Four PropTech providers have announced a collaboration to help lenders and conveyancers access and share trusted information more easily across the home buying process.
LMS, Landmark Information Group, InfoTrack and Decision First (the business which operates Lender Exchange) collectively claim between them to support over 90% of UK lenders and residential conveyancing firms; which in turn creates a “significant opportunity to improve how existing systems work together without requiring firms to adopt new platforms”.
The initial focus of the collaborate with be on “high-impact” stages of the transaction, where duplication and manual processes are most acute, said the companies. The organisations have come together to collectively leverage their respective platforms and target digital identity checks, mortgage offer distribution, redemption statement requests, certificate of title (COT) submissions, electronic document signing and charge registration and funds settlement. The objective is to improve interoperability, simplify key transaction stages and help trusted information move earlier in the process.
While access to data and digital tools has improved in recent years, adoption and ease of use remain inconsistent and processes are often fragmented say the four organisations in a press release share with Today’s Conveyancer, Lenders and conveyancers frequently navigate multiple systems to complete a single transaction, leading to duplicated effort, delays and limited visibility across the transactions.
Further details are yet to emerge about the collaboration. More information on how conveyancers and lenders can get involved will be published in due course.
For now the members say the programme will be shaped through ongoing engagement with lenders and conveyancers, “so development is grounded in real user needs and operational challenges.” They add the approach also aligns with wider industry efforts to deliver a more connected transaction process, with a focus on improvements that can be implemented incrementally and at scale.
