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Bev Bradford: There are challenges with a client who receives the legal package, whether it`s via email or mail, and they think, why do I have this? Who are these people writing to me about my mortgage? When you`re dealing with thousands of intermediaries, can`t you tell them all, can you explain the transfer process a little better? We can do this with our direct channel, but not with established companies. Our fast and cost-effective legal advice is ideal for real estate brokers for residential or commercial purposes. Selling and buying private property is a daunting task for people as it involves very large and complex documentation of the transaction. Our real estate lawyers understand the frustration and discomfort caused by the transfer process and therefore take on the entire task on behalf of the client with the utmost responsibility. There is an issue surrounding the legal treatment that can be mitigated by technology. There are human processes in our industry that should not exist. When I talk to our lenders, they have mature robotic process automation (RPA) programs. We must therefore examine why the legal sector is not more willing to accept this kind of change. In relative terms, the digitization of the fee-based mortgage process is not yet mature. Maria Harris: If the lender can make the execution-only mortgage so simple and straightforward while resolving the transfer, you could see a seismic change in the number of mortgages, because it would be just as easy to switch lenders as it would be to change product transfers. And you may find that this is one of the drivers to invest in how we correct the transfer. Aaron Shinwell: There are about five times as many product transfers as book-to-pound mortgages.
If you make a digital transfer service smooth and painless, the possibility of debt restructuring is significant. We do what is necessary to facilitate a transfer of capital. Discuss your needs with our lawyers during a free initial consultation and we will tell you all about how we can help you. One of the worst experiences of my life. Optima legal was recommended by the lender. It was a nightmare for me to get information from them. Each time, I have to push them to move the case. Due to their incompetence, they were unable to complete the mortgage on time. The staff is very inexperienced and does not bother to read the “PLEASE AVOID FOR PEACE OF MIND” NOTES.
Read the full review Right now, we have our own customer journey and while some lenders are more involved in shaping it than others, it`s not consistent. A lender`s customer journey ends the moment they switch to a legal provider. No one has white-labeled its fee-based process, and while I can understand the sensitivities, I could try harder to balance the tone of voice, service culture, or even the house`s lettering styles. Mark Tosetti: For example, we will make it clear at the outset that if the borrower divorces and a transfer of equity is necessary, additional fees will apply and independent advice may be required. Too often, this is a point of frustration for a customer who perceives the service as free. The worst service I`ve ever received from a company, not just lawyers. I asked them to make a net worth and mortgage transfer on my property, it took over 4 months instead of the planned 4-6 weeks! The only reason I managed to close before my mortgage offer expired was because I was spamming the portal mailbox with 60 messages a day. I downloaded all my documents on time, but they don`t do anything with them unless you pursue them. They would ignore messages on the portal for weeks and refuse to take calls, as others have also written in reviews. If they answered on the portal, the matter still wouldn`t really progress, they would find general excuses, and ignore my questions about what the status quo is. I had to remind them that this was not a favor they had done me, but actually a service I paid for, so I don`t expect to wait 3 weeks for a reply to a message.
I`m a pretty close person, but after the experience I had with Optima, I would recommend spending more money and hiring a competent lawyer instead. If you have the same problems, the only thing I can suggest is to notify them relentlessly and be a nuisance, because they certainly will not work on the matter if they are left to their own devices. Craig Underwood: If there is the appropriate level of cooperation between the legal provider and the lender, then I think up to 70% of mortgages are eligible for straight-through processing. The balance will be made up of cases that have limitations, complexities and weaknesses that require human intervention. Non-personalized legal advice for mass production. They do not have a permanent clerk, the specialists “work” on a rotating basis on the file, which does not create a sense of personal responsibility. Also, don`t expect a call from them. Read the full review Remortgage and Product TransferMichael Conville: There are customers who choose to stay with their lender because they have had a good customer experience. Many lenders are focusing on custody and less on mortgage activities than before. So if you want to grow the mortgage business, you need to take a step back and rethink the customer journey to make it as easy as possible, based on what you can do from a product transfer perspective.
And that, as we have all said, will depend heavily on cooperation among key stakeholders. I am currently remortgaging with NatWest and using Optima Legal through them, the mines were also a bit more complex than the transfer of shares, which I paid extra for Optima. All they are waiting for is a withdrawal statement that the company sent out 10 days ago, and I received one in the mail. But my portal has not been updated.