Lendi Group and PEXA spark industry-first innovation removing settlement frustration

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.

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.

PEXA AU CEO 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.”

Lendi Group Co-Founder & CEO, David Hyman, said: “Right now, 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.

”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 initial pilot goes live on August 12th, with Great Southern Bank, NAB, Westpac Group, and Aussie Home Loans being the first lenders to integrate.

“We have 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,” adds Mr Vance.

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.

Lendi Group CEO David Hyman adds “The efficacy of our Client Solutions model is already seeing us receive 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.”

Approximately 70% of the Lendi Group broker network has opted into the program, with the remainder choosing to manage their own loan administration. It’s estimated that this integration will eliminate up to 200,000 Client Solutions and broker phone calls to lenders per annum.

Client Solutions already saves Lendi Group 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. 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,” adds Hyman.

Lendi Group takes a highly collaborative approach to innovation, and following the initial launch, the business will invite feedback from brokers and report productivity outcomes to the broader industry.

Mr Vance concludes “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.”

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Media contacts

Lendi Group
Penny Mahon
penny.mahon@lendigroup.com.au
0421 413 043

PEXA
Kate Prigg – Corporate Affairs Manager, PEXA
E: kate.prigg@pexa.com.au
M: 0497 595 580

About Lendi Group

Lendi Group is one of Australia’s fastest growing fintechs, building market leading technology to transform the home loan industry through our powerhouse property brands and networks – Aussie and Lendi.

Lendi Group exists to transform the stressful, disjointed and sometimes overwhelming journey of financing a property into a friction-free experience for everyone involved.

Our cross-functional team of super smart experts and brokers power our brands, products, services, relationships and platforms to help more Australians secure their property dreams, seamlessly.