In a recent blog
article Breeze and Wyles explain that they have won the Best Single Innovation of the Year award for 2010 from Lawnet for their automated title checking system.
With a technical innovation that will surprise those conveyancers that are not fully immersed in volume remortgage work Breeze and Wyles have won the award for using optical character recognition, Land Registry data and business logic to create an automated title checking process.
In order to deliver this Breeze and Wyles have used EMC2 Captiva OCR software integrated with its TFB Partner for Windows case management.
Breeze and Wyles claim that this means that the only human intervention is required for exception reporting, where for instance the system does not capture the relevant data. This usually occurs when the data contained SQL reserved characters. In the vast majority of cases no human intervention is required to check the title or send the initial letters with security documents to the consumer (borrower). Depending on the issues raised those letters are manipulated to ensure that all of the issues that are raised through the title check process are notified to the consumer together with the steps required to remedy the problem.
Whilst there are a few firms that use similar technology Today’s Conveyancer is not aware of a firm that has previously claimed a fully automated title checking process.
Remortgage work is clearly very different to transactional sale and purchase conveyancing however this type of technology will clearly have an influence over who remains in the market and who leaves the market over the next couple of years.
Relevant conveyancing news for you.