BANKS and PEXA

[catemccubbincomau]

My experience with Banks in the PEXA workspace is not good.   Why is is that Banks do not update their source funds until approximately  an hour to 30 minutes prior to settlement, forcing all other participants to continually check if the figures balance, and at the last moment sign documents etc.   This presupposes that we all have nothing else to do but monitor workspaces continually and wait on the particular bank involved.    And yet the bank are "pro-actively" issuing workspace invitations and requesting "valid" reasons for refusal.    Should not their time be better spent in administering workspaces efficiently and in a manner designed for the maxiumum ease of all participants and therefore the maxiumum benefit of all participants?       Does PEXA actually have a role in encouraging and training banks to be better and more co-operative users of PEXA?

[Kate_Camilleri]

Thanks for your post @catemccubbincomau, I’m sorry you’ve had a frustrating experience dealing with some Banks in PEXA workspaces.  As per the Industry Transfer Guidelines, Source Funds (Loan Proceeds) should be entered into the PEXA Workspace by the Incoming Mortgagee well in advance of settlement date and last minute entry should be avoided. Sometimes, the scenario you have described above happens when dependent tasks such as the receipt of the loan document are delayed. When Guidelines are followed, and information is received, processed and entered into the workspace in a timely manner, everyone benefits. The Banks are very focused on meeting Guidelines and we’re working closely with them to monitor and improve their processes.

[catemccubbincomau]

Unfortunately, the practice is not in line with the theory   You say "the banks are very focused on meeting guidelines"  - that is not the actualityu t all.   In the specific matter which caused me to raise this the bank could have adjusted the source funds well prior to an hour before settlement as all documents had been returned and conversations were sent last week requesting they do this.   their reply was to tell me that they would do it on the morning of settlement!   Hardly fits "being focused on meeting guidelines".    I believe that this behaviour is the norm with the bank who are completely careless of other participants.

[Kate_Camilleri]

If you can private message me the details of the workspace, we'll provide this feedback to the Bank. 

[BytheBay]

Banks NOT being ready... loading funds and making ready at 2.45 for a settlement marked for 2.30pm is not good enough .. having to spend time on the phone chasing both the electronic team and the banker to get the workspace ready in time is not good enough -- especially when it takes 20mins each phone call to get through to someone to deal with issues the bank should be on top off .. the settlement time/day is known to the bank .. and more needs to be done to ensure that fulfillment is done BEFORE the settlement "deadline" .. not after it .. settlement is not "anytime" it is the time set and agreed by the parties .. usually at the time the workspace is opened .. 

[Karolidis_and_Co]

All too common unfortunately, some workspaces have banks ready a couple of weeks ahead with funds loaded. Others a minute before or hours AFTER with limited or no correspondence on the workspace or by email...

[catemccubbincomau]

Unfortunately I cannot accept this as a solution until such time as the Banks practice is in line with the commitment you mention.

[Procon]

Absolutely @catemccubbincomau

I am beyond frustrated with EVERY bank who has the same practice. It is not uncommon at all and I am sick of PEXA downplaying it all the time. 

It's as a point now where we feel every practitioner out there needs to boycott this system or go on strike to be heard and have something change! Other states have delayed the digital timeline. It needs to happen here too. There are too many problems, not LEAST is PEXA itself who cannot handle the demand as once again, PEXA is down and my 11am settlement is now not going to happen.

[catemccubbincomau]

Loved your contribution - particularly the part that PEXA needs to be more proactive.  PEXA's response to me is that they "closely monitor" the performance of the banks in relation to meeting time lines and that they will provide my feedback to the bank involved!   I think we all know that providing feedback to the Banks does not make any difference at all.   Obviously the "close monitoring" which PEXA claim to do is not effective either or is part of the whole hyperbole surrounding banks and their performance or lack of it.    I agree everyone should make their problems very clear an maybe the sheer number of complaints just might have some effect!  Perhaps when PEXA's monopoly is threatened we may get some action.

[MorganConveyancing]

Unfortunately though their Guidelines have suggested they won't be meeting the Transfer Guidelines.  I have a settlement in one hour and still no source funds by the NAB.  Last week I had one with NAB and they literally signed one minute before.  My whole morning gone just waiting.