"This will help us to ensure quality in the part of the mortgage process that wasn’t under our control, and to eliminate any delays associated with this."
The portal allows conveyancers to exchange information with lenders, offering integrated mortgage redemption requests, returning redemption figures in seconds, mortgage offers landing with law firms’ minutes after they’ve been issued by lenders, and Certificates of Title being sent digitally.
Lender Exchange also works together with lenders and law firms to help minimise fraud risks. Landbay will be adding an additional level of due diligence as it will be ensuring that any conveyancing solicitor it works with already has experience in the buy-to-let market, including having previously carried out conveyancing for HMOs and multi-unit freehold blocks as well as a limited company buy-to-let transaction. In addition, each conveyancing firm must be a member of the Law Society Conveyancing Quality Scheme.
Paul Clampin, chief lending officer at Landbay, said: “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. This will help us to ensure quality in the part of the mortgage process that wasn’t under our control, and to eliminate any delays associated with this. 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.”
Justin Parkinson, managing director of Decision First, owner of Lender Exchange, commented: “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."
