You are here: Home - News -

LMS completes first fully automated remortgage

  • 07/09/2022
  • 0
LMS completes first fully automated remortgage
Provider of conveyancing services, LMS, has launched a remortgage technology function which is expected to speed up the process.

The LMS Dart (decisioning and automated remortgage technology) platform assesses cases immediately after information has been submitted so any parties involved in the transaction are aware of any additional legal work, fees and documents which may be needed. 

This is expected to reduce the need for manual intervention and allow for additional information to be requested earlier, rather than causing delays later down the line. 

It was initially launched with conveyancing firms Integrar and O’Neill Patient Solicitors for the completion of the first remortgage and has now been rolled out to other firms and lenders. 

Conveyancers will also be able to set more accurate completion dates.  

Complex cases will be transferred to specialist teams which will give them more time to focus on those cases which might need more manual intervention. 

The testing period showed that at least one in eight remortgages could be completed through the automated remortgage process, and as the function develops, LMS expects this will increase to a quarter of cases. 


“First-ever automated remortgage”

Nick Chadbourne (pictured), CEO at LMS, said the level of remortgage activity expected in the next six months would push most firms to their capacity limitation through no fault of their own.  

As well as people refinancing to secure rates before they rise, some £100bn worth of mortgages are expected to mature by the end of the year.  

“We wanted to take action to protect all parties – consumer, law firm and lender alike – and completing the first-ever automated remortgage is a huge leap forward,” Chadbourne said.  

He added: “The complex software allows cases to be assessed at the outset with a level of accuracy not seen in the industry to date and the automation of simple cases in this way will have a hugely positive impact – even cases that cannot be automated will be improved as the decisioning software highlights the legal work required as well as allowing specialists more time to dedicate to them.”  

LMS said the technology would benefit all stakeholders as customers will know what they need to provide and only complete tasks once, while lenders and brokers will be able to set realistic expectations and offer transparency.  

Lenders will also be able to use the technology for future underwriting.  


Transforming the remortgaging journey

With the technology, conveyancers will be able to assign the right conveyancers to each case depending on whether a more hands-on approach is needed.  

Chadbourne added: “This is a milestone development, not just for LMS but for the whole industry. It has the power to transform the remortgaging journey, with everyone standing to gain from tech designed to minimise manual processing, give the most accurate information possible and make the journey as simple as possible for the borrower. This is all possible now, with the development and enhancement of the product to follow on a continuous basis.  

“We’re proud of how our team and partners have collaborated to bring this to market, and looking forward to seeing the results we know it can deliver.” 

There are 0 Comment(s)

Leave a Reply

You may also be interested in