Sunday, 9 February 2014

Will the Paragon Conveyancing Panel Portal Become a Reality?

Nearly 2000 firms are waiting to see whether the cost and requirements of being on the Paragon Conveyancing Panel will change 2014 given the CML’s indication that Paragon have expressed interest in the ‘Lender Exchange’ platform.

Lender Exchange has been developed by Decision First, in collaboration with a working group of lenders.

The announcement by the Council of Mortgage Lenders in the middle of November 2013 of the plans by a number of large lenders to use a new, single panel management data and application process will have inspired little confidence that life will become any easier in 2014.

The scheme will cover Lloyds Banking Group, Santander and Royal Bank of Scotland Group and expressions of interest have also been made by the Paragon Group.

The basis upon which lenders such as Paragon, should the join, will make a decision as to who remains on their panel and who does not remains a closely guarded secret. It is stated that each individual lender will make their own panel management decision based on the data collected.

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