Primrose and LMS have formed a partnership to provide intermediaries using the Evaluate online system with a streamlined conveyancing process.
Last week Primrose launched a 99 valuation and legal fees deal to coincide with Evaluate’s official unveiling.
By integrating its systems with LMS, Primrose says all remortgage applications entered into Evaluate will automatically be transferred to an online application process at which point the legal process will kick off.
Dominic Toller, director of marketing and new business at LMS, says: “The system verifies data against information on an application form which is then sent to a legal firm. It also produces a questionnaire so our customer services staff can call clients and confirm details. On day one, a huge chunk of the work is done.”
Kevin Friend, strategic partnerships director at Primrose, says: “We have streamlined the conveyancing process and reduced the time from remortgage application to completion. We will continue to develop this proposition next year and eventually offer 48-hour completions.”
Friend warns that other packagers will have to bear the costs of competition as technology advances. He says that unless they follow suit and invest in technology they will find themselves priced out of the market.
Keith Street, director of sales at Kensington Mortgages, says: “In Evaluate, Primrose has recognised that using technology to enhance service standards is as important for distributors as it is for lenders.”