xit2, the online and property data network, has launched a new product, the Property In Possession Portal as part of its new asset management service.
The first lender to sign up to use the portal is Nationwide Building Society’s Specialist Lending Division.
The new online portal will help lenders administer the repossessions process from the point at which a property comes into a lender’s possession, to disposal.
The system will pick up where xit2’s Repossession Exchange – which coordinates all parties involved in the actual repossession of a property – leaves off.
It links lenders to asset managers and records all the actions they take – from getting quotes for any work that needs to be completed before sale to the advice an asset manager gives the lender on whether a property should be sold via an estate agent or auction.
Mandy Williams, head of Nationwide Specialist Lending Collections says: “We selected xit2 for its expertise in sending data safely and securely and their long experience in asset management. They have proved themselves a collaborative partner, developing a platform based on cutting edge technology that will deliver results in a vital part of the mortgage and property lifecycle.”
Mark Blackwell, managing director of xit2 says: “Our asset management service covers a wide range of key activities for lenders and properties in possession management – it’s great to be rolling out a new product to add to the offer so soon after the launch of the service. And we are very proud to be working with Nationwide, one of the industry’s most forward thinking organisations.”