LIXI at the MIAA and the new LIXI video
On Thursday the 8th of May, l had the pleasure
of presenting an update on LIXI at the MIAA National Conference
in Perth.
The MIAA’s brief was to make the presentation non-technical,
which is hard to do when you are talking about a technical
application.
I recall that LIXI produced a video a few years back on the
inherent advantages of electronic lodgment which brought to
life the real proposition of the benefits of Electronic Lodgment
(EL) over paper faxes.
It occurred to me, that with the passage of time, lenders
and brokers have moved forward and adopted the LIXI schema
on Electronic Lodgments and we have seen great progress in
the application of electronic connectivity with most lenders
now moving to critical mass in receiving Electronic Lodgments
over faxes.
However, real time conditional approvals in 33 seconds only
goes half way to delivering on the promise, and its ironic
that the broker can look like a hero in getting an conditional
approval within a minute, then has to resort to old technology
of phone and fax to follow up on the rest of the transaction
to get formal approval.
The key message in my presentation was that although we have
achieved significant progress regarding Electronic Lodgment,
we are still a long away from the real Holy Grail in moving
to a seamless technological solution.
LIXI has produced standards on, Back channeling, Commission
reporting, Valuations, Title Insurance and Settlements and
is in the process of developing a standard on Products.
These standards were developed over 12 months ago, but yet
we are still a long way away from adoption and usage of the
XML standards. Lenders drove the application of EL due to the
significant benefits derived from backend processing and providing
a superior customer proposition.
The broker industry is now required to drive the Back channel
feedback from lenders to brokers and also commission reporting.
These standards will provide an enhanced service proposition
beyond the initial lodgment of applications and will reduce
significant rework and wasted energy.
In keeping with the first video, LIXI has produced another
follow up video that moves to the next stage and highlights
the frustration at the lack of adoption regarding back channel
communication and commission reporting as well as the valuation
process.
The video was again well received and brings to life the
very issues that LIXI is endeavoring to address. As a LIXI
member you can request a copy of the video free of charge if
you are interested in this topic.
Joe Sirianni
jsirianni@smartline.com.au
|
