FAQ's

XML is new to many organisations in the Lending Industry. On the other hand, several LIXI members have considerable background with XML design, development and implementation. Being part of the LIXI group is an excellent way to keep in touch with this extremely fast moving technology and how it is being used in the Lending Industry.

Being a member of LIXI means the ability to participate in the standards development process. All members have a voice and this guarantees the opportunity to positively influence lending standards development outcomes.

It is the objective of LIXI to make all information freely available to the public, however it will be common for most initiatives to have a gestation period of several months with more ambitious goals requireing longer periods. For members of LIXI working on XML implementations, the ability to actively observe and prototype evolving standards could prove invaluable in reducing time to market and in reducing the cost of building compatible systems.

Members of LIXI represent brokers, lenders, mortgage securers and insurers as well as some statutory bodies as members and active observers.

Consumers will be able to get loans faster as lenders, brokers and other supply chain suppliers are able to process financial information quicker and with less errors.

As LIXI extends CAL throughout the lending chain, consumers will find the settlement process becomes faster and easier as valuers, mortgage insurers and settlement agents exchange data online.

Another benefit will be increased competition in the mortgage market. Consumers will be able to submit their information once to apply for loans from a range of lenders and brokers without reentering information or providing additional details. This will help brokers ‘shop’ for the best deal for their clients easily.

To become a member, first download and complete an application form. Return the completed form complete, with signature and non-refundable application administration fee, to PO Box 1252, North Sydney, NSW, 2062 or scan and email to admin@lixi.org.au

Your application will be processed by LIXI Ltd and a decision regarding your membership application will be communicated to you within 30 days. If your membership application is successful, you will be required to forward any due monies within 30 days of the notification. Failure to do so will nullify the decision, and you will have to apply again for membership. LIXI Ltd reserves the right to decline membership applications without disclosing the declinal reason.

Membership - $1,000 per annum (incl of GST).

The LIXI standards continually evolve and are updated. This requires considerable documentation, maintenance and support. To meet these needs, a funded organisation is be better placed to provide a professional service to the parties interested in the LIXI programs.

LIXI fees are renewable annually.

There are other lending industry DTDs, however they have all been designed either by individual organisations for their own internal purposes or they have been designed in other jurisdictions. LIXI has members representing the full range of participants in the lending supply chain, therefore any LIXI standards can be assumed to have broad industry support.

The North American standard has been established based on the US Mortgage Market which has differences to the Australian market in regards to language used and descriptions. For example, in Australia, the US term Alimony Child Support is referred to as Family Maintanance. In the future there is no reason why the US DTD cannot be mapped to the Australian Terms and Australian processes, however, it is not considered a current priority.

It is possible that members will see value in having their applications certified as creating compliant LIXI data. This has not yet been finalised but it is indicative of value that will come from LIXI membership.

The Standards are provided to members and licensee as is and LIXI Limited makes no warranty as to their use or performance. LIXI Ltd does not and cannot warrant the performance or results  obtained by using the standards or documentation. LIXI Ltd makes no warranties, express or implied, as to noninfringement of third party rights, merchantability, or fitness for any particular purpose. In no event will LIXI Ltd be liable to members, licensees or member or licensee employees for any consequential, incidental or special damages, including any lost profits or lost savings, even if LIXI Ltd has been advised of the possibility of such damages, or for any claim by any third party.