OneSearch Direct Urges Transportation Agents To Be Very Vigilant With Lender Handbook Requirements

OneSearch Direct, the UK’s largest local search data company, urged transport agents to be cautious when checking for updates to Lender Part II inquiries, after It has been reported that a significant number of changes have been made to lender requirements over the past year. In light of the economic uncertainty, OneSearch believes that an increase in unemployment and repossessions could mean that lenders could seek to target transport agents to recoup any losses.

Navro Compliance reports that on 250 lenders:

  • 75 lenders updated their requirements in 2020
  • 62 lenders have updated in 2021 so far
  • There have been 130 questions updated in the last 30 days

Navro, who initiated the LC-5 Lender Verification Report, also states that while they recommend transport agents perform a lender verification on appraisal day and, at a minimum, just before the exchange to ensure that there has been no change, the data suggests only one check is carried out. With the constant changes to the Lender’s Handbook Part II, transport agents are vulnerable to IP claims.

To help mitigate the risk of non-compliance, OneSearch Direct is doing the LC-5 lender check available to all customers. This report clearly highlights any changes in the requirements of Part II of the Lender’s Manual for affected lenders within a specified date range. It also indicates whether there has been any change. So if you are audited you have a simple, visual record of your compliance. With LC-5 lender check UK Finance Part II requirements are queried 4 times a day.

Lidia Quinlan, Sales Manager, OneSearch Direct, comments:

“The importance of verifying the requirements of the lender manual cannot be overstated, as failure to do so may result in the failure of a commissioned external lender audit. Such failures leave law firms exposed to insurance claims, panel strike and potential SRA action, not to mention reputational damage that no price can be set.

“Having to constantly monitor changes to the lender’s manual puts even more pressure on transport agents who already have their plates full at the moment. This is why we are delighted to be working with Navro to bring LC-5 Lender Checker to our customers. It allows you to refresh results up to 5 times per case – particularly useful at this time with longer transaction times – and the report is presented clearly for ease of interpretation, to be kept in your file for future reference. ‘audit.

Mike Georgiou, Director, Navro Compliance, comments:

“Switching to UK Finance means lenders have access to changes to their Part II 24/7, and it appears they do this on a regular basis. The fact that UK Finance does not keep a database of when changes are made means that it is up to you as the transport agent to keep yourself informed.

“The LC-5 lender’s check is synonymous with peace of mind, convenience and precision. Because it was developed through carriers for carriers, the LC-5 report ticks all the boxes and gives you the confidence that you are embracing the latest changes. Not only that, but you can standardize best practice procedures for intra and inter-branch compliance.

For a limited time only, OneSearch is offering a free LC-5 Lender Check to Transportation Agents. Click here to claim your free LC-5 report.

FREE WEBINAR

Update of the lender’s manual for carriers
Tuesday 13e April 2021 at 1:00 p.m.

OneSearch Direct and Navro are offering all transportation agents a free webinar to review the frequency of manual changes and discuss the importance of getting updates before submitting your certificate of title. We will also discuss the need to keep evidence on file for any IP or audit issues and to minimize the risk to your business.

Register for this webinar here.

If you are unable to attend this date but would like to check in later, please click here.

To learn more about the LC-5 lender check, call the service introduction team on 01782 433 270 or send an email [email protected]. You can request sample reports by clicking here.

For more information on OneSearch Direct, visit onesearch.direct or call the head office on 0800 052 0117.

About Nell Love

Check Also

Northwest Pipe Company announces the acquisition of Geneva Pipe Company, Inc.

Leader in water transport pipelines acquired Utah-based precast concrete maker for $ 49.4 million VANCOUVER, …

Leave a Reply

Your email address will not be published.