Technology streamlines the conveyancing process for all stakeholders to improve turnaround time and increase transparency
Conveyancing services provider LMS has reported that its Decisioning and Automated Remortgage Technology (DART) has already processed more than 16,000 remortgaging cases since its initial roll out seven months ago.
LMS said it was now collaborating with seven law firms and six lenders to process cases and support further innovation and iterations of the technology.
The initial launch of DART suggested 18% of cases processed could be automated in a frictionless process, from instruction to completion, when digital signature is utilised.
In addition, data from DART’s decision engine has already allowed LMS to identify key trends in common reasons for cases to require manual intervention and, therefore, address them and extend automation further. Around 54% of cases failed the automation test by less than three rules, with address and name mismatches across multiple data sources being the most common, accounting for 15% of failures.
As a result, LMS built two new services to overcome these mismatches by completing smart commonality searches and with the ability to push data back to the lender at the point these issues were identified. LMS said that failures due to names and address mismatches had already decreased by 50%.
Further iterations of the technology, according to the services provider, would focus on the broker and sourcing community to allow for greater transparency across all parties and an enhanced customer centric journey.
“We have already seen outstanding results from DART, and I’m proud of the LMS team for really driving positive change in the market in collaboration with all stakeholders,” remarked Nick Chadbourne, chief executive at LMS (pictured).
“But the work doesn’t stop here! It’s really promising to see that the tech has already seen vast improvements with its second iteration increasing the number of cases that qualify for automation further still. We look forward to collaborating with more law firms, lenders, and broker communities to keep on this upward trajectory and make conveyancing even easier, quicker, and more reliable for all.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter.
