A service for lending institutions
Mortgage Title Verification (MTV) provides a secure tailored data service that enables Mortgage Providers to verify their mortgage records against those listed on the land titles register with NSW Land Registry Services.
MTV is a pioneering automated data delivery process that supports a full portfolio reconciliation within days. The ability to quickly identify mortgages that have not been registered or correctly released will improve outcomes for lenders and their customers. MTV enhances the subscriber’s ability to accurately securitise mortgage portfolio data, supporting responsible lending and compliance with APRA capital adequacy standards.
Learn more about the benefits of Mortgage Title Verification, view our product brochure.
Safe-guarding against discrepancies
Mortgage Title Verification helps to identify discrepancies that can occur between mortgage provider records and the information recorded on the Register, including:
- Data mismatches resulting in errors as older systems are migrated with new ones.
- Manual processes or changes leading to documentation errors.
- Certifications of Titles with correct documentation but recorded in the Mortgage Providers's records at the wrong level (e.g. mortgage over lease not over title).
The MTV service can also identify discrepancies that occur as a result of external factors, including customer fraud or misinformation.
How Mortgage Title Verification works
At an agreed frequency, each MTV subscriber receives a data file of their mortgage interests listed on the NSW land titles register. These details are transferred via a secure file transfer service. The data file is available for the subscriber to move into their secure environment ready for analysis by their internal data management team.
Subscribers also receive a second file (On/Off file) that indicates customer mortgages that have recently been added to or removed from the Register. Subscribers can choose to receive this file every 7 days, fortnightly or monthly.
Service levels
- Full file delivery commences on the first day of a month, and then on a monthly or quarterly basis depending on the subscriber's preferred frequency.
- File delivery for On/Off files is every 7, 14, or 30 days based on the frequency selection and the first full file delivery date.
- File delivery has a 3 business day service level agreement (SLA). Business days defined as NSW working days.
- Subscribers receive a minimum of 10 business days’ notice for any scheduled outages that impact the delivery of files outside normal SLAs.
For more information, please contact our Business Solutions Customer Support team during business hours via
liaison@nswlrs.com.au
Find out more
To learn how Mortgage Title Verification can assist to verify your customer data, contact NSW LRS on liaison@nswlrs.com.au.