The group, which accounted for 70% of the UK lending community in terms of the representatives, agreed to meet on a quarterly basis.
Eddie Goldsmith, chairman of the Conveyancing Association, said: “We are making great progress.
“This is clearly something lenders are interested in engaging with us on and we are really looking forward to our continued work together as well as reaching out to other lenders who would like to be involved.
“We believe that we can make a real difference to the home-buying process – making this a better experience for all involved. For example, something as simple as ensuring the full names of borrowers are included on mortgage instructions and information could reduce referrals by 25%, which slow the process down. This is significant and we want to identify other areas where small changes make a big difference.”
Andrew Baddeley-Chappell, head of mortgage strategy and policy at Nationwide, added: “The conveyancing process is a key step in the home-buying journey and anything that can be done to make it work better is welcome.
“By working together more closely, we hope that positive change can be achieved quickly and effectively, leading to the best possible service to our shared customers.”
