COMPLETIONmonitor for Lenders

Informed Panel Management

Levels of mortgage fraud have reached extraordinary proportions and reportedly exceed £1 billion per year. The conveyancing industry cannot shy away from the fact that this fraud is largely perpetrated through the legal and related processes which conveyancers either control or facilitate. The figures, however, are just the tip of the iceberg as they don't take into account cases that have gone undetected or unreported. Add to the mix that insurers and lenders alike are now uncovering an increasing number of negligence cases and the net result is a justifiable heightened concern about the quality of conveyancing.

Restricting panels is a rational response by lenders to increasing fraud and negligence, and it is up to those firms who are serious about conveyancing to work with lenders to demonstrate they can readily meet their requirements. A light touch approach has not worked and lenders now recognise the need to bring the selection of conveyancing firms and the quality management of the conveyancing process under their direct control. The days of open panels will soon be gone.

COMPLETIONmonitor provides a platform for lenders to benchmark and score law firms based on a quality metric. This can be adjusted to accommodate a lender's particular requirements. No longer will a lender need to apply a broad-brush approach to the removal of panel firms based on volume of work or size of practice. Instead, they can now use performance-based criteria.

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