COMPLETIONmonitor is a unique solution for conveyancers, with multiple benefits for firms and individual practitioners.
- Stay Current – and compliant – with Lender Changes: Lender changes to the CML Handbook are broad and deep: Since 2008 roughly 1500 Part 2 Sections have been changed per year and approximately 80% of lenders have changed their requirements at least once over the last few years. Insurers and Lenders are aware that many conveyancers fail to comply with lender-specific requirements and deadlines. COMPLETIONmonitor highlights the most frequently overlooked specific requirements thus reducing the conveyancer’s chances of non-compliance. Users of COMPLETIONmonitor report that the 7-minute investment in completing the checklist helps Dthem identify important issues they would have otherwise missed at least 25% of the time.
- Fulfill All Lender Requirements: The post-completion workflow is case-specific, and as such sets out exactly what must happen following completion, including documents to be sent to the lender or other requirements such as the registration of a CH2. This listing makes compliance with different cases far easier and more streamlined.
- Reduce PI Insurance Premiums: Use of COMPLETIONmonitor can have a direct impact on your ability to obtain insurance as well as the level of premium.
- Supported Insurers: COMPLETIONmonitor is recommended by a number of leading insurers and brokers, including Zurich, who now specifically ask lawyers on their PI renewal forms if they are using the COMPLETIONmonitor software.
- Lender and Regulator Approved: Lenders are increasingly recognizing the power of the COMPLETIONmonitor to ensure that law firms are taking risk management seriously. Last year, the Council of Licensed Conveyancers’ (CLC) master policy broker, Prime Professionals, recommended the technology to all Licensed Conveyancers.
- SRA and CQS Support: The COMPLETIONmonitor system can generates reports to assist firms with both internal Management Information (MI) and external compliance regulations such as the SRA or CQS. The system is further able to collate data from third-party data feeds, includingland registries and local authority searches and validate the results by cross checking against user input. Over 70% of firms that use COMPLETIONmonitor plan to incorporate COMPLETIONmonitor COLP reports into their annual report to the SRA.
- Cost Effective: COMPLETIONmonitor is a pay-as-you go model.