Paul Saunders, Director of Lender Services, ULS Technology, said: “We are delighted to have been selected by Hodge Bank as a lender panel manager and look forward to supporting their clients with our fee-assisted remortgage offering and share release panel. As a company, we believe that it is the responsibility of a transfer panel manager to act in the best interests of the lender and its end customer. By acquiring an independent company, ULS aims to ensure that Legal Eye has the ability to independently protect the lender, the law firm and the client. This combination of on-site legal compliance and panel management allows the lender to effectively protect and minimize the movement of funds while maintaining customer choice and a positive customer experience. For the company, this provides peace of mind that their processes are compliant, which can be used to support them in their process in the minefield of regulatory compliance. Since the article was written, legal practices have changed so much in the rise of cybercrime that Richard Bach, Deputy Director of the Cybersecurity – Digital Economy Division of the Department of Culture, Media and Sport, delivered this sobering message to the Conveyancing Association (CA) in March. “Security and control of the mortgage process for advisors and clients is critical to us at MPowered Mortgages, and integration with the entire ULS technology advocacy panel allows us to offer just that. Paul Saunders (pictured), Director of Lender Services at ULS Technology, said: “We are delighted to have been selected by Foundation Home Loans to manage its panel of lawyers and integrate our services to provide clients with an enhanced home buying and rescheduling experience. Smoove plc is a customer-focused technology and services company that aims to revolutionize moving and ownership. The company`s leading cloud platforms offer significant growth leverage with strong, established client bases and market avenues, including mortgage brokers, developers, real estate agents and lenders. eConveyancer is one of the UK`s leading distribution channels for property transfers, bringing together consumers and legal professionals through comparison services that provide solutions for moving companies and the mortgage market.
Our growing suite of digital products supports the entire moving experience. DigitalMove, part of the eConveyancer and Smoove offerings, offers an integration and communication platform that provides greater transparency, speeds up processes and increases security for consumers. Platforms are designed to add services and reach, and the business is well positioned to drive exponential returns as functionality increases. Utah Legal Services (ULS) is a nonprofit law firm founded in 1976 that is dedicated to achieving equal justice by providing low-income Utahns with free legal assistance in non-criminal matters. We create a level playing field and ensure that everyone has a voice in the legal system. Emma Hollingworth, Sales Director at MPowered Mortgages, said: “We are delighted to expand our legal panel today with ULS technology and give advisors more choice to serve their clients. The agreement, which gives the lender access to ULS` entire panel of lawyers, underpins its digital approach to lending. Continuous analysis allows a panel manager and a law firm to identify changes to a company`s risk profile, credit situation and records, and then provide the necessary corrective actions over the agreed time periods.
This helps companies make the necessary changes to grow their business. The lender and transmission industries face significant challenges and threats, and without an essential platform for the two industries to connect, ULS has identified a significant gap in a transfer panel manager`s ability to effectively control risk on behalf of its lending clients. In our view, the panel manager needs to have a 360-degree perspective to ensure that panel companies meet the necessary standards. This protects the firm`s partners from claims, the public from bad advice and stress, and the lender from loss and reputational damage. Legal Eye, in collaboration with ULS Technology, will continue to drive change in the legal industry to reduce risk exposure. And while data collection can help achieve this goal, data can`t capture as much. “The law firms on the panel include lawyers who specialize in releasing shares, and the service will also help brokers speed up mortgage processing and provide consistent documentation, reducing much less administrative overhead. It is difficult to see how a portal alone can give the lender everything they need to know about how their promoters carry out transfer transactions without some form of on-site visit to familiarize themselves with the legal practice, its processes and how it works. The move to this new technology comes into effect today and means clients will now be able to choose their lawyer from a much wider panel, with the top 91 law firms offering access to 243 offices in England, Wales and Scotland.
With the increase in retirement loans this year and next, we also expect that more robust processes, procedures and training will be needed to identify vulnerable clients in legal practice. The threat of cybercrime will continue to increase. Legal Eye`s experience provides risk management and compliance consulting services in the legal sector. In our seven years of existence, we have seen a dramatic increase in the fraud prevention challenges faced by lawyers and carriers. As part of the service, brokers can now see details of all law firms on Hodge`s panel, including those used for “fee-based” mortgages. Hodge also provides a list of fees and charges for other types of ancillary legal activities that the client may require. Paul Saunders, Managing Director of Legal Eye, a subsidiary of ULS Technology, informs us about transport plate management for lenders. List managers must adapt to provide the highest level of oversight and protection to the transportation industry in times of change Others rely on a form of secure portal such as Lender Exchange, which is actually a registry that provides law firms with “the mechanism for exchanging information with lenders in conjunction with the management of their transfer agencies.” It is ultimately intended to “make life easier for funders across the UK when dealing with lenders on panel-related issues”.