Xit2 wins Nationwide receivership website contract

Xit2, the online property data network, has launched the LPA Exchange, a new web-based platform to help lenders manage properties in possession under the LPA receivership process.

Lenders will be able to control the distribution of properties to receivers then manage the receiver’s work from the initial instruction to full possession.

Receivers will report on tenancy type, rental income and arrears, and vacancy - and record when they have served notice and trespass proceedings. The platform will send receivers automated emails, instant updates, and reminders providing lenders with reports on rental yields and arrears, property administration costs and a comprehensive action history. Lenders can then use the platform to record questions on the serving of notice and trespass proceedings.

The platform was developed in conjunction with Nationwide Specialist Lending, part of the Nationwide Building Society. It will become fully operational in January 2010.

Xit2 claims that, by controlling the allocation of instructions, lenders will benefit from better quality work, as LPA receivers will be fed a controlled, steady stream of business while the platform’s invoicing modules will lower administration costs. It also claims the platform will speed up the collection of data and that the quality of information provided by the platform will allow lenders to make better decisions about the future of the property.

Mandy Williams, head of Nationwide specialist lending collections said: “The LPA Exchange is going to be hugely important to lenders. Without an online system in place to control receivers, lenders can have little idea about various stages of the process. This platform will link receivers and lenders more closely and will provide lenders with crucial information to make better decisions about the property’s future.”

Mark Blackwell, managing director of XIT2, said: “We are delighted Nationwide chose us after a competitive pitch and look forward to taking this to market in the New Year. The LPA Exchange builds on Xit2’s broad portfolio of innovative products but it also marks a change in our approach. We are now helping lenders address the challenges generated by the economic downturn. There are a lot of activities lenders need to know about when they appoint an LPA Receiver – the process can often become one big paper chase. This platform streamlines the procedure and makes it more efficient for them. The fact the invoicing modules will lower administration costs should make it a no brainer for lenders.”