Xit2, the online property data network, is to concentrate on three core service areas: asset management valuation management and conveyancing management.

The three services are designed to allow lenders to mitigate risk by creating a panel of professional service suppliers, be they conveyancing solicitors, surveyors, asset managers or arrears counsellors, and then manage those suppliers online.

Xit2 says lenders will be able to track all work undertaken and bring improved third-party oversight to the property processes, as well as provide lenders with better management information without compromising internal controls. It also promises all data exchanged between parties will be transmitted swiftly and securely.

Mark Blackwell, managing director of xit2, said: “Historically