"Embracing a digitised remortgaging process will reduce the time, risk and costs involved, for consumers, lenders and firms alike."
New digital remortgage platform, PEXA, has announced a series of collaborations with software providers and law firms.
Established in 2010, PEXA has facilitated over 13 million property transactions worth circa-AUD $2 trillion in Australia. It has a bespoke platform for the UK housing market with an initial focus on digital remortgage, with a sale and purchase platform due to launch in 2024.
PEXA has now announced partnerships with origination platform providers, including Iress, nCino, Sopra Banking Software and Ohpen, to enhance the integration of its platform with lenders and brokers and reduce friction points for all involved in the conveyancing experience.
Three new law firms have also joined the network: PLS Solicitors, The Partnership, and Dutton Gregory Solicitors. Announcing these new customers follows the successful acquisition of national conveyancing firm Optima Legal by PEXA in September 2022.
Plans also plans to onboard further lenders and law firms in the UK throughout 2023.
PEXA saw its first transaction in September 2022 with the lender Hinckley & Rugby Building Society and conveyancing firm Muve. Using PEXA’s proprietary technology meant the parties could orchestrate financial settlement directly from the incoming lender’s account, and collaborate to lodge the application for registration with HM Land Registry, streamlining a process that typically takes days into minutes.
Last year, PEXA also announced Shawbrook Bank as the second lender in the UK to begin transacting remortgage cases through its platform. This was PEXA’s first collaboration with a retail bank and means PEXA’s customers in specialist mortgage markets benefit from an improved experience and faster completion times.
PEXA has also collaborated with the Bank of England to develop PEXA Pay – the seventh net settlement payment scheme to clear through the Bank of England, and the only one dedicated to property transactions.
James Bawa, CEO of PEXA UK, commented: “We have made significant progress to date in transforming the property market for consumers, lenders and law firms. The raft of collaborators we continue to engage with at pace is testament to the shared vision the industry holds in needing to change.
“We are delighted to be able to collaborate with the likes of Iress, nCino, Sopra Banking Software and Ohpen, which all share our entrepreneurial spirit. Embracing a digitised remortgaging process will reduce the time, risk and costs involved, for consumers, lenders and firms alike. This couldn’t come at a more critical time, so we are pleased to have found such progressive technology collaborators who are as eager as PEXA to usher in a new era of efficiency.
“We are also so pleased to welcome three new law firms as customers: PLS Solicitors, The Partnership, and Dutton Gregory Solicitors. Their willingness to be early adopters, and their ability to provide unique industry and business insights, will considerably shape our product development and offering.
“But, we are just at the beginning. We’ve invested a great deal into transforming the UK property market and improving the remortgage process. As we build to reach a critical mass in the remortgage market, we want to bring the same benefits to sale and purchase, to deliver on the potential digital payment and conveyancing can make to the broader property market.”
