Lender Exchange is a new scheme, which has been developed by Decision First, in collaboration with a working group of lenders, to establish a new centralised panel management system for residential conveyancing firms. The scheme is in the final stages of development, and is set to launch in the first quarter of 2014.

Essentially, it is a web portal aiming to address the issue of multiple lenders seeking similar information from law firms in order to manage their conveyancing panels. Lenders require law firms to supply them with information to satisfy regulatory requirements imposed on them. This typically includes information on the law firm's operations and the individuals who work for them.

Those lenders signing up to use the Lender Exchange will make it a mandatory condition of panel membership that firms submit information via Lender Exchange. Those lenders will be able to access the data, enabling them to independently manage their panels. Conveyancing firms will pay a single annual fee, based on the size of the firm.

The intention of the scheme is to:

• Reduce the costs and administrative burden on conveyancing firms responding to regular duplicate information requests from multiple lenders.
• Assist lenders to minimise fraud and negligence through due diligence.

The system is open to all lenders who wish to participate.

Do note that the information required by Lender Exchange, although similar to that which law firms provide to the Law Society to be part of the Conveyancing Quality Scheme (CQS), is not identical. CQS membership is therefore not an alternative to the Lender Exchange system.

There is a list of FAQs available on the Lender Exchange website.

Source: Council of Mortgage Lenders press release, New "Lender Exchange" conveyancing panel portal to launch in 2014, 25 November 2013.