The other members of the consortium are Dezrez Estate Agency Software, Redbrick Solutions Conveyancing Software, Etech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, and LMS Panel Management Software.
Coadjute will now use “distributed ledger technology” to ensure that the information required in the various processes is shared between each party, with the aim of making the purchase process faster and more efficient.
It argues that NatWest borrowers will then enjoy complete transparency over the progress of their purchase through the app.
Coadjute’s technology was previously used in a trial for a home sale using blockchain, which brought together 40 organisations including Royal Bank of Scotland (RBS) and Clifford Chance.
Lenders and conveyancers co-operating
Dan Salmons, director for mortgage innovation at RBS, said the lender was committed to finding new solutions that improve the process for customers.
He added: “The home buying process is an area ripe for improvement, however, real change can only be brought to bear if we bring all the parties involved together.
“This is why this project and consortium is such a crucial step and if it is successful it will be a game-changer for our customers and the entire property market.”
Nick Chadborne, chief executive officer at LMS, argued that the way lenders and conveyancers work together has been “transformed” over the last decade thanks to technology.
He continued: “We believe getting simpler levels of connectivity across the entire home buying journey will create benefits for consumers, conveyancers and lenders”.
