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UK Finance must lobby for smoother mortgage legals – UKFI conference

  • 08/11/2017
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UK Finance must lobby for smoother mortgage legals – UKFI conference
Lenders heard a call to arms for trade body UK Finance, in particular to ‘bang the drum’ for a more joined up legal process for mortgage borrowers aided by digital panel management, at the UK Finance annual mortgage conference today.

In its first ever mortgage conference, the new ‘super’ trade body formed of six merged trade bodies including the Council of Mortgage Lenders, was challenged to fight for a more customer-centric conveyancing process alongside its lender membership.

During the innovation session and a question on easing a difficult conveyancing process, Greg Went the interim head of secured lending at HSBC said the homebuying process consultation was an opportunity to ‘hold solicitors to account.’

“Where we can see it, it’s for us to use collective panel management to hold solicitors to account and inform the fact that consumer outcomes are important to us as an industry. It feels as if there is an opportunity because it hasn’t changed in a long time, to call out UK Finance to start to bang the drum for better outcomes,” said Went.

Lender HSBC is working with its legal partners to understand how it can incentivise and reward better customer journeys, said Went.

Another panelist, Matt Lowndes, managing director, Coreco said he had been visited by several conveyancing companies promising case tracking and digitised panel management and added, “that will be upon us soon.”

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