from Decision First
More and more lenders are seeking additional information as they work to satisfy regulatory requirements around due diligence. Often the information required is identical and providing this can be time consuming for law firms.
Not only that, but lenders need to have the most current information on firms and their practices to ensure that property purchases/sales can continue without delay (last minute requests to change things like client accounts can cause significant delay as lenders must first satisfy themselves that the change is bona fide to ensure protection for the customer and mortgage advance).
By eliminating the need to update all lenders separately on such changes, we will reduce the burden of administration allowing firms and their staff to focus on fee earning work and servicing their customers’ needs.
Simple fee structure
By having a single system to update, we provide a cost-effective solution to firms that is based on size of legal business and the work we undertake, rather than separate fees for separate lenders. By combining the needs of all lenders (in terms of information required) we have been able to streamline the costs of the due diligence work undertaken and can pass these savings on to firms in the form of this single, annual fee.
Continued customer choice
Without a system such as Lender Exchange, lenders would see a significant increase in their own costs to administer their panels. Our aim is to contain these costs and the burden for lenders and law firms alike, thus reducing the risk of decreasing panel sizes or the introduction of individual panel charges to meet these costs.
Lender Exchange doesn’t remove a lenders costs, as they still manage all panel decisions themselves, but it does minimise the overhead of maintaining up to date information and the validation checks undertaken by lenders, much of which is duplicated many times over by lenders today.
With the world of the internet and social media through the likes of FaceBook and Twitter, communication has never been so important and so quick. It’s key, however, that when it comes to dealing with your customers/suppliers and their information, that any exchange is also secure.
With this in mind, the Lender Exchange provides a messaging facility allowing, fast and secure communication between lenders and law firms, for panel related matters like never before.
Access to current documentation
Lenders can often change their standard mortgage documents and it’s important that lawyers can find these easily. To assist in this, the Lender Exchange provides a storage facility for lenders to upload their most current set of standard mortgage documents giving lawyers access to up-to-date information as and when they need it.