Lendi Group has partnered with digital settlement platform PEXA to develop a tool that provides real-time, instant updates on a settlement status.
The industry-first technology integration is set to save brokers thousands of hours per month collectively and remove the biggest concern for customers – settling their home loan and moving into their home on time.
Across the industry brokers can burn a lot of manual hours logging into lender portals and contacting banks for status updates - leaving customers facing weeks of often frustrating uncertainty, according to Lendi Group co-founder and CEO David Hyman (pictured left).
“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,” Hyman said.
“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.”
Lendi Group the parent company of retail brokerage, Aussie, widely regarded as the original disruptor in the mortgage industry, collaborated with PEXA with a combined goal in mind to better the industry, improving the way home loans are written.
The initial pilot, which went live on Aug. 12 , includes Aussie’s white label products major banks and regionals being the first lenders to integrate.
PEXA AU CEO Les Vance said the company had always advocated for solutions that deliver efficiency in the property settlement process and improve the connection and communication between the various organisations that need to work together effectively to deliver the best experience to consumers.
“Alongside Lendi’s innovation, we are excited to see greater transparency, ease of access to information, and increased productivity across the property ecosystem,” said Vance (pictured centre).
Brokers who are opted into Lendi Group’s Platform Plus support model have access to a centralised team of Client Solutions experts who provide loan fulfilment support through to settlement.
Hyman said the efficacy of Lendi’s Client Solutions model has already resulted in Lendi receiving less than half the volume of missing information requests (RMIs) from lenders compared to the wider industry.
“Now we have created increased transparency over settlement status through this industry-first technology, set to further reduce RMIs between lodgement and settlement,” he said.
Approximately 70% of the Lendi Group broker network has opted into the program, with the remainder choosing to manage their own loan administration.
One broker who has already used the tool is Matthew Rogers (pictured right) from Aussie Newtown in Sydney’s Inner West.
Rogers said the innovation helps brokers be on the front foot.
“It is a great outcome for brokers to have view of PEXA,” Rogers said. “This was previously a blind spot, with the broker being the only one in the transaction not to see this.”
Franchise settlement officer Sylvana Stepic also said that having access to PEXA data through Platform is going to be a “real time saver”.
“This will save me hours on the phone and chats,” Stepic said.
It’s estimated that this integration will eliminate up to 200,000 Client Solutions and broker phone calls to lenders per annum.
Lendi said its Client Solutions model already saves its brokers a significant amount of time, enabling them to focus on engaging directly with their customers and reducing administration.
It comes as latest MFAA data indicates that the average home loan requires twenty hours of broker input, while Lendi Group brokers are already achieving lodgement speeds four times faster.
The settlement tracker is poised to drive these productivity uplifts even further.
“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,” Hyman said.
“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.”
Lendi Group takes a highly collaborative approach to innovation, with Aussie having just launched its new app this month.
Following the latest launch, the business will invite feedback from brokers and report productivity outcomes to the broader industry.
“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,” Vance said.
