Six months after having taken charge, Blackwell has said he is refocusing the company around three core service areas: Asset Management; Valuation Management; and Conveyancing Management.
The three services are designed to allow lenders to mitigate risk by creating a panel of professional service suppliers, be they conveyancing solicitors, surveyors, asset managers or arrears counsellors, and then manage those suppliers online.
xit2 says lenders will be able to track all work undertaken and bring improved third-party oversight to the property processes, as well as provide lenders with better management information without compromising internal controls. It also promises all data exchanged between parties will be transmitted swiftly and securely.
Mark Blackwell says:
“Historically, xit2 has been a wide collection of data exchange products bundled together under one roof. We’re refocusing the company on these three areas in response to client needs. xit2 will demonstrate it has much more to offer to new and existing customers. It leverages the breadth of our product range and highlights the depth of our lender proposition. We can still help lenders monitor the distribution, allocation, and management of work to all their suppliers throughout the lifecycle of a property.
"But each of our new online services is organised to do more. We can now use our services to help lenders avoid fraud, create tangible efficiencies, and demonstrate an auditable trail of activity and communication that has TCF and third party oversight at the heart of its design.”
The flagship service is the new asset management service which aims to help lenders manage possessions, the LPA process for buy to let properties, and arrears. Whilst xit2’s Asset Management service is a standalone platform all three services – Asset, Valuation and Conveyancing interconnect creating a more powerful and slick service for lenders.
Mark Blackwell, managing director of xit2, said:
“With the time to sell a repossessed property reaching up to 200 days, the communication between lenders and asset managers is only set to increase as asset managers spend longer selling and maintaining repossessed properties. It makes the launch of our asset management service very timely indeed.”
The valuation management service is designed to offer a system to keep on top of surveyors’ professional indemnity insurance, a platform to manage the distribution of EPC’s on behalf of surveyors, alongside xit2’s Valuations Exchange for the management of property valuations which includes providing lenders with independent performance and status management information.
And lenders will be able to distribute and manage the conveyancing process safely and securely via an online portal using the conveyancing management service including managing solicitor panels for lenders in the fight against fraud.
