Sunday, 10 May 2020

No Lender Lockdown When it Comes to Handbook Changes

In the last three months Lexsure has witnessed significant activity by lenders changing their Handbook requirements. Whilst firms currently encounter a slowdown in activity from buyers and sellers there is no hold-up in lenders revising their instructions to law firms.
Here are some of the facts and figures:


Lender
Sections Changed
Separate Events
Barclays Bank UK PLC
27
2
Halifax
3
1
Aldermore Bank 
12
4
Coventry Building Society
3
2
Lloyds
2
1
Atom Bank
13
3
HSBC
1
1


During the same period there has been a significant uptake in services such as LENDERmonitor. I can only assume that this is due to anticipated file requests checking for Handbook breaches. Enquiries by firms concerning the LM04 lender policy search increased by 300% compared to the same period last year. 


55% of LM04 searches in the last two months revealed lender changes. The most searched lender was HSBC. 


With the end of the lockdown approaching and with a large number of transactions having been put on hold, there will be an inevitable rush to submit Certificates on Title to lenders. It’s easy to get tripped up and miss a Handbook change. Now is not the time to cause serious and irreparable damage to your firm by failing to identify changes to a lender instructions.    

No comments:

Post a Comment