Landbay has announced it has joined the Lender Exchange in order to access a greater variety of conveyancing solicitors.
Owned by Decision First, the Lender Exchange is a secure portal that allows law firms to exchange information with lenders in conjunction with the management of their conveyancing panels.
The portal offers integrated mortgage redemption requests, returning redemption figures in seconds, mortgage offers landing with law firms’ minutes after they’ve been issued by lenders, as well as Certificates of Title being sent digitally. Lender Exchange also works with lenders and law firms to help minimise fraud risks.
Landbay suggested it will also be adding a further level of due diligence as it will be ensuring any conveyancing solicitor it works with already has experience in the BTL market, including having previously carried out conveyancing for houses in multiple occupancy (HMOs) and multi-unit freehold blocks (MUFBs) as well as a company BTL transaction.
Landbay chief lending officer, Paul Clampin, commented: “Joining the Lender Exchange is all about providing brokers and borrowers with a quicker, more streamlined process by using only the most highly qualified and experienced conveyancing firms.
“We have focused on making applying for a mortgage with Landbay as quick and easy as possible. Lender Exchange is one of a number of technical and service enhancements that Landbay has introduced this year with more to be delivered in the next few months. This continues our commitment to this specialised market.”
Decision First managing director, Justin Parkinson, added: “I am confident that Lender Exchange will be able to deliver all Landbay’s requirements, providing them with the legal firms and the additional technology to enjoy the high level of service to brokers that is so important to them.
“Lender Exchange was designed to give all lenders unfettered access to the most detailed collection of data, against the widest set of conveyancing firms across all UK regulators. With over 5,000 law firms on the system, this represents over 99% of all residential conveyancing firms, and with 18 lenders on board, we’re working with approximately 65% of mortgage lenders by Gross Lending Volume.
“Having such a wide spread of law firms, and a wealth of up-to-date data, means we’re well placed to provide lenders with insightful due diligence on their panel firms.”
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