LMS, a provider of conveyancing services, has successfully processed over 16,000 remortgage cases through its Decisioning and Automated Remortgage Technology (DART) platform since its launch seven months ago. DART has been integrated with seven law firms and six lenders to support automation in case processing and technological innovation. By identifying crucial information such as additional legal work or fees at the start of the process, DART adds further value for stakeholders by managing realistic expectations. Future iterations of DART will concentrate on the broker and sourcing community.
LMS’ DART Platform Processes 16,000 Remortgage Cases since Launch
LMS, a provider of conveyancing services, has successfully processed over 16,000 remortgage cases through its Decisioning and Automated Remortgage Technology (DART) platform since its launch seven months ago. DART has been integrated with seven law firms and six lenders to support automation in case processing and technological innovation.
According to LMS, the technology has the potential to automate 18% of cases, including processing cases with digital signatures from start to finish. By identifying crucial information such as additional legal work or fees at the start of the process, DART adds further value for stakeholders by managing realistic expectations.
More than half of the cases failed automation tests by fewer than three rules, with mismatches in names and addresses being the most common. However, the technology has already lowered mismatches by approximately 50%, and future iterations of DART will concentrate on the broker and sourcing community.
ONP Group’s Mark Tosetti said that DART had added “significant value” to remortgaging services, allowing the company to free up time and resources for more intricate tasks by automating much of the manual work. He further added that with the technology’s ability to assess each case’s complexity within seconds of receiving all the information, additional legal work or fees can be identified from the outset, enabling realistic and reliable completion dates.
LMS CEO Nick Chadbourne stated that DART had already achieved outstanding results, and the company is proud to drive positive change in the market with its collaboration with stakeholders. The company aims to collaborate with more law firms, lenders, and broker communities to make conveyancing even easier, quicker, and more reliable for all.
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