CA members tested processes and criteria before systems were further developed. This will be rolled out to the rest of the conveyancing panel at a later date.
A rise in mortgage fraud figures in recent years, along with recent guidance from the Regulator has led to lenders exploring ways to proactively manage their risk. Lloyds Banking Group has been very proactive in this area and maintains that it is committed to keeping a large conveyancing panel to continue to provide choice for customers. The Group continues to support an industry wide solution to data collection from panel member firms.
The CA is working with lenders to ensure that members offer a superior service, can demonstrate high quality standards, competence and probity of staff, financial stability, and good management of staff and administrative processes.
Paul Collins, Head of Mortgage Fraud at Lloyds Banking Group, said:
“To help safeguard our business and our customers against mortgage fraud, we need to ensure that the firms that are on our panels achieve certain standards and are familiar with our practices. The work we’ve done with the Conveyancing Association members is very important and I hope it brings us closer to finding an industry wide solution.”
Eddie Goldsmith, Chairman of the CA, said:
“Part of the reason we launched the Conveyancing Association was to help create an industry-wide solution for lenders in the face of increased mortgage fraud. We know it’s not going to ever be fully eradicated but the members that have been involved in this scheme are committed to improving the situation by raising standards and improving due diligence and I look forward to more firms implementing such practises.”
Mark Slade from Fidler & Pepper was involved in the trials and said:
"It’s been very interesting to have been involved in such an important process. As a practitioner I have experienced the problems caused by poorly designed online forms so it has been exciting to be able to help make the online system as effective and easy to use as possible."
