Reduced administration

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.

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.

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.