ULS Technology has launched its Rapid Remortgage tool to the broker market.

The system, designed to speed up the remortgage process, is available through its DigitalMove platform and was launched exclusively through Openwork Conveyancing in May.

ULS says that many remortgage instructions are ready to complete within seven hours and the fast turnaround has been 30 minutes.

The average time it takes for a full completion is less than 15 working days and the quickest full completion so far has been four days.

Rapid Remortgage first scans applications for any issues that would fall outside its criteria such as short leases or borrowers seeking second charge mortgages.

Qualifying applicants then receive a pack to complete and return and the case is prepared for completion the following working day. 

It  is delivered in partnership with solicitors O’Neill Patient, PLS, Gorvins and LPL, with some firms already receiving over 30 cases a day.

Openwork proposition director Paul Shearman says: “Remortgages and product transfers are currently the lifeblood for most mortgage advisers given the reduced levels of purchase business. 

“The launch of ULS’ Rapid Remortgage proposition has therefore been very timely and whilst its early days, we have already had a number of cases complete very fast.  

“The fact that it is also available for cashback and fixed fee cases, as well as standard remortgages, is a real plus, providing our advisers with the opportunity to earn income and delight a wide spectrum of clients.”

ULS sales director Karen Rodrigues says: “Rapid remortgage is a game changer.  

“We have been working very closely with our top conveyancing firms to deliver this proposition that benefits everyone – the conveyancer, the client and, of course, the intermediary. 

We are offering clients the peace of mind that legally there is no reason why their remortgage cannot take place sooner than expected. 

“We have had fabulous feedback from our conveyancing partners as well as the intermediary sector.

“This service means we will get you and your clients to completion quicker than ever before which really helps with broker cashflows – and from an intermediary viewpoint that has never been more important.”