Innovating Mortgage Processes: HM Land Registry’s New Pilot Program
HM Land Registry, in a groundbreaking initiative, is collaborating with top mortgage lenders to revolutionize how mortgage application updates are handled. This move is set to significantly improve the efficiency of the conveyancing process.
Ending the Chase for Mortgage Updates
Direct Access to Application Data
In a pilot program, HM Land Registry is providing 10 of the top mortgage lenders in the UK with direct access to data on the progress of their applications. This innovative service promises to be more efficient, saving valuable time and driving cost savings for both lenders and conveyancers. The service shows the status of all applications to register mortgage security, provided the lenders’ unique ‘MD’ reference is entered into the application.
Streamlining the Conveyancing Process
This new approach will eliminate the need for lenders and their panel managers to routinely contact conveyancers for updates. A weekly update shared with each lender will ensure their information is up-to-date, thereby reducing the back-and-forth communication that has long been a staple of the mortgage application process.
Industry Responses to the New Service
Leaders in Lending and Finance Weigh In
Mike Harlow, Deputy Chief Executive and Director of Customer and Strategy at HM Land Registry, emphasized the benefits of this service, highlighting the time and cost savings for the industry. Rob Stevens from Nationwide Building Society hailed it as a breakthrough moment, poised to automate the unregistered charges process and save time for both lenders and conveyancers.
Conveyancing Efficiency
A spokesperson for the Yorkshire Building Society pointed out the notorious complexity of conveyancing processes and welcomed any innovation that makes the process less time-consuming. They expressed eagerness to experiment with this new system and explore its full potential, including access to real-time Land Registry updates.
Embracing the Change
Charles Roe of UK Finance sees this initiative as a positive step toward improving the home buying and selling process. Justin Parkinson of Decision First, which operates Lender Exchange, also praised the initiative, anticipating significant streamlining in their work and that of the conveyancers they collaborate with.
Table with the List of 10 Lenders Included in the Pilot
They represent over 85% of residential lending in the UK, and the two conveyancing panel managers
Lenders |
Conveyancing Panel Managers |
| Lloyds Banking Group | LMS |
| NatWest Group | Decision First |
| Nationwide Building Society | |
| Santander UK | |
| Barclays | |
| HSBC Bank | |
| Coventry Building Society | |
| Yorkshire Building Society | |
| Virgin Money PLC | |
| TSB Bank PLC |
Looking to the Future
Expansion and Inclusivity
The pilot phase includes lenders representing over 85% of residential lending in the UK. If successful, HM Land Registry plans to extend the service to other lenders with an MD reference. This expansion would further streamline the mortgage application process across the UK, benefiting an even wider range of stakeholders in the property market.
Sources: THX News & HM Land Registry.
