Augmented Property Verification Service
APVS
A data-led insurance solution that identifies title risks, planning and other perils against a lenders rules on Day 1 whilst providing protection with AA- rated insurance, de-risking the lender against associated costs and potential losses for the life of the mortgage term.
- Title risks and perils verification on Day 1 of a mortgage application enables automated instant decisions and reduces PVQs (Post-Valuation Queries).
- Data analysis identifies exceptions that fall outside of the lenders risk policy that – enabling early declinations - saving wasted operation processing costs while providing a better customer experience.
- Available for purchase or remortgage and on residential and buy-to-let for loans against one or multiple properties.
- Can be integrated seamlessly into lenders’ mortgage origination systems through our financial-grade API.
- The lender only insurance covers a broad set of insured risks including HMLR title matters, planning, Japanese knotweed, and contaminated land.
- Protects the lender for known and unknown insured risks for the duration of the mortgage (maximum term of 35 years) and can be transferred with securitisation.
- High acceptance rate for residential properties in England, Wales and Scotland.
Product
Features
Why
Currently both lender and customers expend considerable time, resources and thus carbon prior to discovering that there is a risk in the title that requires a declination. It can be 21 days + after disbursements expended before the panel conveyancer discovers the issue and the data for many of the perils APVS analyses are unavailable to the conveyancer.
APVS enables lenders to access greater certainty on Day 1, benefitting customer experience and reducing wasted legal and operating costs while the lender benefits from broad peril and title Insurance cover. The savings in operating time and costs have a direct correlation to reducing carbon emissions within the life cycle of each transaction for both the lenders and conveyancers.
For TCF purposes, certainty on Day 1 allows expedited handling and where no such issues are identified, the lenders’ APVS insurance is placed on completion covering a broad set of insured risks including HMLR title matters, Japanese knotweed, and contaminated land.
91.4
NPS Score
Trusted to deliver a ‘world class’ service. CLSPI's service rating from legal professionals in 2022
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