Ontario Mortgage Insight: OMI Market Reports and What They Mean to You

The Ontario Mortgage Insight (OMI) Report from Teranet is a powerful report that provides you with statistical information as it relates to sales mortgages and home equity, according to location and transactions. Many financial institutions and lenders are leveraging this insight to analyze the market, the competition and to gain that competitive edge.

Using the OMI you can measure your outcomes against those of your competitors. You can review data as it relates to equity and mortgage refinances – by institution, area and date. You can track performance in different neighbourhoods and regions and identify markets to target. With this insight you can better understand and manage risk to know where and when to develop new business and ramp up your marketing initiatives.

How? It can be difficult to know at any given time where your marketing dollars are best spent. For starters, you can measure the market penetration of your mortgage products and assess the value in enhancing initiatives. Identifying hot markets quickly makes you more agile and puts you in a position to be able to develop profitable campaigns. Assessing your marketing initiatives regionally allows you to quickly identify local competitors that may be gaining strength, thereby giving you the opportunity to optimize your campaigns accordingly.

You can review and assess an abundance of both market trend data and monitoring data. What does this mean to you? To put it simply, market trend data includes: the number and value of sales or transfers in a particular area, the number and value of mortgages including charges, discharges and transfers, as well as home equity on properties and turnover rates. Monitoring data includes: estimates of market penetration, mortgages, equity and switches in properties between all monitored institutions. These are two powerful sets of data that result in faster and more effective decision making capability.

Now let’s talk risk. OMI reports are an incredible tool for risk management. By measuring your activities against the competition, analyzing lending performance in different regions, you can actually customize your lending practices according to geographical risk exposure. You can measure your activity against your competitors, better understand your geographical market share and more…

The Ontario Mortgage Insight Report has proven to be an invaluable tool to financial institutions of all shapes and sizes, from the big banks all the way down to local credit unions, finance companies and even private mortgage investment corporations. The more informed you are about markets, the more equipped you are to react to changes resulting in less risk and greater profitability.

For more information about OMI please contact Ryan Poyntz (ryan.poyntz@teranet.ca) or call 1.855.787.8439.