About LIXI
Introduction
LIXI membership provides value to you and to your company. Using LIXI standards generates operational efficiencies and produces savings on current and future technology investment. In addition, you’ll have access to standardised lending processes and working prototypes for rapid deployment, which we are developing in conjunction with NICTA (National ICT Australia).
High on the benefits list are opportunities to network with other people in our industry and as members to attend the complimentary LIXI Forum event. You’ll get the most out of your membership by getting involved in the capacity most suited to your needs - there are advantages to becoming an active member of the LIXI community and to contributing to the development of LIXI standards.
Objectives
The objectives of LIXI are:
- to facilitate business-to-business exchange of information in the lending industry, with particular reference to mortgage lending;
- to develop and adopt standards relevant to the lending industry and to promote their use by members, and other participants in the lending industry;
- to undertake research in connection with business-to-business exchange of information and its application to the lending industry; and
- to educate members and other participants in the lending industry in the use of standards and related technologies.
About LIXI standards
One of LIXI’s prime objectives is to develop standards to be used by industry members.
The LIXI standards address a number of distinct transactions that take place at various points in the lending cycle. In most cases these transactions consist of request-response pairs - that is, one party requests something and the other
party provides a response. Transactions include:
- home loan applications
- settlements
- mortgage insurance
- valuations
- commission reporting
- title insurance
- product information.
What are LIXI standards?
LIXI standards specify a range of electronic transactions which relate to applying for, processing, approving
and settling residential home loans. When fully developed, standards include:
- Business requirements for specific functionality.
- Schema – specifications to element level, to support the
- requirements.
Requirements and schema cover both request and response transactions. Another important part of standards
development is agreement on a common vocabulary.
More Information
This section of the website provides you with some details about the LIXI organisation, including the following:
