Nationwide is the first lender to sign up to use the Property in Possession portal, which forms part of xit2’s new Asset Management Service.

The system is aimed at helping lenders to administer the process from the point where they take possession of the property to its disposal.

The portal will link lenders to asset managers and record all the actions taken, including quotes for work required before sale and the advice received from asset managers on whether to sell through an estate agent or auction.

It takes over the repossession process from where xit2’s Repossession Exchange, which coordinates all those involved in the repossession of a property, leaves off.

Mark Blackwell, managing director of xit2, said: “We have been involved in the repossession and asset management market for 15 years and that experience has helped us to talk to lenders and ask them what their biggest problems are and how we can help. The response from all of them is that they need something up and running that is secure because they are transferring a lot of data.

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“We sat down with Nationwide and worked with them to build the portal. It offers lenders an economic and very secure but quick solution for repossession administration. The portal provides a work flow system that allows lenders to track the whole process and we can also arrange lenders’ billing of asset managers with our web-based billing function.”

Mandy Williams, head of Nationwide Specialist Lending Collections, said: “We selected xit2 for its expertise in sending data safely and securely and its long experience in asset management. It has proved itself a collaborative partner, developing a platform based on cutting edge technology that will deliver results in a vital part of the mortgage and property lifecycle.”