A new standardisation drive by LIXI will filter into benefits for brokers, it has been claimed.
The company, which promotes common data standards in the lending industry, has launched its LIXI 2.0 Reform Program, which it says will bring greater standardisation to data flowing to lenders. LIXI chief executive Erik Fenna has told Australian BrokerNews the program will lead to faster processing times for broker-originated loans.
“[Brokers can see] better customer satisfaction, faster time to settlement, shorter turnaround times,” Fenna said.
Fenna said the program would enhance efficiencies for lenders, and aid in effective communication across the entire industry supply chain.
“LIXI 2.0 is not about standardising the flow of information. It’s about ensuring that the information they send is consistent with what the lender expects. It puts control of validation directly into the hands of lenders rather than in the hands of software providers. It reduces the turnaround times when lenders wish to change any of their lending policies or change product information. It reduces the turnaround time on that from months to days, or even hours,” he commented.
With LIXI standards now in their 10th year, the company’s director, Mike Thanos, said the standards had ensured the mortgage industry was “travelling on the same rail gauges” in its flow of data. He commented that the LIXI 2.0 program would improve upon existing standards, and lead to a smoother flow of information.
“During that 10 years, we have had a tremendous amount of success. The existing LIXI standards have formed a critical part of the lending industry’s infrastructure. That’s not to say there isn’t more that we can do or that it’s perfect. That’s what the LIXI 2.0 program is all about. We have a standard almost in name only, and that’s what the LIXI 2.0 program will address,” Thanos said.
Greater industry participation in LIXI standards