The technology, which is called Decisioning and Automated Remortgage Technology (DART), is now working with seven law firms and six lenders to process cases and support technological innovation.
The roll-out of technology suggested 18 per cent of cases could be automated from instruction to completion with a digital signature.
The firm said that by identifying “crucial information” from the beginning, such as additional legal work or fees, the technology could add “further value for stakeholders” by allowing “realistic expectations”.
Figures show that more than half of cases failed automation tests by less than three rules, with address and name mismatches being the most common.
It added that the technology had lowered names and addresses mismatches by around half.
Future iterations of technology will focus on broker and sourcing community.
DART adding ‘significant value’
Mark Tosetti, group partnership director at ONP Group, said: “DART has added significant value to our remortgaging services and processes, allowing us to fully automate much of the manual, time-consuming work and thereby free up time and resources to focus on more intricate tasks.
“With the technology assessing each case’s complexity within seconds of receiving all the information, we now know of any additional legal work or fees from the outset, enabling us to make the client aware and allowing us to set realistic and reliable expectations for completion dates.”
He added: “We look forward to benefiting further from DART as it develops and continuing to see more great results.”
Nick Chadbourne, CEO at LMS adds: “We have already seen outstanding results from DART, and I’m proud of the LMS team for really driving positive change in the market in collaboration with all stakeholders.
“But the work doesn’t stop here. It’s really promising to see that the tech has already seen vast improvements with its second iteration increasing the number of cases that qualify for automation further still.”
He continued: “We look forward to collaborating with more law firms, lenders and broker communities to keep on this upward trajectory and make conveyancing even easier, quicker and more reliable for all.”
