LEXTECH
Accelerated, Transparent Mortgage Settlement

In the twenty-first century, financial institutions are battling to provide its clients with comprehensive customer experience. In the mortgage settlement arena, a major pain point for financial institutions is the lack of control relating to the lack of transparency in the mortgage processing workflow. Banks, lenders, and other financial institutions that outsource these legal services related to the mortgage settlement process can be left frustrated by the fractured communication between its lending department and its solicitor.

Present-day lenders need innovative and effective technologies that bridge the gap between them and their solicitors by enabling customer advocacy through the entire mortgage settlement process. Catering to this need is LEXTECH, a company that offers a unique web- based mortgage platform for faster, cost-effective, and simple settlements.

LEXTECH was founded in 2005 by Simon Purcell, a digitally-focused solicitor who had the vision to assist lenders and solicitors to work together in synergy on their matters for effective service delivery and transparency. Accordingly, he developed a solution that enabled collaborative communication between stakeholders.

“The outcome of the solution is a collaborative settlement environment with enhanced processes that improved the turnaround time for a lender’s funding,” states Devesh Chauhan, Head of Strategic Development of LEXTECH. Purcell’s expertise and industry knowledge continue to underpin his company’s solutions and service delivery. “Our clients leverage LEXTECH as a holistic mortgage settlement processing tool because of its numerous functionalities,” says Chauhan. With LEXTECH, lenders can instruct solicitors for the preparation of the required documents for a fruitful mortgage settlement process. Accordingly, solicitors can generate these documents, such as loan offers and declarations, and digitally deliver these to the borrower. The robust cloud-based platform also integrates with the solicitors’ e-mail inbox to efficiently release communications through its notification application. Alongside this, LEXTECH acts as a risk management and settlement audit tool, enabling third-party mortgage brokers with real-time updates during the settlement process, which, ultimately, provides lenders, mortgage brokers, and solicitors limitless insight into each aspect of the mortgage-related transaction.

Enabling lenders to deliver documents on the same day electronically, LEXTECH is eliminating the previous need for paper-based documentation.

Accordingly, a client of LEXTECH approached it following a lengthy and vigorous loan approval process. “The lender had to settle the loan in 24-48 hours. With their paper-based process, it was near impossible to achieve this funding-target,” adds Chauhan. “With LEXTECH’s innovative integrated digital documentation process, they were able to fund the loans within 24 hours, improving the lender’s customer satisfaction amongst its clients whilst increasing the lender’s bottom-line.”

"Lextech enables lenders to deliver documents on the same day electronically and eliminates the need for paper-based documentation"

Driven by Purcell’s vision of offering a frictionless mortgage transaction to clients, the LEXTECH technical advisory team ensures that clients utilize the platform to its complete capability. “LEXTECH provides clients with real-time access to track the key milestones of the mortgage settlement process, from end-to-end,” mentions Chauhan. “These collaborative consultative and legal services are ingrained with LEXTECH’s Software as a Service model.” With such an approach, LEXTECH solves some of the most complex problems of several credit unions, mutual banks, and non-bank lenders. For the future, LEXTECH focuses on developing its existing mortgage platform to enable clients to continue to take advantage of the regulatory changes in aspects like digital documentation and electronic conveyancing. “We strive to be at the forefront of innovation in the FinTech arena by fusing our platform’s capabilities and our unparalleled services,” concludes Chauhan.