Decision First has announced the launch in Q2 of Lender Exchange, a secure platform designed to reduce the burden of applying to lender panels and meeting ongoing due diligence requirements of lender panel membership.
Lender Exchange will enable legal professionals to join and maintain their position on multiple lender panels without having to supply the same information to each and every lender separately, as well as removing the administrative burden that is currently costing legal professionals time and money, through the introduction of a single, online platform. With the data securely hosted, each lender will be able to make admission decisions, and communicate directly to their conveyancing panel via the system.
Lender Exchange has been developed specifically to help lenders manage their lender panels whilst reducing the administrative overhead of panel firms themselves. The relationship that Decision First enjoys with lenders means that data requirements are much more relevant for panel management decisions than those of more general schemes. The jurisdiction of Lender Exchange will encompass England, Scotland, Wales and Northern Ireland.
Alistair White of Coodes Solicitors is clear as to the cost savings for solicitors:
"An ability to apply and then seek annual reaccreditation to multiple lenders’ panels through one ‘gateway/process’ would provide significant cost savings to both lenders and solicitors. My own firm would see a reduction of many hours each week spent in multiple applications/reaccreditations."
Justin Parkinson, Managing Director of Decision First said:
‘Lender Exchange is, at its core, a convenient solution to facilitate and improve the administrative requirements of legal professionals and lenders by improving the overall process of providing information rather than simply a data capture exercise. Lender Exchange has been overwhelmingly well received in the conveyancing market by lenders and legal professionals alike.’