ULS Technology has launched its digital Rapid Remortgage service to the broker market to speed up the time it takes to complete a remortgage or product transfer.
The service is available through the ULS Digital Move Plus suite and most remortgage cases are eligible.
It was initially launched exclusively through Openwork Conveyancing in May, and the roll-out has delivered more than 500 cases with some instructions being completion-ready in seven hours.
ULS claimed that the quickest case to reach completion so far, was done in under 30 minutes.
Cases are triaged for possible exemptions such as short leases and second charge cases before sending a starter pack which includes instructions to start conveyancing to qualifying clients.
Once the starter pack is completed and returned, the case is made ready for completion by the end of the following working day. It is also available for cashback and fixed fee cases.
Access fees quickly
The service is being delivered in partnership with solicitors O’Neill Patient, PLS, Gorvins and LPL.
Paul Shearman, proposition director at Openwork, said: “Remortgages and product transfers are currently the lifeblood for most mortgage advisers given the reduced levels of purchase business.
“The launch of ULS’ Rapid Remortgage proposition has therefore been very timely and while its early days, we have already had a number of cases complete very fast.”
Karen Rodrigues (pictured), sales director at ULS Technology, said the service would help brokers with their cashflow by allowing them to access remortgage completion fees quickly.
She added: “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.”
Shekina is a reporter at Mortgage Solutions. She has over two years experience in the B2B publishing market, with previous industries including the pet, funeral, hospitality, retail and jewellery trades.
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