LMS has launched LMS DART – its Decisioning and Automated Remortgage Technology – designed to simplify the lender instructed remortgage journey.
It launched with Integrar and O’Neill Patient Solicitors before being rolled out to additional firms and lenders after a BETA programme saw the completion of the first ever automated remortgage.
The purpose-built software works with firms to enable the end-to-end automation of simple cases from the point of information being received to post completion workflows, minimising the need for manual intervention.
It allows each case to be individually and quickly assessed for complexity so that all stakeholders are aware of any additional legal work, fees and documents that may be required as part of the transaction. As such, any additional information can be requested immediately rather than later down the line when delays will ensue.
In turn, the law firm will be able to set realistic completion dates, with appropriate cases being progressed through automated case processing and more complex cases being assigned to a specialist team.
Subsequently, all cases can progress more quickly with senior staff having more time to focus on cases that need manual intervention, reducing risk and ensuring law firms maintain the appropriate level of oversight on each case.
LMS said that BETA testing showed that at least one in eight remortgages could be completely automated in this way, the number will increase as the product develops with the aim of automating one in four remortgages.
Nick Chadbourne (pictured), CEO at LMS, said: “The level of remortgage activity expected in the next six months will push law firms and lenders to the limits of their capacity through no fault of their own. Activity will increase as we approach the next mortgage product maturity peak and the news of rising rates will only exacerbate this. We wanted to take action to protect all parties – consumer, law firm and lender alike – and completing the first ever automated remortgage is a huge leap forward.
“The complex software allows cases to be assessed at the outset with a level of accuracy not seen in the industry to date and the automation of simple cases in this way will have a huge positive impact – even cases that cannot be automated will be improved as the decisioning software highlights the legal work required as well as allowing specialists more time to dedicate to them.
“This is a milestone development, not just for LMS but for the whole industry. It has the power to transform the remortgaging journey, with everyone standing to gain from tech designed to minimise manual processing, give the most accurate information possible and make the journey as simple as possible for the borrower. This is all possible now, with the development and enhancement of the product to follow on a continuous basis.
“We’re proud of how our team and partners have collaborated to bring this to market, and looking forward to seeing the results we know it can deliver.”