Purview Numeric Valuation and Fraud Check

The Purview AVM/Fraud Check Report contains 17 configurable queries that check for indicators of suspicious activity on the specified property. Customers get a summary for each applied Fraud Check and a Fraud Check Grade. The Fraud Check Grade is an indicator of the level of risk associated with each property. Increase your comfort level with access to a property value estimate.

Purview Fraud Check asks the following questions:

Was the last transaction a cash sale?
This tests for existing mortgages past and present since the last sale.

Is this a high or low risk relative to market?
This tests for price consistency over time in coincident area.

Is this value fraud?
This tests for recent sale and/or multiple sale activity on the subject property.

Is the property profile suspect?
This covers a variety of tests including previous power of sale on title or currently owned by corporation.

Can this deal be funded?
This tests for existence of liens, cautions etc.

Is it a non arm's-length transaction?
This tests for applicant's last name against current and past ownership file.

Could this be title fraud?
This tests for recent discharge of mortgages following a recent transfer where mortgagor is the same.

Equity Check

As part of the AVM/Fraud Check report, lenders can confirm the existence and number of mortgages against title and quickly see the estimated available equity. This information helps you determine if an existing loan application can be approved for collateral loans. In concert with the fraud check, lenders can reduce the risk of offers not closing due to encumbrances registered on title.

Teranet’s risk management services have been a welcome addition to our due diligence process. They have improved our workflow and, in an environment where fraud seems to be increasing, given us greater confidence in our business decisions. Martin Marshall, Laurentian Bank of Canada.