The first lender to sign up to use the portal is Nationwide Building Society’s Specialist Lending Division.
The new online portal will help lenders administer the repossessions process from the point at which
a property comes into a lender’s possession, to disposal. The system will pick up where xit2’s Repossession Exchange - which coordinates all parties involved in the actual repossession of a property - leaves off.
The Property In Possession Portal has been created to make it easier for lenders to manage third party suppliers involved in the process. It links lenders to asset managers and records all the actions they take – from getting quotes for any work that needs to be completed before sale to the advice an asset manager gives the lender on whether a property should be sold via an estate agent or auction.
xit2 says the Property In Possession Portal will produce high quality independent management information, helping lenders review performance of their panel of asset managers and demonstrate that they are treating customers fairly.
Mandy Williams, head of Nationwide Specialist Lending Collections said:
“We selected xit2 for its expertise in sending data safely and securely and their long experience in asset management. They have proved themselves a collaborative partner, developing a platform based on cutting edge technology that will deliver results in a vital part of the mortgage and property lifecycle.”
Mark Blackwell, managing director of xit2 said:
“We are very proud to be working with Nationwide, one of the industry’s most forward thinking organisations. Our Asset Management Service covers a wide range of key activities for lenders and properties in possession management, it’s great to be rolling out a new product to add to the offer so soon after the launch of the service.”
Earlier in April, Mark Blackwell announced a major overhaul of the structure of xit2 around management services for the valuations, conveyancing and asset management processes.
