Ecology Building Society Conveyancing Panel Information

No such training is arranged by the CML but they do arrange a number of useful legal related conferences which are attended by firms on the Ecology Building Society conveyancing panel. We do intend to run specific lender focused seminars in the near future including a webinar on Ecology Building Society’s Part 2 obligations. Practitioners on the Ecology Building Society conveyancing panel will be invited. Information about the webinar will be made available as part of the LENDERmonitor P2 change Notifications.

In operating open conveyancing panels, lenders such as Ecology Building Society face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Ecology Building Society and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

With lenders and property lawyers working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Ecology Building Society conveyancing panel but for all lender panel listings

In this situation please explain on the form what action you have taken to find out the reasons behind cancellation of your Ecology Building Society panel membership. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You would be advised to contact Ecology Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express section for lenders to enumerate who to contact to obtain standard documents. Ecology Building Society in their Part 2’s state: Don’t forget to quote the firm’s Ecology Building Society conveyancing panel reference.