ULS Technology has launched its digital Rapid Remortgage service to the broker market.
The service is available only on ULS’ DigitalMove platform as part of the new DigitalMove Plus suite of functionality, with most remortgage cases being eligible.
Initially launched exclusively through Openwork Conveyancing in May, the subsequent roll-out to the market has already delivered over 500 cases with instructions often being completion-ready within seven hours.
The quickest case to reach this completion-ready state so far did so in under 30 minutes.
To date, the average ‘full completion’ for qualifying cases is less than 15 working days and the quickest full completion so far has taken just four days.
Paul Shearman, proposition director at Openwork, said, “Remortgages and Product Transfers are currently the life-blood for most mortgage advisers given the reduced levels of purchase business.
“The launch of ULS’ Rapid Remortgage proposition has therefore been very timely and whilst its early days, we have already had a number of cases complete very fast.
“The fact that it is also available for cashback and fixed fee cases, as well as standard remortgages, is a real plus, providing our advisers with the opportunity to earn income and delight a wide spectrum of clients”
The Rapid Remortgage quickly triages cases for possible exemptions (such as short leases and second charge cases) and qualifying clients receive their Rapid Remortgage Starter Pack.
Once completed and returned, the case is made ready for completion by the end of the following working day.
The Rapid Remortgage is delivered in partnership with solicitors O’Neill Patient, PLS, Gorvins and LPL, with some firms already receiving over 30 cases a day.
Karen Rodrigues (pictured), sales director at ULS Technology, said, “Rapid Remortgage is a game changer. We have been working very closely with our top conveyancing firms to deliver this proposition that benefits everyone – the conveyancer, the client and, of course, the intermediary.
“We are offering clients the peace of mind that legally there is no reason why their remortgage cannot take place sooner than expected. We have had fabulous feedback from our conveyancing partners as well as the intermediary sector.
“I would like to thank Openwork for working with us on our Rapid Remortgage and we are now excited to share this with all our intermediary partners.
“This service means we will get you and your clients to completion quicker than ever before which really helps with broker cash-flows – and from an intermediary viewpoint that has never been more important.”