AMS connects lenders with all of their litigation solicitors and asset managers for the management of the repossession process and this new functionality will allow them to compare their suppliers’ performance, promoting best practice and supporting TCF. The system also provides a heightened level of security as all data is encrypted.
Included in the new release are free reports for lenders to review the status of cases broken down by asset managers. This will include statistics showing how many days it took from the instruction to the property being on the market. The MI will also show how long properties have been on the market and lenders will also be shown the actual sale price compared with the estimated value. This will highlight the success of the sales process and the quality of the estate agent used.
Paul Duckworth, director at The Charlbury Group said: “Lenders need to evaluate the work being done for them on behalf of borrowers who have suffered repossession to ensure that they are getting the best service possible. Additionally, the allocation of instructions to asset managers does vary as lenders manage work flow levels and react to service standards. It is therefore essential that they are able to make informed decisions and this is where the new Management Information pack will be invaluable. One of the main benefits of the AMS distribution system is that everyone is connected via existing integrations to a single platform acts a distribution engine and also a single repository of data. This means that rather than having data returned to the lender in a number of formats from a number of different suppliers they get a single, aggregated report. We have no interest or influence in the results but merely ensure that the AMS system makes life easier for lenders, solicitors and asset managers.”
Simon Matthews, managing director of the Asset Management Group believes that the system will be a benefit to lenders; “It is quite right and proper that lenders should be able to compare and contrast their service providers. Those doing a good job will receive the business they deserve and any firms falling short of lenders expectations will be encouraged to improve their service delivery.”
