The Lender Exchange is a service designed by Decision First to
aid communication between solicitors and lenders. It is intended, writes Katie Easter, Trainee Solicitor with MJP Conveyancing, to reduce the
risk of fraud by providing a secure portal for exchanging information.
The
lenders currently working with lender Exchange are Lloyds Banking Group, Royal
Bank of Scotland Group, Santander and HSBC Bank.
What are the benefits for clients?
The benefits of Lender Exchange include reduced
administration which is designed to prevent delays for clients. The system
enables lenders to send mortgage offers to solicitors electronically which is
much quicker than more traditional post or Document Exchange. At MJP Conveyancing we are
well equipped for receiving documents electronically which means that we can
deal with documents received through Lender Exchange efficiently.
Mortgage offers are usually accompanied by forms such as
Mortgage Deeds which we provide to our clients for their signature. Prior to
Lender Exchange it was not uncommon for offers to be sent without these
documents which led to delays for clients when solicitors had to request the
forms separately. A function of Lender Exchange is to make standard documents
such as Mortgage Deeds and Consent to Mortgage forms always available to be
downloaded. By downloading forms manually, solicitors can help to prevent
delays.
Although clients may be unaware of Lender Exchange, they are
benefitting from the system. Waiting for lenders to produce mortgage documents
can cause unnecessary stress and delays for clients. Lender Exchange represents
a new means of communication which is likely to prevent these delays.
MJP Conveyancing are solicitors who provide legal advice and services to clients based in England and Wales and who can be contacted on 01603877000 or via email at davidpett@m-j-p.co.uk
