We are working with mortgage lenders to ensure they will no longer need to chase conveyancers for updates on the status of their applications
Last week HM Land Registry started providing lenders with direct access to their application data, showing the status of all applications to register their mortgage security, provided the lenders’ unique reference (known as an ‘MD’ reference) is entered into the application.
This will stop the chase process, where lenders and lender panel managers contact conveyancers routinely to understand the progress of their many applications to register mortgages.
A weekly update will be shared with each lender to ensure their information remains up to date. This pilot phase includes the 10 mortgage lenders who represent the vast majority of the market, as well as two panel managers. If the pilot is successful, HM Land Registry will explore the opportunity to extend it to other lenders with an MD reference.
Mike Harlow, Deputy Chief Executive and Director of Customer and Strategy at HM Land Registry, said:
Rob Stevens, Head of Property Risk at Nationwide Building Society, said:
A spokesperson for Yorkshire Building Society said:
Charles Roe, Director of Mortgages at UK Finance, said:
Justin Parkinson, managing director of Decision First, which operates Lender Exchange, added:
Ten lenders are included on the pilot, representing over 85% of residential lending in the UK.
The lenders are:
The two conveyancing panel managers are:
Comments
Comments are currently closed.