OneSearch Direct urge conveyancers to be extra vigilant with lender handbook requirements

OneSearch Direct, the largest local search data company in the UK, has urged conveyancers to exercise caution when checking updates to Lender Part II enquiries, after it was reported that a significant number of changes were made to Lender requirements in the last year.

In light of economic uncertainty, OneSearch believe a rise in unemployment and repossessions could mean lenders may look to target conveyancers to recoup any loss.

Navro Compliance reports that out of 250 lenders:

  • 75 lenders updated their requirements in 2020 
  • 62 lenders have updated in 2021 so far 
  • There have been 130 updated questions in the last 30 days

Navro, who have launched the LC-5 Lender Check report, also state that whilst they recommend conveyancers run a lender check on the day of instruction and, at a minimum, just before exchange to make sure there have been no changes, data suggests only one check is being done. With constant Lender Handbook Part II changes, this leaves conveyancers vulnerable against PI claims.

To help mitigate the risk of non-compliance, OneSearch Direct is making the LC-5 Lender Check available to all customers. This report clearly highlights any changes in the Lender’s Handbook Part II requirements for the relevant lenders within a specified date range. It also states if there have been no changes. So, should you be audited, you have a simple, visual record of your compliance. With the LC-5 Lender Check, UK Finance Part II requirements are interrogated 4 times a day.

Lidia Quinlan, Head of Sales, OneSearch Direct, comments:

“The importance of checking Lender Handbook requirements cannot be overstated, as not doing so can result in a failure to pass an externally commissioned lender audit. Such failures leave law firms open to insurance claims, removal from a panel, and potential action from the SRA, not to mention reputational damage that no price can be put on.

“Having to constantly monitor Lender Handbook changes puts yet more pressure on conveyancers who already have their plates full at the moment. That’s why we’re delighted to work with Navro in bringing LC-5 Lender Checker to our clients. It allows you to refresh the results up to 5 times per case – especially useful at the moment with longer transaction times – and the report is presented clearly for ease of interpretation, to keep in your case file for auditing purposes.”

Mike Georgiou, Director, Navro Compliance, comments:

“The move to UK Finance means lenders have access to make changes to their Part II’s 24/7 and it seems that they are doing this on a regular basis. The fact that UK Finance do not keep a database of when any changes are made means it’s on you, the conveyancer, to keep yourself correct.

“The LC-5 Lender Check means peace of mind, convenience and accuracy. Because it was developed by conveyancers for conveyancers, the LC-5 report ticks all the boxes and gives you the confidence to know you’re adhering to the most up to date changes. Not only that, but you can standardise best practice procedures for intra and cross-branch compliance.”

For a limited time only, OneSearch are offering one free LC-5 Lender Check to conveyancers. Click here to claim your free LC-5 report.

Free Webinar

Lender Handbook Update for Conveyancers – Tuesday 13th April 2021 @ 1:00pm

OneSearch Direct and Navro are offering all conveyancers a free webinar to look at the frequency of handbook changes and discuss the importance of obtaining updates before submitting your Certificate of Title. We will also discuss the necessity of maintaining evidence on case files for any PI or audit issues and minimising the risk to your firm.

Sign up for this webinar here.

If you can’t make this date, but would like a recording afterwards, please click here.

To find out more about the LC-5 Lender Check, call the Service Introduction Team on 01782 433 270 or email [email protected]. You can request sample reports by clicking here.

For more information on OneSearch Direct, visit onesearch.direct or call main Headquarters on 0800 052 0117.

This article was submitted to be published by OneSearch Direct as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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