Three major lenders have agreed to adopt a centralised lender panel management system that will relieve conveyancing firms of the need to make repeat applications. The Lender Exchange will launch early next year, creating a single panel management and data application process operated and owned by Decision First.
The company will validate and collect data from firms and make that information available to participating lenders. Participating lenders will mandate the service as the sole means to submit a panel application to them.
Fees will be payable according to the number of partners at a firm. Payment of the fee will not guarantee that an applicant firm is admitted to any of the participating lenders’ panel.