through an equity estimate – an evaluation of how much equity a client has available to them.

Brokers can use this information to not only validate deals, but also to make product recommendations to clients in their existing portfolio or to find new opportunities. For instance, if they see many properties in their area with untapped equity, that may indicate the potential for a new marketing campaign.

Learn more about equity estimates:

  1. A Tool to View Comparable Sales

Knowing the comparable sales gives brokers considerable insights, including neighbourhood sale trends, local aerial imagery, and key information for properties being researched.

In addition, many lenders look at sales comparables, too. A private lender, for instance, may look at properties in closer proximity to the subject property or look at sales in the past 60 days.

Looking at sales comparables allows brokers to stay on the page as lenders and to have an idea of what an appraisal would look like. It can also be used to identify trends and find new opportunities.

Learn more about how to find comparable sales:

  1. Industry Insight Reports

No mortgage broker works in a silo. Paying attention to industry trends and insights can help brokers make more informed decisions and identify opportunities.

For instance, if you know the average length of time between first and second charges on title, you may be able to use that in your mortgage marketing.

This is where industry insight reports come in. These reports can give in-depth information about niche demographics, such as first-time home buyers, analyze title trends, look at the impacts of the mortgage stress test, and much.

Read the latest Teranet Market Insight Reports and become a subscriber:

  1. Networking Opportunities

Similar to insight reports, brokers also need access to networking opportunities to meet more lender partners, connect with other franchisees, discuss the latest industry news, and develop professionally.

Conferences and events, like the National Mortgage Conference, are a great way to do this. There is also our own Teranet Market Insight Forum that features insightful industry speakers.

Whatever events you choose to attend, giving your brokers a chance to connect will facilitate stronger relationships.

Sign up for the latest news on the Teranet Market Insight Forum:

By giving your mortgage brokers the tools to succeed, they can align processes and drive more results.

Discover more mortgage broker solutions from Purview and learn how your brokers can access them. Call 1-855-787-8439 or visit

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