It is a condition of using the Omicron platform that all loans which are introduced through the platform must be documented and discharged, on behalf of the investor, by an Omicron-accredited solicitor. There are three reasons for this:
Acting competently for an investor on a private mortgage transactions requires a great deal of experience. In order gain that experience it is necessary to specialize in these transactions. Accordingly before a solicitor can obtain accreditation as an Omicron solicitor they must prove they have acted on at least 100 mortgage transactions without mishap and must act on at least 20 mortgage transactions per year through the platform in order to maintain their accreditation.
A major part of the utility investors and brokers derive from the system is being able to see, at a glance, the track record of a counterparty they are proposing to deal with. Accordingly the Omicron platform heavily relies on the accuracy of the data input for the mortgages written through it. If loans are missing, or the details are incorrect, it will reduce the accuracy of the picture being painted. Solicitors have to input all required data in order to prepare the security and discharge documents, further their professional responsibility is to be accurate in such matters, accordingly they are best suited to be responsible for inputting settled loan data into the Omicron platform. To be trained to do this correctly, or to be able do it via a API, and to have quality control and consequences for errors, it is necessary that the solicitors be Omicron-accredited.
A major part of the revenue earned by Omicron for operating the platform comes to it indirectly because the owners of Omicron, or related parties, have full or part ownership of the Omicron-accredited solicitors.