The Conveyancing Association (CA) has hailed a new and innovative approach to panel management, pioneered by niche lender Fleet Mortgages.
Earlier this month, and in partnership with the CA, Fleet Mortgages launched with Lender Exchange, joining heavyweights including RBS, Santander and HSBC.
It sets itself apart from its established competition by using a “controlled panel” – an approach it believes will reduce the risk of mortgage fraud.
Eddie Goldsmith, Chairman of the CA, explains: “The controlled panel approach of Conveyancing Association members means Fleet Mortgages are looking to work with a panel small enough to enable due diligence to be carried out effectively. From dialogue I have had with other lenders entering the market this controlled approach is finding favour with new Lenders looking to see how best to manage their risk and legal panel.”
Bob Young, Managing Director of Fleet Mortgages, commented: “We have taken the view that a small controlled legal panel is the best option for us taking into account our appetite for risk management and customer choice. I would not be surprised at all if other emerging lenders did not take the same or similar view.”
