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Lenders Continue Punching Away at CQS

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Lender Panels are like London buses at the moment. Nothing for a while and then three come along at once.  

 Hot on the heals of the Santander and Lloyds conveyancing panel  West Bromwich have announced the launch of a new panel as firms will be invited to apply through an online portal designed and operated by LMS.

 This is yet another body-blow to CQS as lenders are taking tighter control over their conveyancing panels rather than relying on the Law Society kite mark 

 According to on-line magazine Mortgage Introducer the new West Bromwich conveyancing panel and portal will allow the society to provide assurances to its members that all appointed conveyancing firms are credible, reliable and safe as each are subject to detailed and rigorous membership criteria and checking.

Huw Lewis, sales and marketing Director at LMS, said: “There has clearly been an increasing demand for a service of this nature and already we’ve seen a very positive response from the industry. We expect further uptake in future, as more firms see the benefit of being on a well-managed West Brom panel. 

 “The new panel standards underpin quality, service and security; key principles fundamental to the LMS business model. Our new proposition offers first-rate quality, without the need for expensive joining fees, making it especially appealing to the mutual sector. Additionally it offers substantial benefits to intermediaries and law firms.”
With rumblings being heard of Clydesdale, Coventry, Paragon and Nationwide soon to announce new panel management intentions, look for more punches to CQS. None likely to be a knock out, but it makes me wonder how many body blows CQS can sustain.
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