LMS completes first ever fully automated remortgage with game-changing purpose-built tech
– LMS has completed the first automated remortgage ever in the BETA test of its new technology
– Tech will make remortgaging as simple as a current account switch, enabling full automation of at least 1 in 8 remortgages from the start
– Technology assesses cases within seconds of all information being submitted to increase accurate completion dates and improve customer experience
LMS, the UK’s leading provider of conveyancing services, today announces the launch of LMS DART – its Decisioning and Automated Remortgage Technology – designed to drastically simplify the lender instructed remortgage journey. It launched with Integrar and O’Neill Patient Solicitors before being rolled out to additional firms and lenders after a successful BETA programme saw the completion of the first ever automated remortgage.
The complex, purpose-built software works with firms to enable the end-to-end automation of simple cases from the point of information being received to post completion workflows, minimising the need for manual intervention.
It allows each case to be individually assessed for complexity within seconds of the borrower information being submitted so that all stakeholders are aware of any additional legal work, fees and documents that may be required as part of the transaction. As such, any additional information can be requested immediately rather than later down the line when delays will ensue.
In turn, the law firm will be able to set realistic completion dates, with appropriate cases being progressed through automated case processing and more complex cases being assigned to a specialist team.
Subsequently, all cases can progress more quickly with senior staff having more time to focus on cases that need manual intervention, reducing risk and ensuring law firms maintain the appropriate level of oversight on each case.
BETA testing showed that at least 1 in 8 remortgages could be completely automated in this way, the number will increase as the product develops with the aim of automating 1 in 4 remortgages.
Nick Chadbourne, CEO at LMS, comments:
“The level of remortgage activity expected in the next six months will push law firms and lenders to the limits of their capacity through no fault of their own. Activity will increase as we approach the next mortgage product maturity peak and the news of rising rates will only exacerbate this. We
wanted to take action to protect all parties – consumer, law firm and lender alike – and completing the first ever automated remortgage is a huge leap forward.
The complex software allows cases to be assessed at the outset with a level of accuracy not seen in the industry to date and the automation of simple cases in this way will have a huge positive impact – even cases that cannot be automated will be improved as the decisioning software highlights the legal work required as well as allowing specialists more time to dedicate to them.”
The technology benefits all stakeholders. The customer will benefit from an improved user experience, knowing exactly what they need to provide and only needing to complete tasks once from mortgage sourcing to completion. This will also enable lenders and brokers to set more realistic expectations and completion dates from the start, delivering a much more seamless remortgage journey.
The law firm gains huge efficiencies through the upfront detection of additional legal work and more complex cases. This allows firms to assign appropriately skilled conveyancers to each case and ensures that all data is as accurate as possible from the start, reducing the need for unnecessary manual interactions between stakeholders. The scale of automation also means that all stakeholders have one single view of the case, providing complete transparency.
Finally, the lender benefits from improved certainty over their cases thanks to the forecasting of more accurate completions and improved customer outcomes. They will also be able to use data from the tech for future underwriting.
Nick Chadbourne adds:
“This is a milestone development, not just for LMS but for the whole industry. It has the power to transform the remortgaging journey, with everyone standing to gain from tech designed to minimise manual processing, give the most accurate information possible and make the journey as simple as possible for the borrower. This is all possible now, with the development and enhancement of the product to follow on a continuous basis.
We’re proud of how our team and partners have collaborated to bring this to market, and looking forward to seeing the results we know it can deliver.”