It has been widely reported that brokers are bracing for a spike in remortgaging activity through the remainder of 2022 and as such, it will likely be a key driver for business activity in the conveyancing sector, underpinned mostly by residential transactions.
Whilst this expected flurry of activity is encouraging news for many, the question must be asked – are stakeholders throughout the conveyancing process being provided with the support and the tools they need in order to manage capacity effectively?
Indeed, in March, the average timescale for a remortgage was eight weeks, with some transactions falling through after weeks of paperwork and planning.
However, increased emphasis on industry collaboration and the implementation of technology can provide a very simple, effective solution to cutting down this timeframe and improving completions.
The technology for the first completely digital, automated remortgage exists now, removing the pain points for all stakeholders and eliminating delays for the homeowner.
Driving efficiency
Up until recently, conveyancing has been a fairly manual process. Some parts of the journey were automated, like the HM Land Registry’s move to digital, but because there has not been one end-to-end solution that helps create efficiencies for the whole journey, it is understandable that stakeholders don’t always see the benefits of it.
A digital process is the answer to aligning customers’ expectations for certainty, reliability and efficiency by cutting down on actions such as faxing and manual verification. As a result, this could improve the length of time it takes for transferring data between stakeholders such as lenders, brokers, valuers and management companies within the remortgaging process to provide a positive, stress free customer experience.
The role of digital remortgaging
Implementing the technology for a fully automated remortgage addresses all these issues and LMS launched has already launched DART, its Decision Automation Remortgage Technology for this very purpose. It has drastically simplified the remortgage journey, with the first case being completed in just four days – a huge leap forward for the industry.
The end-to-end solution links every step of the journey and installation is a case of simply plugging it into case management systems (CMS) via API, which in turn channels data automatically. This improves customer service and satisfaction while bolstering resource efficiency and reducing costs for industry stakeholders. The tech for this exists now, we just need whole industry collaboration to make it smooth and seamless for everyone.
For instance, borrower questionnaires connected directly to multiple data sources via API allow automatic data collection with borrowers only needing to confirm accuracy and provide any additional info, ultimately reducing processing times.
With the knowledge of what further information is required also determined at the outset, conveyancers and lenders can give much more accurate completion dates. Reduced back and forth over data and the use of cloud-based technologies also mean that opportunities for fraudsters to take advantage are greatly reduced.
The automation of repeatable processes throughout remortgaging saves time and admin costs whilst providing lenders with the data they need to inform their own processes and removes the need for firms to input data in multiple different ways for different lenders.
Forwards together
There is no shortage in demand for this tech innovation, but there are too many new entrants to the market whose technology relies on derivatives of an existing process, without a real understanding of the end-to-end needs of the conveyancing journey.
The sector needs a product roadmap which is focused on collaboration and compliance with upcoming changes and which will ultimately contribute to overall efficiency.
This can only happen when the whole industry works together, letting the technology do the work across the board to deliver a faster, more streamlined and cost-effective service for their customers.
It’s this that will allow all stakeholders to develop new business for years to come, while maintaining the relationships they already have. Only via collaboration can the industry keep pace and become truly customer centric.
Nick Chadbourne is CEO of LMS
