Brokers can look forward to faster risk assessment and valuation of loan applications they submit to lenders with the upcoming release of enhanced underwriting tools that support OSFI’s new B20 guidelines, according to online property search firm Teranet and appraisal management company National Appraisal Services.
“Brokers will benefit from these new services through quicker valuation review and decision turnaround times by lenders,” said Paul McGowan, national marketing manager for financial services at Teranet. “Specifically, these new services will provide more information as part of the property valuation decision, allowing lenders to better determine potential risk and better assess the level of due diligence required.”
Many industry veterans have recently cautioned that the new B 20 guidelines require greater emphasis on due diligence and collection of authentic and accurate borrower income information and property valuation.
The offerings will provide a cost effective and reliable valuation process through a complete workflow system that helps users mitigate risk and manage compliance with OSFI B20 guidelines, said McGowan.
He said, some of the tools from both Teranet and NAS already exist, but their integration and formal launch is scheduled for Q1 of 2013. The services are complementary to other offerings that are available to the broker community such as Purview for Mortgage Brokers, Teranet’s online tool that enables brokers to access objective property valuation, confirm property ownership and equity estimate.
The services that will be available through NAS and Teranet portals are:
Property Report – Teranet and NAS target release Q1, 201.3
NAS Intelligent Valuation Portal (IVP) – Now available (With Teranet IVP enhancement – Q1, 2013)
Teranet AVM Portfolio update – Now available
NAS ViewPoint Report – Now available (Integration with Teranet data – Q1, 2013)