JET - CONVEYANCING WITH FAULTLESS EFFICIENCY.

Log in



Forgotten password





News

5th September 2011

The CML welcomes JET, the new online compliance tool for conveyancers

The Council of Mortgage Lenders has welcomed JET, the new online compliance tool for conveyancers, as an innovative product which should help conveyancing professionals work with lenders to counter fraud and negligence.

JET, is now being rolled out with selected conveyancing firms and businesses across the UK by its developer, JET Convey.

JET incorporates the 19,500 elements of the CML Lenders Handbook (in association with First Title’s HOPP) to allow a conveyancer to achieve 100 per cent compliance with each individual lender’s criteria.

CML Director General Paul Smee said: “It is always good to see innovative products which help those involved in the housing market to counter the very real problems of fraud and negligence. JET has developed a means of helping conveyancers use our handbook which should make it easier for them to protect against these risks.”

JET  Head of Distribution Alan Dring, said: “We are delighted that the CML has welcomed JET, and sincerely believe it can help the lender and conveyancing sectors work together more effectively in the crucial fight against fraud in the mortgage market.”

Former CML Director General Michael Coogan has also welcomed the new development. He said: “The conveyancing revolution is underway and anything that supports lenders and lawyers in their fight against negligence and fraud is to be welcomed.  I wish JET well.’’

Further information about JET
When the conveyancer completes their Certificate of Title they are certifying to their lender client that they have interpreted the Handbook as it applies to their file. The questions the firm must ask are: “Has this actually been done?” and “Can we prove that it has been done?” JET can help the conveyancing firm answer positively to both these statements and undertakings.
JET will also help lenders develop their conveyancing panel criteria while allowing conveyancers to comply with the new regulatory regime which comes into force next October.

The Lenders’ Handbook and Part II requirements (for specific lenders) come to 39 pages. Currently if the conveyancer follows his or her professional duties to the letter, it can take as long as 45 minutes to review, interpret and apply the instructions to the case. JET has already digitised, analysed and filtered the data and, where possible, converted it to plain English and this journey should take only five minutes.

The legal landscape is changing beyond all recognition, with many firms positioning themselves
to compete with new and powerful competitors. Together with market liberalisation, compliance challenges, a new accreditation scheme, the threat of removal from lender panels and PI concerns, it’s no wonder that conveyancing firms of all sizes are aiming to streamline their businesses, reduce costs and improve their risk management.

By converting the Handbook queries to concise and understandable questions, JET also allows Handbook checking to be carried out by less qualified members of staff. The journey is
non-editable - save for filters – and for a case to be passed the user must deal with ALL
elements of the Handbook.

Solicitor Julian Sampson, a partner with Wright & Wright solicitors, Guildford, who helped develop the JET concept, says: “When the CML Handbook was first launched it was heralded as a welcome consolidation of lender instructions. However, among conveyancers, static, non-intuitive questionnaires and checklists became rife. Over the years, the Handbook has become difficult to track and this raises issues for conveyancers, in particular, the challenge of managing the continually varying flow of data and instructions. The development of an IT platform which streamlines this process has become an imperative to make conveyancing easier whilst bolstering the integrity of firms’ risk management processes. JET is that platform.”

JET Convey Head of Distribution Alan Dring says: “With the implications of the SRA’s Draft Supervision and Enforcement Strategy for Conveyancing casting a major shadow over the profession this year I believe this innovative product will be a significant help as conveyancers strive to gain lender panel accreditation. The JET proposition is an impressive step in the right direction for lenders and conveyancers alike.”

< back

For further comment on JET and the conveyancing market
please contact Alan Dring on 07528 201244 or email alan.dring@jetconvey.com

For further comment from a solicitor’s point of view
please contact Julian Sampson on 07725 560389 or email julian.sampson@jetconvey.com

For further comment on JET and technology issues
please contact Marilyn Cole on 01483 400608 or email on marilyn.cole@jetconvey.com


Supported by

CML
 

JET Convey Limited. Registered in England No. 07703179.

Registered office 67 High Street, Chobham, Woking, Surrey, UK, GU24 8AF.