Lender Audit
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Lender Panel Membership: How Conveyancing Firms Can Manage the Risk
Lender panel membership is vital for conveyancing firms, impacting existing and new client relationships. Effective risk management involves accurate information, supervision, and compliance with lender instructions. Firms must document changes and be prepared to respond to inquiries with evidence of their practices. Accreditation alone doesn’t assure ongoing membership; compliance is crucial.
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The Pandemic Induced Panel Cull
Research indicates the UK property market may face a significant value decline and increased repossessions due to a COVID-19 recession. Conveyancing firms could suffer, facing scrutiny from lenders focused on offsetting losses. Proactive lender compliance audits are suggested as a means to mitigate risks and ensure firm resilience in challenging times.