First Title supports CML Lenders' Handbook
31 March 2011
First Title Insurance plc, the leading provider of legal indemnities, has joined forces with the Council of Mortgage Lenders (CML) to support the CML Lenders' Handbook.
The latest version of the handbook has been produced in association with First Title's recently launched Home Owners' Protection Policy (HOPP®), providing CML's 108 members with the opportunity to access information about the HOPP quickly and easily.
"We are very happy to maintain a close working relationship with First Title in this initiative," said Jennifer Bourne, CML Senior Policy Adviser.
The HOPP was introduced by First Title in September 2010 in response to the growing need to provide consumers and lenders with enhanced protection against the many known and unknown risks that can occur when buying and owning residential property.
The policy complements and supplements the existing process of legal due diligence and works hand-in-hand with best practice conveyancing. Significantly, the HOPP covers key risks such as fraud, boundary disputes and seller misrepresentation. It offers 'no fault' protection, substantially speeding up the claims process and shifting the burden of risk away from solicitors and licensed conveyancers.
Around 120 law firms are already regularly buying the HOPP on behalf of their clients and over £100 million of residential property is now quoted or covered by the policy.
"We're delighted to be working with the CML and to support the all-important Lenders' Handbook. This is a powerful platform for us to help lenders understand how the HOPP can benefit them in their lending decisions. We very much hope lenders will take advantage of the opportunity to learn more about the policy," said Dan Godsall, Distribution Director, First Title Insurance plc.
Notes to editors
Council of Mortgage Lenders
The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.4 million mortgages in the UK, with loans worth over £1.2 trillion.
First Title
First Title Insurance plc offers expert risk management solutions and specialises in the provision of legal indemnity insurance to solicitors and property professionals involved in residential and commercial real estate transactions.
With a successful 20-year track record in the UK, First Title has in-depth knowledge of the risk management market and emerging trends and issues.
First Title Insurance plc is a wholly owned subsidiary of the First American Financial Corporation which includes the First Title Limited group of companies which provides a wide range of processing, conveyancing and property services.