Electronic Issue of Loan Packs
The Conveyancing Committee has received a number of queries in relation to loan packs issuing from Nua Money Limited (trading as Núa) who have entered the market and are only issuing soft copy of loan offers.
Núa is a member of the Certificate of Title system who have recently launched a fully digital process for mortgage origination, completion, and servicing in Ireland. There is a progressive move towards eConveyancing and in due course conveyancing will be operated through a digital platform. In that regard the Conveyancing Committee has reviewed and considered this practice and are mindful of the concerns of practitioners. Núa can be distinguished from other lenders sending documents via email as you are required to register on their portal and upload and /or download documents as required. They operate on a totally digital platform up to and including drawdown. Physical title deeds will need to be sent to Núa once title is registered in order to comply with the undertaking as furnished.
The Conveyancing Committee continues to monitor the operation of this system but is mindful of the need to move towards eConveyancing.