Following on from my previous post regarding lender panel communications from LMS, I’ve been receiving an influx of calls and emails from conveyancing firms seeking advice on the Lender Exchange 90-Day Confirmation questions. It is clear that while these updates are a recurring requirement, they are currently causing a significant amount of uncertainty across the industry especially for now that firms are more frequently engaging with the SRA .
While the primary application and fee are handled on an annual basis, the 90-day requirement is a standard, and clever, part of the platform’s ongoing due diligence. This process ensures that the data held by mortgage lenders remains accurate and reflects the current reality of the firms they instruct.
The Strategy Behind the 90-Day Cycle
Lenders use this platform as a primary tool to mitigate risk and prevent mortgage fraud. By requiring a confirmation every 90 days, the “Lender Panel Manager” ensures, amongst other things, they aren’t continuing to work with firms whose status, professional indemnity insurance, or regulatory standing may have lapsed or changed since their last major annual review.
In short: the platform is designed to catch changes in real-time rather than waiting for an annual renewal.
The “Danger” Question: Regulatory Issues
Of all the questions on the form, one is currently causing more concern than any other:
“Has your regulator raised any issues with the firm or its partners in the last 90 days?”
In the current climate, lenders are hypersensitive to compliance failures. Any formal disciplinary action is now treated as a major risk factor. If your firm is in a position where you must disclose an issue, caution is vital. Your response needs to be honest, strategic and focused on robust remediation. A rushed, vague, or defensive reply could result in immediate removal from lender panels. You must demonstrate not just what happened, but how the firm has evolved to ensure it doesn’t happen again.
How to Get Help
I understand the pressure of maintaining panel membership while managing a busy caseload. To support firms through these specific enquiries, Lexsure has set up a dedicated help desk. If you find yourself in this position and need expert guidance on how to navigate these questions, I suggest you reach out immediately.