Lenders now have a secure process for managing panels and conveyancing instructions
TMSecure has joined forces with CaseID to provide lenders with a comprehensive solution for managing open panels.
During 2010 lenders were exposed to an estimated £1bn of mortgage fraud. While individual lenders battled with this issue in isolation, there has not been, until now, a simple comprehensive solution to help them manage their open panels and minimise their exposure to risk.
The integration of TMSecure and CaseID provides a robust software platform that enables the lender to monitor and control their panel proactively with real-time alerts. The system also allows the lender to operate a totally inclusive panel in a controlled environment and an inclusive policy for all firms regardless of size, as long as they adhere to the lender’s risk profile.
Whilst CaseID proactively monitors companies and individuals and provides an early alert to potential risk, TMSecure manages the transaction using structured processes and controls. The partnership of the two systems creates a single solution that addresses the risk of mortgage fraud throughout the duration of the transaction.
Paul Albone, managing director of TM Group, said: “TMSecure is a really exciting development which is aimed at tackling the mortgage fraud issue. It builds on the robust IT platforms which TM has developed over the last 12 years and which conveyancers use every day.
“We have been delighted with the reception we have had for it. The feedback from leading figures in the industry has been extremely positive with comments such as ‘I am very impressed’ and ‘This is far more advanced than any other solution we have seen’.
“Having implemented the system with a top 10 building society already, we are looking forward to further developing TMSecure with CaseID to provide a really comprehensive solution for the industry.”
Associate News is provided by Legal Futures Associates.
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