Until today most lawyers probably knew that Lender Exchange would be the preferred lender panel portal for Santander, RBS and Lloyds. It's now clear that HSBC have joined the ‘Big Three’, albeit initially in a slightly more-limited fashion .
While HSBC were not mentioned in previous press releases by the CML or Decision First (the company behind the Lender Exchange), in the last few hours the new website has gone live and sets out how HSBC use the service.
With an eye on reducing the potential for delays in the postal service, and to enhance the service provided to home buyers their conveyancing panel, HSBC are about commence sending instructions electronically to firms by harnessing the technologies available through Lender Exchange.
The Website states:
'Firms wanting to receive cases from HSBC will need to register for this service separately to the Lender Exchange service available for selected other lenders (eg. Lloyds, Santander and RBS). However, firms who are on the HSBC Managed Panel, Licensed Conveyancers, and those solicitors who only act in cases involving properties located in Scotland or Northern Ireland, will continue to receive their instructions from HSBC by a different route and do not need to register for Lender Exchange for HSBC at the current time'.
The silver lining is that registering as a user of Lender Exchange for HSBC is free.....for now. The portal enables firms accredited with the Law Society of England and Wales to receive instructions to act for HSBC as well as its home buying customers, subject to any other limitations that may apply.
It is rather damning that the HSBC have chosen not to use CQS or the new Law Society Conveyancing Portal as the technology partner instead opting for the the Lender Exchange.
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