What is LENDERmonitor?
LENDERmonitor is an on-line service which, on a daily basis, examines all of the published individual lender requirements from both the CML and BSA and analyses them for any changes.
How can I track changes to Lenders' policies?
Undertaking an LM04 Lender Policy Search allows you to establish if there have been any changes to lenders’ policy over a specified date range. Typically this should be carried out just prior to the request to drawdown funds and will cover the period from when the documentation on the transaction was first reviewed. This is usually about 2 to 3 months but is limited to 6 months – which corresponds to the limit imposed on a mortgage offer. If changes have occurred during the period, the Search will highlight the original and new text within the relevant sections of the Policy. Conversely if no changes have occurred the Search results will reflect this. A short while after you submit the search request, the results will be returned to you via email in PDF format.
Could I not check the CML and BSA websites for updated information on a Lender's requirements?
Whilst the CML website provides the most recent version of a lender’s individual requirements, they do not highlight the changes that may have been made over the course of a transaction. Using LENDERmonitor’s unique LM04 Lender Policy Search, one can simply and quickly ascertain, by Lender, over any date range, whether there have been changes, and if so what these are. For this reason, the CML recommend that an LMO4 is undertaken on each transaction.
Do I need set up an account?
No. There is no need to set up a user account directly with us you simply need to register your e-mail address with us so that we know where to send to search result or send alerts. Please be aware acceptance of your request to register with us is at the absolute discretion of Lexsure.
How much does a LM04 Lender Policy Search cost?
Both the Search and Alert services are offered free of charge. Other services such as our Litigation Service and Annual Report for Lenders do have fees attached to them. Please contact us by phone if you wish to find out more information about additional services.
Can I have multiple users on one account?
There is no such thing as a firm-wide account. Each lawyer that wishes to use the service will need to enter their e-mail address individually.
What if I need to check on a transaction that exchanged three months ago?
This is not a problem as you can search for all changes made by a specific lender up to three months prior to today’s date.
Does the LM04 Lender Policy Search cover BSA and CML policy changes for Scotland, Northern Ireland and The Isle of Man?
Yes, simply select the appropriate region from the drop-down menu.