Fleet Mortgages is to launch with Lender Exchange, the secure portal for law firms, to assist in the management of its conveyancing panel.
Operated by Decision First, Lender Exchange is a centralised panel management system that removes the need for conveyancing firms to repeatedly supply the same data to different lenders. It provides law firms with the mechanism to exchange information with lenders in conjunction with the management of their conveyancing panel.
Firms on the Lender Exchange system who are now approved to work on behalf of Fleet Mortgages include all 50 members of The Conveyancing Association, the body representing volume conveyancing operators throughout the UK.
Bob Young, CEO of Fleet Mortgages, said: “We are very pleased to announce our relationship with Decision First and the use of its Lender Exchange system to assist us in the management of the Fleet Mortgages’ legal panel. Lender Exchange is a relatively new operation but its focus is on sharply decreasing the level of risk we, as a lender, face in terms of the potential for mortgage fraud.
“Following the problems that came about post-2009 when a number of solicitor firms went bust, the focus now has to be on a panel approach and only dealing with approved firms who meet our criteria. There is also the added benefit that if the solicitor firm is acceptable to both the borrower and the lender, the borrower only has one set of legal fees to pay rather than two. We are also extremely pleased to report that all members of the Conveyancing Association are signed up to Lender Exchange and we are looking forward to working again with Eddie Goldsmith and his team, plus the other highly-regarded businesses that we have worked closely with in the past.”
Justin Parkinson, managing director of Decision First, said: “We’re delighted to have Fleet Mortgages on board with our existing lenders, LBG and Santander. Being a new lender, Fleet Mortgages is not constrained by working with an existing panel and can start with a clean sheet of paper, so it’s been easier for them to get up and running.
“While a number of firms will benefit from Fleet Mortgages’ adoption of Lender Exchange, we’re working flat out to get a number of other lenders on board as soon as we can, so that firms on the system see even greater benefit.”
