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PEXA has teamed up with a major aggregation group to offer brokers real-time updates on settlements, thereby reducing administrative burdens.
Digital settlement platform PEXA has joined forces with Lendi Group to provide brokers with a tool that offers real-time, instant updates on a settlement status.
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The technology integration aims to overcome one of the major frustrations that brokers face following loan lodgement: difficulties and delays in tracking a loan settlement.
The first pilot of the new technology began last week (12 August), with Lendi Group brokers (including Lendi and Aussie brokers) now able to track settlements for three of the major banks, five regional lenders, and Aussie’s white label products. More lenders are expected to come online in the near future.
By giving brokers and their customers greater oversight on how their settlement is progressing, the technology eliminates the need for brokers to repeatedly call the lender/conveyancers for status updates.
For example, brokers will be able to see whether both the incoming and outgoing lenders have accepted the settlement date (as well as the vendors) and which documents are finalised/being prepared.
Customers will also be able to see a snapshot of their settlement status and confirmation of their settlement date and time, as well as whether any more documents are required to complete.
According to Lendi Group, the new technology will eliminate up to 200,000 broker phone calls to lenders per annum.
The technology can also identify whether there is any missing information in applications before they are lodged, reducing delays and requests for further information.
Speaking of the new tech, Lendi Group co-founder and CEO David Hyman said that brokers currently “burn a lot of manual hours logging into lender portals and contacting banks for status updates – leaving customers facing weeks of often frustrating uncertainty”.
He said: ”Through our Lendi Group and PEXA Integration, the settlement tracker now integrates seamlessly with our proprietary technology platform so brokers can access the latest information in real-time, and proactively update their customers.
“It’s an important move for customers, removing the frustration of waiting for settlement news/information and allowing our customers to concentrate on what is most important – moving into their new home – on time.”
The CEO of PEXA Australia, Les Vance, said: “PEXA has a strong track record of working constructively to connect businesses in a way that enables transactions to be implemented more efficiently and improve communication between the parties to the transaction. We are excited to be extending that through collaboration with Lendi Group and some of our key banking customers.
“We look forward to harnessing Lendi Group’s technology and innovation capabilities, developing a solution that will improve the efficiency of lending processes and deliver a better experience for our customers, for Lendi brokers, for consumers and wider property ecosystem.”
The two companies will be inviting feedback from brokers following the initial pilot and reporting productivity outcomes to the broader industry as the technology rolls out across the Lendi Group.
Vance said: “PEXA is committed to ‘innovate for good’, and alongside Lendi Group, look forward to evolving and continuing to improve the process and then expand on it to benefit the home loan industry across the nation.”
Hyman said that Lendi Group had been delivering a range of offerings to brokers to ease the administrative burden and reduce requests for missing information, including its Platform Plus support model, adding that the “industry-first technology’ will further reduce missing information requests between lodgement and settlement.
“This collaboration with PEXA is a vital step in our path to supporting brokers to achieve a deal a day and build thriving, scalable businesses. Ultimately, unlocking productivity gains at all stages of the loan process places valuable time back in our brokers’ day, so they can help more Australian homebuyers,” Hyman said.
[Related: NSW and Qld look to recommence interoperability despite ‘pause’]
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