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The Lender Exchange is a secure web portal. The portal addresses the issue of multiple lenders seeking similar information from law firms in order to manage their conveyancing panels.
Whilst lenders will decide which firms they will appoint onto their panel, those lenders signing up to use the Lender Exchange will make it a mandatory condition of panel membership that firms submit information via Lender Exchange. Why are more large lenders not signed up?
Firm already registered with Lender Exchange – once logged in the firm simply need to navigate to the Panels screen and select the relevant lender by ticking the checkbox. After ensuring all information is up to date the application should then be submitted via the Home page.
Firms are charged on an annual basis to cover a 12 month period. Firms applying to join part way through the year will be charged for the portion of the year remaining until the renewal date. The charge covers annual renewal to the Lender Exchange which lenders (who are signed up to it) will rely on for administering their panels. How do firms pay?