The association has worked with Lloyds Banking Group to shape the way data is collected on panel firms.
The members tested processes and criteria before systems were further developed. The systems will be rolled out to the rest of Lloyds’ conveyancing panel at a later date.
A rise in mortgage figures along with recent guidance from the Financial Services Authority has led to lenders exploring ways to proactively manage their risk.
Recently HSBC slashed its conveyancing panel down from whole of market to just a panel of 43 firms managed by Countrywide.
Paul Collins, head of mortgage fraud at Lloyds Banking Group, said: “To help safeguard our business and our customers against mortgage fraud we need to ensure that the firms that are on our panels achieve certain standards and are familiar with our practices.
“The work we’ve done with the Conveyancing Association members is very important and I hope it brings us closer to finding an industry wide solution.”
Eddie Goldsmith, chairman of the Conveyancing Association, said: “Part of the reason we launched the Conveyancing Association was to help create an industry-wide solution for lenders in the face of increased mortgage fraud.
“We know it’s not going to ever be fully eradicated but the members that have been involved in this scheme are committed to improving the situation by raising standards and improving due diligence and I look forward to more firms implementing such practises.”
Mark Slade from Fidler & Pepper was involved in the trials and said: “It’s been very interesting to have been involved in such an important process.
“As a practitioner I have experienced the problems caused by poorly designed online forms so it has been exciting to be able to help make the online system as effective and easy to use as possible.”
