The digital settlement platform PEXA has collaborated with Lendi Group to provide brokers with a groundbreaking tool that offers real-time updates on settlement status. This innovative integration aims to alleviate a common frustration for brokers: the time-consuming and often frustrating process of tracking loan settlements post-lodgement.
The new technology, which began piloting on 12 August, allows Lendi Group brokers—such as those from Lendi and Aussie—to monitor settlement progress for three major banks, five regional lenders, and Aussie’s white label products. More lenders are slated to join the platform shortly.
By offering brokers and their customers greater visibility into the settlement process, the technology eliminates the need for repeated calls to lenders or conveyancers. Brokers can now see if both lenders and vendors have accepted the settlement date, which documents are finalized, and whether any additional information is required. Customers also benefit from real-time updates on their settlement status, including confirmation of the settlement date and time.
According to Lendi Group, this technology is expected to reduce up to 200,000 broker phone calls to lenders annually. It can also identify missing information in applications before lodgement, minimizing delays and requests for further information.
Commenting on the new technology, Lendi Group co-founder and CEO David Hyman noted that brokers often spend excessive time logging into lender portals and contacting banks for updates, which can leave customers in frustrating uncertainty for weeks.
He explained that the integration with PEXA now allows brokers to access real-time information seamlessly, enabling them to proactively update their clients. This advancement is significant for clients, as it alleviates the frustration of waiting for settlement information and enables them to focus on what matters most—moving into their new homes on time.
Les Vance, CEO of PEXA Australia, stated that PEXA has a strong history of connecting businesses to facilitate more efficient transactions and enhance communication among all parties involved. He expressed excitement about collaborating with Lendi Group and key banking customers.
Vance emphasized the intention to leverage Lendi Group’s technology and innovation to develop solutions that improve the efficiency of lending processes and enhance the overall experience for brokers, consumers, and the broader property ecosystem.
Following the pilot, the two companies will seek feedback from brokers and share productivity outcomes with the wider industry as the technology expands across Lendi Group.
Vance reaffirmed PEXA’s commitment to “innovate for good” and expressed enthusiasm for evolving the process alongside Lendi Group to benefit the home loan industry nationally.
Hyman added that Lendi Group has been working to reduce administrative burdens for brokers through various offerings, including its Platform Plus support model. The partnership with PEXA is a significant step in supporting brokers to achieve a deal a day and build successful businesses. By streamlining the loan process, brokers can focus on helping more Australian homebuyers.
