New PEXA technology streamlines lenders’ processes

Australian lenders are embracing PEXA Projects, a new technology that helps to effectively and efficiently manage settlements of large scale, off-the-plan property developments.

Offered by Property Exchange Australia (PEXA), the solution represents a new horizon for settling multi-lot deals in Australia. It simplifies the property exchange process, and offers a collaborative hub for lawyers, conveyancers, property developers, and lenders.

Initially, PEXA Projects catered to the needs of the law firms involved in development transactions, providing them the ability to upload all data into one location and track its progress on one, easy to follow dashboard.

PEXA Projects has evolved, with a new Mortgagee on Title solution for financial institutions now available.

Headlining the release is the bulk creation of the Discharge of Mortgage in Workspaces, where one would previously need to manually generate the document in each Workspace (a shared online area in PEXA where participants can communicate and prepare documents for a property transaction).

The new features are already proving beneficial for one of Australia’s major banks, NAB.

NAB’s Digital Settlements Lead, Matt Kerr, said the time savings are translating to greater client satisfaction.

“This functionality allows us to improve how we process transactions, and gives our customers more certainty that their settlement will occur on time and more seamlessly.”

“Prior to using PEXA’s systems, processing a paper-based property transaction that involved up to 100 settlements would take time. Now, our customers benefit from a simpler and faster settlement experience."

Transparency is key to a seamless settlement, and Mr Kerr believes PEXA Projects’ enhanced capabilities are fostering this.

“The improvements allow our teams to see more customer information within the PEXA invite, making it simpler and easier to complete the processes that support digital settlements, and helping us to provide a better customer experience.”

You can learn more about PEXA Projects here or alternatively reach out to your account manager directly.