The JET Convey online tool contains the lending instructions and rules from the Council of Mortgage Lenders’ handbook and will determine the correct lending criteria for a case as well as provide an audit trail for brokers.
Alan Dring, head of distribution at JET, said: “Since launch we have been encouraged by the response that lenders have given to the model but appreciate that the conveyancing fraternity often takes a little longer to change from well established practices.
“We developed the demonstration, which takes just seven minutes, to show how easy it is for conveyancers to introduce a system that will help them convince lenders that they are treating the threat of fraud and negligence seriously.
“At the same time it gives them confidence that in challenging times, with the implications of the Solicitors Regulation Authority’s Draft Supervision and Enforcement Strategy for Conveyancing casting a shadow over the profession, they are doing all they can to protect their panel status”
Paul Smee, director general of the Council of Mortgage Lenders, said: “It is always good to see innovative products which help those involved in the housing market to counter the very real problems of fraud and negligence.
“JET has developed a means of helping conveyancers use our handbook which should make it easier for them to protect against these risks.”
Julian Sampson, a partner with Wright & Wright Solicitors, Guildford, said: “Being a solicitor I fully understand the decisions that face conveyancers and believe that the demonstration will help many in my profession to make the decision to review their in house system.
“It will help to ensure they are doing all they can to ensure they follow the lenders handbook and keep the interest of the lenders at the heart of the process.
“We all know that there is an inclination to try and cut corners to save time, but in these days of high fraud and negligence levels it is a risky practice within the legal arena - JET removes that risk.”
