Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Smarter Panel Oversight Key to Smoother Property Transactions
The government's recent home buying reforms have prompted industry debate about making property transactions faster, more transparent, and less prone to delays. A report by Mortgage Solutions highlights that while much attention has focused on digital data sharing and information flow, the performance of conveyancing firms also plays a significant role in transaction efficiency.
Historically, panel management for conveyancers has centred on compliance, ensuring firms meet regulatory, professional, and operational standards before acting for lenders. However, the report notes that meeting these requirements does not necessarily reflect how efficiently cases progress or how quickly legal enquiries are resolved.
As lenders seek greater operational efficiency and consumers expect smoother home buying experiences, understanding the day-to-day performance of conveyancing panels is becoming increasingly important. The report points out that consumers rarely distinguish between lenders, conveyancers, or brokers when delays occur, often turning first to brokers for updates. This situation can lead to brokers spending considerable time chasing information from multiple parties.
The report also discusses the growing role of technology in panel oversight. Technology now enables lenders to monitor panel performance in greater detail, identifying patterns in legal enquiries, response times, and capacity pressures. This allows operational teams to spot trends and address issues before they escalate, supporting both lenders and conveyancing firms.
Improved oversight and communication can help resolve problems earlier in the mortgage process, reducing the time brokers spend chasing updates and helping set more realistic expectations for consumers. The report suggests that better panel management benefits all parties involved in the property transaction process.
Source: Mortgage Solutions