LMS, the UK’s leading conveyancing services provider, has today announced that its Decisioning and Automated Remortgage Technology (DART), has already processed more than 16,000 remortgaging cases.
It has reached this milestone seven months after the initial launch, and LMS is now collaborating with seven law firms and six lenders to process cases and support further innovation and iterations of the technology.
The initial roll out of DART suggested 18% of cases processed could be automated in a frictionless process from instruction to completion when digital signature is utilised. By determining crucial information at the outset, including any additional legal work or applicable fees, it was clear there was significant potential to add further value for stakeholders, including the borrower, by allowing realistic expectations to be set early on.
In addition, data from DART’s decision engine has already allowed LMS to identify key trends in common reasons for cases to require manual intervention and therefore address them and extend automation further. 54% of cases failed the automation test by less than three rules, with address and name mismatches across multiple data sources being the most common, accounting for 15% of failures.
As a result, LMS built two new services to overcome these mismatches by completing smart commonality searches and with the ability to push data back to the lender at the point these issues were identified. Failures due to names and address mismatches have already decreased by 50%.
Further iterations of the technology will focus on the broker and sourcing community to allow for greater transparency across all parties and an enhanced customer centric journey.
Mark Tosetti, Group Partnership Director at ONP Group, said:“DART has added significant value to our remortgaging services and processes, allowing us to fully automate much of the manual, time-consuming work and thereby free up time and resources to focus on more intricate tasks.
“With the technology assessing each case’s complexity within seconds of receiving all the information, we now know of any additional legal work or fees from the outset, enabling us to make the client aware and allowing us to set realistic and reliable expectations for completion dates. We look forward to benefiting further from DART as it develops and continuing to see more great results.”
Nick Chadbourne, CEO at LMS adds: “We have already seen outstanding results from DART, and I’m proud of the LMS team for really driving positive change in the market in collaboration with all stakeholders. But the work doesn’t stop here! It’s really promising to see that the tech has already seen vast improvements with its second iteration increasing the number of cases that qualify for automation further still. We look forward to collaborating with more law firms, lenders and broker communities to keep on this upward trajectory and make conveyancing even easier, quicker and more reliable for all.”