As part of its new Lender Conveyancer Exchange (LCX) service, xit2 will vet the conveyancers used by a lender, carrying out desk-bound data checks as well as physical visits to their premises to ensure PI insurance and passports are in order.
Once initial vetting is completed, continuous data checks are carried out by the team to help lenders monitor the quality of the solicitor panel. LCX then sends this data to the lender, allowing them to detect and manage potentially fraudulent firms and individuals.
Mark Blackwell, managing director of xit2, says:
“Lenders have been crying out for help stamping out conveyancer fraud. Most have a vast panel of solicitors, but no ongoing controls to guard against fraud.
"LCX solves that problem. It provides lenders with accurate and current information on their conveyancer partners and the people that work within those firms.
"The success of our pilot shows LCX is a powerful risk management tool that will give lenders a great deal more confidence in their conveyancer panels."
xit2 has taken the information gathered during the pilot and created a database of conveyancer firms and individuals that have passed its checks.
xit2 is adding new firms to the database every day and is now marketing it to the rest of the lending industry. xit2 says it is already talking to a number of interested lenders.
LCX also helps lenders ensure their panels adhere to the standards laid down by the Conveyancing Quality Scheme (CQS).
Mark Blackwell says:
“The CQS provides a laudable quality standard to conveyancer practice, but guidance on policies and procedures are only useful if people comply with them.
"The CQS on its own is not enough, which is why lenders want to bring the selection of conveyancer firms under their direct control in a market fraught with risk."
