A lender perspective on conveyancing innovation
Paul Saunders, Director of Lender Services at ULS technology, talks about the importance of DigitalMove for lenders
In 2019 there is one clear focus for lenders in the mortgage space – to deliver a consistent, digital experience from mortgage offer through to completion. For most lenders, this is the driver for a simple, digital mortgage application and approval process, but in reality this doesn’t get the consumer to the end point.
Firms have made substantial progress through the development of proprietary CMS systems with customer facing portals, to dovetail with a lender’s own mortgage origination systems, but this means an inconsistent journey for customers each and every time. With one solicitor, the journey may be vastly different to another’s. It is difficult to develop an expected customer experience as the lender can’t predict which portal the customer will be faced with.
DigitalMove differs from these inconsistent journeys as it is not tied to any one conveyancing firm, instead offering the same experience, every time. We know this because we have a panel of solicitor firms who are all using it, removing portal variance from the process and giving confidence to lenders that their customer will receive a consistent, exceptional service.
With the remortgage market becoming increasingly competitive, this stability and certainty for both the lender and the customer offers competitive advantage and a unique proposition. Customers are able to progress quickly through to completion, being updated throughout the entire journey and delivering the consistency the lender has promised.
Even more importantly, the risk of lender funds being intercepted in DigitalMove is massively reduced. A move away from email communications means less opportunity for fraudsters to strike. Protecting funds from being lost is very much in the interests of the lender and customer – lenders are quite literally protecting their investments with DigitalMove.