Cloud-based solution reduces mortgage submission process from 21 days to 24 hours
Advanced, the largest provider of technology solutions to the UK legal market, has won the ‘Innovation (Non-Lenders)’ accolade of the Mortgage Finance Gazette Awards 2016. Advanced was presented with the award at a ceremony on 18 November held at the iconic Vinopolis in central London.
Now in their 16th year, the awards acknowledge the achievements over the past 12 months of the mortgage lending industry, from innovative products to revolutionary technology. The independent judging panel included industry experts from the Building Societies Association, the Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association.
Advanced fought off tough competition to claim the award for its Laserform Hub, a cloud-based solution specifically developed to meet the needs of law firms looking to benefit from the Government’s ‘digital by default’ strategy. The system allows secure electronic form submission to multiple Government portals from a single location, providing one place for firms to manage various agency submissions.
By offering a fast and user-friendly process from submission to completion, the Hub enables law firms to reduce the time taken to register a mortgage with the Companies House gateway from 21 days to on average 24 hours – the first solution of its kind to deliver this.
The solution’s inbuilt supervision tools reduce risk and improve accuracy by assisting firms to collaborate in teams, further increasing efficiency by eliminating paper processes and ensuring that fees are posted to the correct account. Automatic alerts and dashboard reporting metrics also allow firms to demonstrate the seamless management of this process to their lender clients, providing additional benefits that are not available through direct submission routes.
Joanne Atkin, Group Editor, Mortgage Finance Gazette, comments, “By significantly reducing the time, cost and risk of registering mortgages at Companies House, the Laserform Hub addresses a niche market need. The judges were particularly impressed by the Hub’s ease of use and that it requires no user training, plus being cloud-based the solution is quick to implement.
Doug Hargrove, Managing Director, Legal at Advanced, says, “We are thrilled to win this prestigious award, which recognises the Laserform Hub as the market leading third party submission vehicle for mortgage filing. We have ambitious plans to continue investment in this truly innovative solution to encompass additional digital submissions in the coming months to drive further efficiencies for our clients.”
“The solution gives firms greater insight and control of their day-to-day submission activities. As such, more than 95% of mortgage filings submitted using software solutions are now completed via the Hub, making it an integral part of several top 100 law firms’ standard practices.”