Law of Property Act 1925 (LPA) receivers are appointed to take charge of a mortgaged property by a lender whose loan is in default, usually with a view to sale or to collect rental income for the lender.
The distribution of such instructions from lenders has historically been a manual process but now, the enhanced Charlbury Group system will allow lenders to electronically instruct LPA receivers by transferring the data directly into their own workflow systems. This means no rekeying which removes time, cost and the opportunity for errors.
Paul Duckworth, director at The Charlbury Group said; “This was a natural extension to our Arrears Management System which now links over 27 firms in the mortgage sector and has proved that integrations between firms’ individual workflow systems provides a number of benefits not least the removal of errors as no re-keying is required.
“It is crucial to the success of such systems that they should support but not dictate how firms choose to work, and with full integrations in place this means that LPA receivers can continue to use their own internal systems.
“Additionally, lenders are very keen to assess and evaluate their suppliers on an ongoing basis in support of TCF and the independent management information provided by the system will allow them to do this."
