LMS launches e-COT
LMS, the UK’s leading conveyancing panel manager, have introduced new technology to their conveyancing offering, e-COT. This innovation will offer a number of advantages by driving efficiencies, reducing both timeframes and risk, and providing certainty of documentation delivery within the process.
The electronic certificate of title (e-COT) technology will enable law firms to send certificates of title digitally, rather than using fax, post or email, improving both speed and security. In addition, this process will offer authentication of senders and receivers as part of client account verification process, mitigating the risk of fraud.
The e-COT service is being utilised by major lenders, including NatWest and RBS to ensure their customers receive an efficient and secure service. LMS will be rolling out the service to more lenders throughout 2018.
The technology sits alongside LMS’ electronic offer on distribution, providing law firms with quicker access to the key lender documentation and a full audit trail between lender and law firm.
Nick Chadbourne, chief executive of LMS, said: “Not only does this technology make the conveyancing process quicker and easier, it also makes the process more secure. Buying a home is usually the largest and most important purchase the majority of people will ever make. It’s vital the entire process is as efficient and secure as possible.
“Our plans do not stop here – we have further innovations in build that will improve and speed up the conveyancing experience for all stakeholders.”