COMPLETIONmonitor is a unique solution for conveyancers, with multiple benefits for firms and individual practitioners
Improve Risk Management: Minimise risk, exposure to mortgage fraud, negligence and lack of registration thereby reducing the prospect of future claims.
Stay Current – and compliant – with Lender P2 Changes:
: Lender changes to the CML Handbook are broad and deep: Since 2008 roughly 1500 Part 2 Sections have been changed per year and approximately 80% of lenders have changed their requirements at least once over the last few years. Insurers and Lenders are aware that many conveyancers fail to comply with lender-specific requirements and deadlines. COMPLETIONmonitor links to specific requirements thus reducing the conveyancer’s chances of non-compliance. Users of COMPLETIONmonitor report that the 7-minute investment in completing the checklist helps them identify important issues they would have otherwise missed at least 25% of the time.
Drawing attention to lender post- completion requirements: The post-completion workflow is case-specific, and as such sets out exactly what must happen following completion, including documents to be sent to the lender or other requirements such as the registration of a CH2. This listing makes compliance with different cases far easier and more streamlined.
Reduce PI Insurance Premiums: Use of COMPLETIONmonitor can have a direct impact on your ability to obtain insurance as well as the level of premium.
Supported Insurers: COMPLETIONmonitor is recommended by a number of leading insurers and brokers, including Zurich, who now specifically ask lawyers on their PI renewal forms if they are using the COMPLETIONmonitor software.
Lender and Regulator Recognition: Lenders recognise the power of the COMPLETIONmonitor to ensure that law firms are taking risk management seriously. Law firms continue to be directed to the service via the CML (now UKF) Lenders’ Handbook webpage. Historically, the Council of Licensed Conveyancers’ (CLC) master policy broker, Prime Professionals, recommended the technology to all Licensed Conveyancers.
SRA and CQS Support:SRA and CQS Support: The COMPLETIONmonitor system generates reports to assist firms with both internal Management Information (MI) and external compliance regulations such as the SRA or CQS.
Firms using the software may reference the service in their CQS Dealing with Lenders Policy
Cost Effective: The COMPLETIONmonitor per-case cost, depending on your search provider, can be incorporated into your search bundle fee. You will need to speak with your provider about the mechanics and cost of upgrading your searches to include the service.