Update from Nationwide Building Society
We’ve recently received a number of paper COTs with conflicting information as to the dates funds are required. As we go into month-end, these inaccurate Paper COTs could impact our service levels and our members so we wanted to send a reminder on what dates to submit on the COT to prevent any confusion. Please note that Paper COTs should only be submitted in the minority of cases. We will accept a faxed/emailed COT if the case is not available to view in Lender Exchange, or where you are having problems with submitting a COT via Lender Exchange. If the mortgage case doesn’t fall into these two categories, please submit your COT electronically via Lender Exchange, as this is more efficient and accurate. If you do need to submit a paper COT, please fill in as follows: • Please put the legal completion date in the “Completion Date” field. • Where funds are required the day before completion, please either tick the box or clearly indicate you would like to receive funds the day before. • Where you do not require funds the day before completion, you can simply leave this box blank. Please ensure the above steps are being followed to help us serve you, and our members, more efficiently.
Updated on 28 October 2020 15:53
Important Update from Lloyds Banking Group
Over the last 4 weeks, we’ve steadily been moving our Mortgage Offers onto Lender Exchange for the following LBG brands: • Lloyds Bank, • Bank of Scotland, • Halifax. We started off with a handful of conveyancing firms building up steadily, and from 21st October, all Mortgage Offers issued for the above brands will be sent via Lender Exchange. This means that all requests for funds (CoTs) for those offers issued via Lender Exchange should be submitted via the system. Moving all offers and CoTs into Lender Exchange means you’re getting them much quicker than you have up until now, they are much more secure (protecting you, the bank and our customers) and you can see the progress of any transaction (such as when the CoT has been processed and have confidence that funds will be available as requested). We’re really excited about this change and hope to follow up with other LBG brands over the coming weeks. Working closely with Decision First, we hope to bring forward additional services to make the process of interacting with the various LBG brands much easier.
Updated on 09 October 2020 16:46
Nationwide Covid-19 Response - Mortgage Offer Extension Process
We are making some changes to the temporary Covid-19 Response mortgage offer extension process. We will only be considering a 90 day offer extension for cases with offers expiring up to and including 31 October. Any application with an offer expiring from 1 November 2020 onwards will not be eligible to apply for an offer extension but see ‘New build applications’ below. New build applications: Due to build delays caused by the pandemic on some new build sites, it has been agreed that 90 day offer extensions for new build properties can continue to be considered for offers, expiring up to and including 31 December 2020. Prime only - Offer Extensions should continue to be raised via the online form on the Nationwide website. The form will be amended on 1 November to reflect that this can only be used for New Build Extensions. TMW only - Offer Extensions should continue to be raised via the online form on the TMW website up until 31 October. On the 1 November the new process will be detailed on the website. Applicable to all applications: If an application has already been granted a 90 day offer extension, then no further extensions can be considered. If the applicant(s) still wish to proceed, then a new application will be required. As a reminder, all cases have a 15 calendar day grace period for completion following the offer expiry date. If the applicant(s) wish to complete in this grace period, the Certificate of Title (COT) must be received before the offer expiry date is reached. The extension request must be submitted by the customer themselves or by the mortgage broker (if applicable) or solicitor on their behalf. The only exception to this manual exception cases for example, non-simultaneous porting cases, these cannot be submitted via the online form and must go through a ring-fenced process via the sales channel. To identify these cases, you can check the mortgage offer as the case reference in the lower left corner will not start with an ‘M’. The request will undergo a series of checks to establish if the extension can be granted. The outcome of the request will be communicated by email and will be issued to the individual who submitted the request only. While we are in the window in which we are granting additional extensions to mortgage offers, Lender Exchange may show that a mortgage offer has been extended without a request being submitted. We would ask that you do not rely upon this status update, we re-iterate that a request must be submitted to extend the mortgage offer and will only be valid once a response has been issued by Nationwide. Should a request to extend the mortgage offer not be submitted we will be unable to complete on the mortgage offer post offer expiry.
Updated on 01 October 2020 16:13