FMO Conveyance Solutions is available for brokers using FMO’s Direct Panel Mortgage club, FMO’s Packaged lenders and First4Business Finance commercial lender panel.
FMO have piloted this service with a number of brokers since July and believes it has put in place a very competitive pricing structure and an extremely efficient conveyance processing department, using latest technology to track the mortgage application from the initial enquiry through to legal completion allowing brokers to track the entire process with FMO’s on-line case tracking system ‘APP-TRACK’.
Residential mortgage conveyance fees are structured with 3 commission options, £100, £150 and £200 allowing the intermediary to select the appropriate conveyance fee. Re-mortgages to £200k are £429 (£100 commission) and £549 (£200 commission) inclusive of disbursements and VAT, with commissions paid on completion.
Debbie Lloyd FMO’s Operations Director said “We decided to bring the conveyance service in house because it is such a crucial part of the mortgage process. Having your completions department sitting opposite the conveyancers, and just one floor down from the underwriters is ideal. This has proven so successful that re-mortgage offer to completions have increased by 6% to 99% and we have reduced the average time from offer to completion on re-mortgages from 15 to 7 working days. This is largely due to the fact that the conveyance process commences upon receipt of application when we request the title deeds and carry out a title search, and the close working relationship developed within the rest of the group. We are now in a position to accept up to 200 conveyance instructions per month and we are recruiting to double this amount during the next quarter. The fact that the broker has direct telephone access to the conveyancer and they can track their mortgage application on line adds tremendous value to this vital service.”
