Lender Exchange, which is operated by Decision First, is a panel management system that stops conveyancing firms from needing to repeatedly supply the same data to different lenders.
Bob Young, chief executive officer of Fleet Mortgages, said: “We are very pleased to announce our relationship with Decision First and the use of its Lender Exchange system to assist us in the management of the Fleet Mortgages’ legal panel.
“Lender Exchange is a relatively new operation but its focus is on sharply decreasing the level of risk we, as a lender, face in terms of the potential for mortgage fraud.
“Following the problems that came about post-2009 when a number of solicitor firms went bust, the focus now has to be on a panel approach and only dealing with approved firms who meet our criteria.
“There is also the added benefit that if the solicitor firm is acceptable to both the borrower and the lender, the borrower only has one set of legal fees to pay rather than two.”
Firms on Lender Exchange which are approved to work for Fleet Mortgages include all 50 members of The Conveyancing Association, the body representing volume conveyancing operators throughout the UK.
Justin Parkinson, managing director of Decision First, said: “We’re delighted to have Fleet Mortgages on board with our existing lenders, LBG and Santander.
“Being a new lender, Fleet Mortgages is not constrained by working with an existing panel and can start with a clean sheet of paper, so it’s been easier for them to get up and running.
“While a number of firms will benefit from Fleet Mortgages’ adoption of Lender Exchange, we’re working flat out to get a number of other lenders on board as soon as we can, so that firms on the system see even greater benefit.”
Eddie Goldsmith, chairman of the Conveyancing Association, added: “It’s always exciting to see a new lender enter the industry and the Conveyancing Association is delighted to partner with Fleet Mortgages.
“Their recent launch is yet another sign of just how buoyant the market is at present and our members welcome the opportunity to be part of Fleet Mortgages’ plans.
“We look forward to working with Bob and all at Fleet Mortgages over the years to come.”
