Lextech exits ELNO race
Lextech, one of Australia’s leading mortgage origination and settlement platforms, has announced it is withdrawing its application to be an Electronic Lodgment Network Operator (ELNO), following the appointment of a new leadership team including new CEO Peter Maloney (pictured).
Lextech Peter Maloney said Lextech is ending its’ pursuit of becoming an approved Electronic Lodgment Network Operator (ELNO), instead focusing on its’ core business and advancing its market leading mortgage origination platform and settlement services, which are currently trusted by over one-third of Australia’s lenders.
Maloney, who was previously the CEO of property and legal technology business GlobalX and Dye & Durham Australia said Lextech’s decision to withdraw from becoming an ELNO is firstly based on listening to market participants across the property ecosystem. “There has never been broad-based appetite or support for a 2nd ELNO; neither banks nor the legal and conveyancing industry have collective support for it,” Maloney said.
“While some politicians, government agencies and property professionals might demand competition as a blanket rule, the economic viability of a 2nd ELNO simply does not stack up. From a security, platform and pricing perspective PEXA is already highly regulated and performs its tasks with remarkable efficiency and reliability.”
Under the new leadership team Lextech will continue to invest in the development of its end-to-end mortgage origination platform, with value-added services and automations, including those offered by electronic conveyancing provider PEXA. “Lenders, mortgage brokers and borrowers will best benefit from Lextech sticking to its’ core business and continuing to invest in the platform, offering new efficiency gains and further certainty for property transactions by facilitating real-time data exchange, seamless communication and automation,” Maloney said.
“We have a significant responsibility to Australian property buyers and sellers, and we are committed to investing in our platform and people to ensure we continue to offer lenders, brokers and borrowers’ certainty when it comes to loan origination and property settlements. We will continue to invest in our platform designed for lenders to make mortgage origination to settlement easier and more transparent for lenders, mortgage brokers, borrowers and their legal representatives.”
Lextech, with 28 years of industry experience, is recognised for its leadership and commitment to delivering the highest standards of service and efficiency in mortgage processing and property settlements. The latest announcement highlights Lextech’s continued investment in streamlining its solutions, designed to support the transacting of Australia largest asset class, the $11 Trillion residential property market.
