TMSecure and CaseID offer process for managing conveyancing instructions and panels TMSecureâ„¢ has joined forces with CaseID to provide lenders with a comprehensive solution for managing open panels.
During 2010 lenders were exposed to an estimated £1 billion mortgage fraud. While individual lenders battled with this issue in isolation, there has not been, until now, a simple comprehensive solution to help them manage their open panels and minimise their exposure to risk.
The integration of TMSecureâ„¢ and CaseID provides a robust software platform that enables the lender to monitor and control their panel proactively with real time alerts. The system also allows the lender to operate a totally inclusive panel in a controlled environment and an inclusive policy for all firms regardless of size as long as they adhere to the lenders risk profile. Whilst CaseID proactively monitors companies and individuals and provides an early alert to potential risk, TMSecure manages the transaction using structured processes and controls. The partnership of the two systems creates a single solution that addresses the risk of mortgage fraud throughout the duration of the transaction.
Paul Albone, Managing Director of TM Group says: “TMSecureâ„¢ is a really exciting development which is aimed at tackling the mortgage fraud issue. It builds on the robust IT platforms which TM has developed over the last 12 years and which conveyancers use every day. We have been delighted with the reception we have had for it. The feedback from leading figures in the industry has been extremely positive with comments such as “I am very impressed” and “This is far more advanced than any other solution we have seen”. Having implemented the system with a top 10 building society already, we are looking forward to further developing TMSecureâ„¢ with CaseID to provide a really comprehensive solution for the industry.”
TMSecureâ„¢ has been developed by TM to help mortgage lenders manage risk and efficiencies involved in conveyancing transactions. Recent research by the Council of Mortgage Lenders and Building Society Associations indicates:
– CQS alone is not seen as a total solution for solicitors
– Lenders still require a solution for licensed conveyancers
– CML and BSA members have varied approaches to the issue and are at different stages of progress.
– The issue is high on CML and BSA members agenda
Key features of the system include:
– Controlled panels of certified conveyancers
– Multiple risk profiles
– Consistent transaction protocols
– Title registration monitoring and delay alerts
– Secure, electronic fund request and transaction management
– Centralised document management and sharing
– Ongoing company and individual screening against current datasets
The Comprehensive management information FSA report, June 2011 found the following:
– “Many lenders identified solicitors as their largest single source of mortgage fraud”
– “Lenders must consider carefully how vulnerable their own systems and controls are to the issues identified.”
– “It is noticeable that some lenders’ systems and controls may be adequate for their current levels of business but they are not sufficiently forward-looking to accommodate potential changes to market volumes or structures. What might appear to be reasonable fraud prevention systems and controls today may not be sufficient as business models change in response to market pressures.”
– “Mortgage fraud remains a current issue with increasing levels of sophistication and innovation from fraudsters. Lenders must stay vigilant and apply the strongest possible systems and controls to aid prevention, learning lessons from the past.”
– “We expect senior management of all lenders to consider our findings, and translate them into more effective policies and controls where necessary”
– “We will continue to focus on lenders’ compliance in this area and will not hesitate to take action against firms where necessary.”
About CaseID – Providing organisations with risk based data insight
CaseID helps organisations anticipate and risk manage their supply chain through advanced analytics that turn data about suppliers, performance, personnel and financials into more meaningful information. The results are clear — providing fact-based decisions for transparent bottom line impact which help users transform the way they do business. CaseID is driven to solve customer business problems, working closely with customers in all stages of research and development to ensure that they get the most out of new offerings. Our UK based team provide local, hands-on support for customers whenever and wherever they need it.
What truly differentiates CaseID is its creative problem solving. The technical and sector expertise of the CaseID team allow the company to serve enterprises in multiple cutting-edge analytical capacities, including cloud and high-performance computing, in-database processing and taking full advantage of the value hidden in unstructured data. CaseID’s technology infrastructure, which spans data management, analytics and reporting gives customers risk based data insight within a context they can understand and best leverage to their advantage. This solution-driven approach provides the reliability, depth and breadth needed to solve real-world business issues.
Key Features Include
– Unlimited customisable Risk Profiles for Benchmarking, Screening and Monitoring of firms, officers and personnel
– Customisable early warning alerts
– Valuable tools to assist in the panel management of Solicitors, Valuers, Estate Agents and Brokers
– Standardise search and monitoring criteria organisation wide – Flexible Enterprise licensing to fit all budgets and usage needs
– No internal IT integration requirement
– Fast, near real-time, performance
– Demonstrable Front Line Risk Management
– Reduce Supplier Benchmarking time and cost