Conveyancing and technology: how the two go hand in hand

The conveyancing market is booming. Proactivity levels have soared by 69% in the past four years, according to data released in July by Search Acumen, even with 11 per cent less conveyancers currently in the market. It’s becoming ever more imperative that those of us still working in the industry can cope with a heavier workload, and continue to make it a success.

As the amount of technology on offer increases, its use in different sectors grows at the same time. Technology in the conveyancing industry has improved as of late, with the rise in technology overall playing its part in enabling conveyancers to not only keep on top of their cases, but to ensure they are completed efficiently and to a high standard.

Conveyancers are, on average, now completing an extra case per week, and technology can be thanked for having a large part in this success. It can be said to be helping improve efficiency, enhancing due diligence and streamlining the processes that must be completed in the conveyancing process. But do you know everything that’s on offer to you to ensure your conveyancing career is a successful one? 

Technology and communication

Communication is incredibly important if you want the conveyancing process to run as smoothly as possible. ConveyancingBrain’s Case Tracking Guide provides an overview of the perfect method of three-way communication, between you, your client and the chosen Solicitor. The ConveyancingBrain team is also able to join in the conversation to move things along, so it can be a four-way conversation if need be.

One of the beauties of the messaging element of the case tracking is that you can also choose whether all parties or just some can see each message. On occasion it may be prudent to simply converse directly with the Solicitor without the need for the Client to view that message, thereby giving you greater control of the communication.

The Purchase Progress log on the case tracking system also shows what stage the case is currently at and helps provide confidence and information as to what activity the Solicitor is undertaking.

With all communication in one place and made simple, you can keep up with your growing workload whilst not compromising on service. The guide explains how to track your cases efficiently, with the system allowing everyone to see case updates 24/7 and alerting all parties when there is an update, request or advance in the case.

Regular updates

The brilliant thing about technology is that it means processes are now instant, and updates more frequent. ConveyancingBrain are committed to making regular updates to the system to make things easier to use and processes more simple to follow, giving you the tools you need to obtain a quote quick and easily, instruct a solicitor and complete a case.

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Automated emails and text messages (if chosen) are sent whenever a Solicitor adds a note to the Case Notes section of any ongoing cases, saving plenty of time as it means you don’t even have to log in to check your messages.

Technology also makes it easier to take on customer feedback and implement any changes to make the user journey a better and smoother one.

One change ConveyancingBrain made recently was making it possible for you to choose whether to disclose the Solicitor’s name on the quote you provide to your client. Technology allows you to choose from different options to make everyone’s conveyancing experience better.

Opportunity for more

With technology comes the ability to offer more for your customers, with the advantages for online offerings ever increasing. Downloadable guides are a handy ConveyancingBrain offering that you can use to offer additional support to your clients.

Whether it’s sharing the 10 Steps to Conveyancing with your client to help them understand the process, information to sell conveyancing to clients, or guides to help you to make the most of the system, there are plenty of free information available to ensure both you and your clients are well equipped to understand the conveyancing process.

Technology is all about making things easier

When it comes to your job, the more streamlined processes are and the easier a system is, the more likely you are to succeed. Coping with an increasing workload sounds difficult, but when you use systems at your disposal, life is made much easier.

Little Known Facts About Electronic Trading

Although electronic trading was greeted by brokers unenthusiastically upon its launch in 2003, it has since become one of the cornerstones of the mortgage industry. The simple idea, which began with our launch of Mortgage Trading Exchange (MTE), provided a way of delivering mortgage agreements in principle (AIPs), and processing applications seamlessly between brokers and lenders.

So, what’s happened since then? We thought we’d run down some facts you may not know about electronic trading, and how brokers have taken advantage of this fantastic weapon in their armoury.

Transactions have sky-rocketed
In the first year, around 150 transactions each week were being processed using MTE. Within a couple of years, this had changed to 2,500 weekly transactions, and now, there are between 4,000 and 5,000 mortgage transactions being completed via MTE – the total figure for electronic transactions via our system stands at over two million.

The mortgage sales process continues to be supported
Although some intermediaries were sceptical about it at first, electronic trading is actually designed to support brokers in completing the advice and sales process in, or away from, their office. It offers you offline access to lenders AIPs and full application forms, meaning you only need to go online to submit applications to supporting lenders.

It offers direct access to lenders
Systems such as MTE ensure that brokers can use lenders’ own application forms alongside the platform’s own generic ones. AIPs and applications sent using MTE also go direct to the lenders, without the need to pass through any other portal. It’s just like using the lender’s service, but with more flexibility.

The systems are compliant
Another worry about electronic trading upon its introduction to the industry was whether they would cope with the tough demands and requirements from the FSA/FCA. Fast forward to the future, and the systems have more than stood the test of time with regards to how compliant they are. They have faced hurdles such as MDay and the Mortgage Market Review and surfaced at the other end unscathed.

Flexibility is one of its main strengths
Electronic trading systems allow brokers to work offline and away from the internet. This means that if they client doesn’t have all the information to hand when the mortgage application is being filled out, the application can be stored and accessed at a later date. Most systems will also work with more than one sourcing system, or as a stand-alone application, to offer the broker more choice.

Electronic trading makes brokers faster
Short on time or under pressure? You’re not alone. Many intermediaries are facing the same problems; from other brokers, the internet, or customers with apps. The main problem is clear: competition is fierce, and in order to be ahead of the game, you need to be quick off the mark. Electronic trading can get you responses in less than a minute, and faster responses mean happier clients, more sales and greater efficiency.

Easy re-sending and tracking
Before electronic trading, having a client declined meant having to start an application from the very beginning in order to submit the same application to another lender. With systems like MTE, you can re-use data from a declined application and or AIP, saving you plenty of time and meaning you don’t have to fill out the same information repeatedly.

There are big names behind electronic trading
From its very beginning, electronic trading has had the support by many of the big names in banking. For example, our MTE system is jointly owned by Lloyds Banking Group, Nationwide Building Society, RBS, Virgin Money, Barclays and Santander – not only does this give you peace of mind that the system is safe and secure, it allows you to trade electronically with committed lenders who account for over 65% of mortgages provided by intermediaries.

Already using MTE? Then we’re sure you’ll be familiar with all the fantastic benefits an electronic trading system can offer you.

If this blog has made you think a little more about electronic trading, then you can start using MTE for free today. Simply download the system here, register your details, download your cookie/token, and submit your application forms. It’s as quick as that!

Online Chat

The latter half of this year saw us enhance our customer support when we officially launched our online chat service for advisers.

Online chat provides a quick, free-of-charge way to talk to one of our Customer Services team, who are on hand to answer questions almost instantly. It means advisers have an extra way in which to contact us for support, which may on occasion suit them better than calling our existing customer services phone line.
Since its launch in June, our online chat system has helped over 1,480 advisers, and the numbers using the service appear to be increasing each month.

What does online chat offer?
Our online chat facility enables advisers to contact us for free via our website with any questions they may have, or for any assistance they require.

Our friendly Customer Services team help with a myriad of queries, from help with forgotten log in details, sales enquires, and any questions advisers might have with regards to all of our Mortgage Brain systems.

When is the service available?

Online chat is available during our normal Customer Services working hours, and from 10.00am on a Wednesday morning to allow for training.

When you visit our website, after a few seconds the online chat box will pop up at the bottom of your screen. Or you can initiate a chat yourself, by clicking on the top of the box with the ‘Can we help?’ button, appearing in the bottom right-hand corner of your screen.

Advisers are able to email themselves a transcript of their chat, ensuring that they have all details they need on file should they require similar assistance in the future.

Why did we decide to offer this service?
In a world where everything is instant, we want to ensure that we provide a service which is in keeping with the fast-paced environment we operate within.

The online chat facility is yet another way in which our customers can get in touch with us. It both complements and enhances our traditional helpline, and the online support in terms of guides and videos already available via our website.

Mark Lofthouse, our CEO, states: “The new online chat facility is part of Mortgage Brain’s proactive commitment to supporting advisers and providing excellent customer service.”

“I’m delighted that those who have already used the service have found it useful and continue to use it as an alternative to the traditional telephone service when it suits them better.”

To use our online chat service, please visit our website www.mortgage-brain.co.uk and let us help you!