Law firm speeds up mortgage process
New system improves application processing time dramatically at Goldsmith Williams
Goldsmith Williams Solicitors has reduced the average mortgage conveyancing application time from an industry average of 18 days to six days using a new portal.
The portal from BEA Systems supports the company’s mission to be the first conveyancing company to offer clients an end-to-end online experience tailored to their needs.
'Being the first to offer clients an end-to-end online experience, Goldsmith Williams is reducing application processing time, increasing data accuracy and gaining a clear competitive advantage,' said David Cannell, IT director at Goldsmith Williams.
'Our ‘GWLive.co.uk’ portal enables Goldsmith Williams to focus on service delivery and enables staff and customer teams to work more effectively together,' he said.
Goldsmith Williams Solicitors has 230 employees and a network of more than 7,000 broker companies, and is one of the largest direct conveyancing firms in the UK.
Until recently, the company’s conveyancing process was a paper-driven process. Brokers manually completed a customer application and then either faxed or mailed the documents to Goldsmith Williams for processing.
It was difficult to track the progress of each application, and at certain times error rates reached up to 30 per cent of all applications. Moreover, the manual processes meant staff devoted excessive time to meeting Financial Services Authority (FSA) regulations.
The portal gives employees and customers a single source for all documentation, data entry and application monitoring, providing users with real-time case tracking, with brokers allowed to view the progress of a particular customer application at any time during the application lifecycle.
Every application must be approved for regulatory compliance, a manual process that prior to the portal took an average of 48 hours. With the portal it is possible that each application is reviewed within one hour of being submitted.
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