In the modern age of property transactions, what is the biggest risk to mortgage lenders and what impact does this have on their relationship with the conveyancing profession?
This whitepaper summary presents and analyses the results of a survey of 28 CML members, including directors, heads of department and compliance managers at some of the largest and most influential mortgage lenders in the UK.
Conducted by tmgroup, the survey was designed to offer insight into the mind-sets of these decision makers by asking questions about managing risk within the property transaction.
Since the financial crisis, sales of homes have understandably reduced in frequency, providing lenders the time necessary to assess threats to their profession and enforce tighter controls to help mitigate the threat of solicitor and other third party fraud within the mortgage chain.
So where exactly do mortgage lenders feel that the biggest risks originate from? Furthermore, what is the impact of these risks and how can they be managed?
Questions were also posed that were designed to gain an understanding of lenders’ attitudes towards what methods could help reduce the risk of mortgage fraud and role that technology has to play.
Ultimately, the report offers valuable information for conveyancers, particularly those on lender panels where the lender is ultimately their client, providing a powerful insight into the mindsets of mortgage lenders as well as helping solicitors formulate strategies to help manage the hotspots throughout the property transaction.
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