Lawyers want single panel validation system
Speaking out at the SearchFlow’s risk management and compliance seminars 100% of the legal professionals in attendance wanted a single rationalised panel validation system
Richard Hinton, business development director of SearchFlow, said: “The most pressing issue for the industry remains lender panel validation. And the feeling is clearly that a single, rationalised panel validation system would be the best solution for all parties.”
When looking at how much business currently comes to law firms through instructions from panel management companies around 5% of delegates said a minority of their business was sourced from third party panel managers with the rest (95%) saying none of their business came via this route.
Hinton said: “SearchFlow remains committed to ensuring best practice in the property transaction and the seminar series was designed to deliver all the information needed to run a successful business and to give the homebuyer peace of mind.
“The two big buzz words in the property industry at the moment are risk and compliance. Keeping up with legislative changes and requirements is a challenge for everyone and there is a huge demand for information on how people are affected.”