Settlements Working Group
The Settlement working group defines standards for instructions between Lender and Solicitor or Settlement Agent. It defines a full data set that enables a lender to replace its existing manual instruction process (whether by fax, email or mail) with an electronic LIXI transaction. Version 1.0 of the standard is in use by a number of lenders and settlement agents since 2005
A further round of work on the standard was proposed in June 2005 but did not continue due to lack of engagement. The proposed scope of that round was to define discrete data packages for status/backchannel messaging across the entire settlement process. A number of parties are already exchanging data in this way using the Version 1.0 standard with extensions. An update of the standard was developed in 2010-11 to include a substantial number of changes to support loan and mortgage document preparation as a discrete service.
December 2011 Update
On 12 December 2011, a Settlement Release Package Version 1.2a was released. The package release included schema changes and reference documents; with some changes to mandatory element content, and tax deductability determination for new loans. A new component of the schema is the concept of a 'work instruction' to explicitly direct the recipient rather than implicitly assume that an action be taken.
At the request of LIXI members the previous Document Sharing schema was merged with the Settlements function and a new Documents and Settlements (DAS) working Group was formed in June 2015.
A Documents and Settlements (DAS) Standard was released for RFC in June 2015. DAS 2.0.0 was released on 25th February 2016.
For more information on this visit the Document Sharing and Settlements Working Group page.
Convenor: Erik Fenna as LIXI CEO