Buy-to-let mortgage lender Landbay has joined the Lender Exchange in an attempt to speed up its conveyancing process.
Lender Exchange, owned by Decision First, is a secure portal that allows law firms to exchange information quicker to their conveyancing panels.
It offers integrated mortgage redemption requests, returning redemption figures in seconds, mortgage offers delivered to law firms in minutes after being issued by lenders and Certificates of Title being sent digitally.
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Landbay, which was a peer-to-peer lender until it exited the retail investment market last December, will also be adding an additional level of due diligence.
Landbay will only use solicitors that have experience in the buy-to-let market, having previously carried out conveyancing for houses in multiple occupancy and multi-unit freehold blocks as well as a company buy-to-let transaction.
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“Joining the Lender Exchange is all about providing brokers and borrowers with a quicker, more streamlined process by using only the most highly qualified and experienced conveyancing firms,” said Paul Clampin, chief lending officer at Landbay.
“We have focused on making applying for a mortgage with Landbay as quick and easy as possible. this will help us to ensure quality in the part of the mortgage process that wasn’t under our control, and to eliminate any delays associated with this.
“Lender Exchange is one of a number of technical and service enhancements that Landbay has introduced this year with more to be delivered in the next few months. This continues our commitment to this specialised market.”
“I am confident that Lender Exchange will be able to deliver all Landbay’s requirements, providing them with the legal firms and the additional technology to enjoy the high level of service to brokers that is so important to them,” said Justin Parkinson, managing director of Decision First.
“Lender Exchange was designed to give all lenders unfettered access to the most detailed collection of data, against the widest set of conveyancing firms across all UK regulators.
“With over 5,000 law firms on the system, this represents over 99 per cent of all residential conveyancing firms, and with 18 lenders on board, we’re working with approximately 65 per cent of mortgage lenders by gross lending volume.
“Having such a wide spread of law firms, and a wealth of up-to-date data, means we’re well placed to provide lenders with insightful due diligence on their panel firms.”
In March Landbay launched a new application process to speed up decisions on buy-to-let loans.