Target Group has established a “strategic partnership” with Pexa to grow the conveyancing capabilities of its originations platform, Mortgage Hub.
The partnership means that Mortgage Hub can be integrated with Pexa’s application programming interfaces (APIs), so customers can benefit from its settlement and lodgement capability.
Customers will be able to see titles lodged with HM Land Registry as soon as funds are transferred, minimising fraud risk and human error and streamlining the process.
Target said that, as part of the implementation, it will build its own conveyancer panel using Pexa’s expertise.
Peter O’Connor, 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.”
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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.”
