Target Group has partnered with PEXA, the digital property exchange platform, to expand the conveyancing capabilities of its originations platform, Mortgage Hub.
Mortgage Hub will integrate with PEXA’s APIs and allow customers to benefit from its settlement and lodgement capability. Customers can see titles lodged with HM Land Registry as soon as funds are transferred, reducing risk of fraud and human error while streamlining the process for all stakeholders.
As part of the implementation, Target will build its own conveyancer panel using PEXA’s specialism.
PEXA was responsible for completing the UK’s first digitally-enabled remortgage transaction through its platform. It now has partnerships with leading lenders and law firms as well as HM Land Registry, and has worked with the Bank of England to develop a payment rail specifically designed for property transactions.
Peter O’Connor (pictured), CEO of Target Group, said: “Rather than an updated legacy system, Mortgage Hub is the UK’s first digital by design originations platform. By combining user-centric design with cutting-edge tech and powerful integrations, we’re able to create a platform that transforms the mortgage process and accelerates the time to offer, improving the experience all round.
“Leveraging PEXA’s game-changing platform and process is not just a huge milestone for Target and Mortgage Hub, but in our overall goal to drive the mortgage market forward through a digitised and connected ecosystem.
“Target and PEXA are so closely aligned in our shared ethos and our ambitions for digital transformation, making this partnership a fantastic fit and hugely exciting.”
Joe Pepper, UK chief executive of PEXA, added: “We’re on a mission not only to provide the right tools and technology needed to create more efficient property transactions, but to facilitate the collaboration of all stakeholders to drive positive change in a fragmented but interconnected process.
“With Mortgage Hub’s ability to let lenders build their own version of the platform that suits their specific needs, we’re confident Target Group share our vision for transforming the UK property market.
“The integration of PEXA’s APIs will help drive progress towards more streamlined and joined up property transactions that benefit every person or party involved.”
