Property Based Lending & Unique Address Identifier
There are many different ways to phrase an address. If you are simply scrawling an address on the occasional envelope, you can get away with a certain degree of inaccuracy—if you write “Etobicoke” instead of “Toronto” or “Rue Sainte-Catherine” instead of “Rue Saint-Catherine,” the odds are good that your letter will still reach the intended recipient. However, within the property-based lending ecosystem, such discrepancies can have huge financial and legal repercussions, while even the slightest bit of uncertainty around an address can slow down the application process and increase administrative costs.
The Unique Address Identifier (UAID) is a feature of DMTI Spatial’s Location Intelligence platform. It is a 36-character code assigned to a particular address based on high-precision geocodes. While a conventional address may evolve over time and leave room for error or misunderstanding, once a UAID is assigned to an address it never changes. The only system of its kind in Canada, DMTI Spatial’s UAID is the product of sophisticated data aggregation and the data is continuously monitored to ensure that users are always working with the most accurate data possible. Key Benefits from UAID:
The UAID exists to eliminate the uncertainty that previously characterized activities within the property based lending ecosystem, where disparate parties were working together based on conventional addresses which allow for miscommunication and uncertainty. Companies using the UAID can be absolutely certain that they are working with the most accurate address data available. There is no possibility of an address mismatch—decision making is black and white rather than grey.
Before the UAID was available, due diligence required consulting multiple data sources to ensure that property information was not inconsistent, outdated or incompatible with other databases. Even within organizations, disparate databases and administrative policies created silos that slowed down communication and allowed for human error, miscommunication, and oversights.
By reducing lenders’ risk and dramatically increasing efficiency, customers realize significant cost savings. For companies like Canada Guaranty who work with companies like Teranet to gain data-driven insights into property lending applications, the savings can be very significant.
As a cloud-based application, Location Hub and its UAID functionality are quick and easy for organizations to install and implement. DMTI Spatial has an experienced Professional Services team who are able to manage even the most complex enterprise-scale implementation. Many clients need no outside assistance at all.
More and more, lenders, mortgage insurers, registries and others involved in the property-based lending ecosystem are turning to DMTI Spatial’s UAID to identify their properties. Contact us today to learn more