PEXA Group has acquired mortgage processing firm Optima Legal as it continues its UK rollout.
Yesterday saw the completion of Pexa UK’s first digital remortgage in the UK with Hinckley & Rugby Building Society.
PEXA buys Optima Legal from Capita in an undisclosed deal which will give the firm access to 22% of the UK remortgage market and exposure to six of the country’s top eight lenders.
Following yesterday’s launch PEXA has confirmed that Shawbrook Bank will be the next lender to offer its service.
James Bawa (pictured), PEXA UK chief executive, said: “The acquisition of Optima Legal marks a significant step forward for PEXA in the UK and demonstrates the strength of our commitment to delivering transformational change that will benefit consumers, conveyancers and lenders alike.
“We look forward to working with the Optima Legal team to integrate our technology, showcasing the benefits of digitisation – from improved accuracy and efficiency to reduced costs. Importantly, our platform will remain available to all.
“Working with stakeholders across the industry, and starting with remortgaging, we aim to streamline a conveyancing system that has been under significant pressure.
“One in five borrowers have abandoned the remortgage process in the past two years, given delays, complexity or poor experiences. We want to make that is a thing of the past as interest rates rise.
“This announcement complements the confirmation of our first two lenders to go live – Hinckley & Rugby Building Society, our first reference site with a strong track record of supporting new technology entrants into the UK, and Shawbrook Bank, our first retail bank.”
