You may have heard of PEXA by now, primarily as the Australian business which delivered a truly digital conveyancing experience to the Australian market over the past 10 years or so.
As the UK CEO of PEXA, I’m often asked how we plan to replicate this success in the UK’s dynamic mortgage market, to support mortgage brokers.
The mortgage industry in the UK faces its own set of challenges, including prolonged transaction times and increasing complexities. PEXA is committed to addressing these issues head-on by tailoring our proven solution to meet the unique needs of the UK’s mortgage market.
With our expertise and focus on collaboration, we see an opportunity to streamline processes and enhance efficiency for brokers and their clients.
Working collaboratively
Through collaboration with the Bank of England, PEXA has developed PEXA Pay, a payment scheme specifically designed for the property market. The PEXA Pay scheme ensures funds remain protected within a secure environment by simplifying payment processes and eliminating the need for funds to pass through multiple accounts, thereby enhancing security and peace of mind for you and your clients.
Successfully tested with 11 UK lenders, including Shawbrook Bank and Hinckley and Rugby Building Society, PEXA Pay has already demonstrated significant efficiency gains in remortgage processes. Our aim is to complete mainstream residential remortgages within 24 hours, prioritising speed, certainty and convenience for brokers, lenders, conveyancers, and consumer alike.
We understand that security is paramount in mortgage transactions, and PEXA is dedicated to protecting both lenders’ and borrowers’ interests. Through our platform, deeds are immediately lodged upon completion, ensuring lenders’ and borrowers’ security is safeguarded at land registry.
By offering a streamlined digital journey, we aim to simplify the complexities of moving house and/or refinancing, ultimately improving the consumer experience while enhancing security and liquidity for lenders.
Collaboration is key to our approach. By fostering partnerships between mortgage brokers, lenders, and conveyancers we aim to facilitate seamless data sharing and drive efficiency across mortgage transactions.
As executive members of the Open Property Data Association, we’re committed to standardising data sharing, reducing transaction times, and mitigating risks for all parties involved.
Change is happening and we invite you to join us at the earliest opportunity in this transformative journey.
To stay updated on PEXA’s progress and the latest developments in digital mortgage transactions, interested brokers can register for updates at www.pexa.co.uk/register/ or drop in and see us at our stand at the Building Societies Annual Conference 2024 (bsa.org.uk).