e4 Strategic has unveiled VERSA, a digital workflow platform designed to modernise the communication between mortgage lenders and conveyancers during the post-offer stage of property transactions.

The platform, developed over the past four years in the UK with input from leading lenders and conveyancers, aims to tackle what many in the industry have long viewed as one of the most fragmented and inefficient parts of the conveyancing process: the journey from mortgage offer to completion.

VERSA introduces a fully digital workflow environment, securely connecting lenders, conveyancers and other parties in real time. It builds on e4 Strategic’s two decades of experience in South Africa, where its solutions are already used by some of the country’s largest mortgage lenders and conveyancing firms.

Simon Slater (pictured), chief executive of e4 Strategic, said the UK market has focused heavily on digitising the front end of the mortgage process – from application through to offer – but has largely neglected the post-offer stages.

“For years, the industry has been talking about end-to-end digitisation of the mortgage process – and whilst great strides have been made up to the offer stage, the experience from offer through to completion is still far too slow, too manual, and too opaque,” Slater said. “That’s what we at e4 set out to address.”

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The platform provides milestone-driven case tracking, real-time secure communications, digital document management with e-signatures, and intelligent automation for managing queries. According to e4 Strategic, VERSA also offers full system and data integration via APIs, as well as a centralised hub for managing panel and case workflows.

Slater added that many lenders continue to rely on outdated systems, including emails and faxes, to communicate with conveyancers, often leading to delays and miscommunication.

“With VERSA, we’re empowering lenders and conveyancers by providing a digital platform to make their working lives easier; we are giving them the tools they need to improve transaction times, reduce their overheads and mitigate risk,” he said. “It’s all about empowering users, joining the dots and bringing proper workflows and visibility into a part of the process that’s been left behind.”

The company claims that the benefits of VERSA will be felt across the board. Lenders stand to gain from reduced costs, shorter completion times and improved panel management, while conveyancers will have access to streamlined communication and automated workflows. Consumers, in turn, should see a more transparent and efficient homebuying or remortgage experience.

“What truly sets VERSA apart from other property technology is how innovative it is,” said Slater. “VERSA has been built with the aim of reimagining how lenders and conveyancers can collaborate in a modern, digital way. VERSA is not tweaking with what’s already there.

“Instead it takes a clean-slate approach with expert input from leading mortgage lenders, conveyancers and a range of technology partners, to deliver a platform that will address the genuine needs of the profession, clients and customers.”