The Silicon Review
“The motivation for the development of the LEXTECH platform is firmly entrenched in ensuring that the everyday Australian can approach their lending institution and have an enjoyable digital banking experience.”
Home ownership can be a complicated and time-consuming process requiring complex paperwork to be physically mailed between the involved parties, all with substantial financial backing from lenders and banking institutions. This complicated process can take several days, if not weeks, to complete. Simon Purcell, an innovator in the Australian mortgage industry, understood this problem and developed a platform to combat it – LEXTECH.
The LEXTECH platform enables parties to quickly and easily:
This digital settlement space can be accessed by any party in the transaction, at any time, from anywhere – delivering a tactical advantage to the lender’s sales staff, credit staff and management.
LEXTECH was developed primarily for banks, lenders and other financial institutions. The cloud-based platform enables transparent communication between the necessary parties of the mortgage process, whilst providing the ability for financiers to conduct regulated compliance functions.
Purcell understood that financiers required an oversight of their mortgage transactions. LEXTECH was developed to fulfill this need, whilst also providing a primary function of enabling transparent, auditable, communication with its stakeholders.
The cloud-based platform enables the key parties to a mortgage transaction to collaborate in an electronic matter. Third-party distributors, mortgage brokers or any distribution channel associated with the financier can log-in to the platform and communicate with the financier directly in LEXTECH’s matter. This electronic communication channel enables transparent communication between the necessary parties of the mortgage process, whilst providing the ability for financiers to conduct regulated and efficient compliance functions.
Pioneering: Mortgage Documentation Industry
LEXTECH is a Software-as-a-Service (SaaS) platform that is firmly rooted in the Australian fintech market. Its robust systems have revolutionized the Australian mortgage industry through its digital methods of delivery and communication.
The traditional transaction of mortgage processing follows a rigorous loan assessment protocol. Once a loan is approved, financiers instruct their solicitors to prepare the necessary loan and mortgage documents to secure their lending. The lender’s solicitor drafts the documents, issues these documents to the borrower and awaits the return of the signed paper documents prior to funding the transaction.
LEXTECH has digitized this process with its innovative digital documentation function, XPRESS DOCS. LEXTECH electronically issues the loan and mortgage documents within minutes of the financier’s solicitor receiving instructions. These documents can be digitally executed by the financier’s borrower, and once executed, are captured back to the platform in a secure manner.
Transforming: Mortgage Settlement Process
LEXTECH lets parties communicate, share documents and record important dates. It integrates robust technologies like electronic signing, digital verification of identity and electronic document delivery.
This digital settlement space can be accessed by any party, at any time, from any device ensuring that no matter where you are, you always have the most up to date information. This total transparency delivers a tactical advantage to financier’s sales staff, credit staff, and management.
Same Day Settlements.Simple.
This efficient delivery and signing process enables LEXTECH’s clients to settle their transaction within hours.
Elements: That Make LEXTECH Stand Out
LEXTECH’s clients’ needs act as an influential input for its product innovation. Chauhan outlines that “present-day financiers require innovative and effective technologies that bridge the gap between them and their borrower-clients. The fintech industry must invest in understanding customer advocacy in its technological advancements, whilst considering implementing innovative structures that define the settlement process.”
One of the factors that contribute to LEXTECH’s development of its platform are home ownership trends in Australia. Home ownership in Australia remains an increasing aspiration. Purchasing property is one of, if not the largest, financial decisions the typical Australian will make. It is a complex process that requires the synergy of multiple parties to complete settlement. “The motivation for the development of the LEXTECH platform is firmly entrenched in ensuring that the everyday Australian can approach their lending institution and have an enjoyable digital banking experience” states Chauhan. LEXTECH has approached its development cycle with the foundation of delivering real solutions, to real people, securely.
LEXTECH is currently targeted towards the Australian market, but lending institutions globally also stand to derive benefits from the cloud-based platform. The platform has carved a niche in the market by increasing consumer sentiment whilst increasing a financier’s value-based activity. The ability to leverage a platform that enables communication, transparency and provides an audit trail of the transaction is a unique proposition.
LEXTECH is continually developing its platform to enable clients to take advantage of the regulatory changes that have occurred in the digital documentation and electronic conveyancing space.
Leadership | LEXTECH
Simon Purcell, Founding Director/CEO: With extensive experience in residential, commercial and government lending, Purcell identified the inefficiency and frustration within the lending community.
Purcell saw an opportunity to bring all parties to a transaction simultaneously together within an electronic platform known as LEXTECH (formerly LoanCloser). For over 20 years, Purcell has continued to advocate for lenders, borrowers, brokers, and borrowers’ representatives.
Devesh Chauhan, Head of Strategic Development: As a focused leader with a diversified outlook and understanding of the fintech, banking and property industries, Chauhan believes in embracing the employees of an organization to deliver future value for clients.
Chauhan is an admitted lawyer in the Victorian Supreme Court. He is currently a candidate to receive a Master of Management (MMgt), Business Administration, and Operations at Monash Business School.
“Present-day financiers require innovative and effective technologies that bridge the gap between them and their borrower-clients”