SearchFlow, property intelligence specialists, has partnered with Decision First to offer an unrivalled service to protect conveyancers and homebuyers from the risk of fraud.
Using Decision First’s Law Firm Search via the Lender Exchange, users can now ensure it is safe to transfer their client’s money at no additional cost.
Working on behalf of lenders to verify the details of law firms on their panels, Lender Exchange offers access to the largest set of verified conveyancing firms in England and Wales, equating to over 95% of the market.
SearchFlow’s customers that are on the panel of any of the lenders currently using Lender Exchange can check and confirm the client account of the vendor’s solicitor on every single transaction for free.
By simply clicking through from the SearchFlow Other Services menu and entering their Lender Exchange Administrator credentials, conveyancers will be able to search using the name, sort code, and client account number of the firm that they need to check.
With ‘multi-access’ available, users within a law firm will be able to view Law Firm Search without being able to access sensitive information about their own firm.
In addition to being a platform to verify law firms, Lender Exchange is an information exchange portal that enables both lenders and conveyancers to efficiently manage their administrative requirements for panel management, offering significant time savings and efficiencies for all parties.
If conveyancers are not on the panel of any of the lenders using Lender Exchange and they want to take advantage of this complimentary service, they can apply to be on a panel by registering on the Lender Exchange system.
Greg Bryce, managing director of SearchFlow, comments: “Mortgage fraud currently costs the industry approximately £1.4bn a year, and it is on the rise as criminals deploy ever more sophisticated methods to intercept large sums of money.
“Lender Exchange’s Law Firm Search offers the most comprehensive check on solicitor’s details in the market and will provide much needed protection against this area of risk. We are fully committed to offering a value-added service and believe our clients will find this an invaluable tool with the extra bonus that it is available at no additional cost.”
Justin Parkinson, managing director of Decision First, comments: “Regrettably, fraud is a growing problem in the industry and we are continually working with both law firms and lenders to provide the most effective solution to help reduce their risk.
“We work with many high street lenders and are very pleased to be joining up with market leaders such as SearchFlow to ensure every step is taken to best protect the industry and homebuyers against fraud.