This is not really a question, more constructive feedback in the hope that PEXA can implement something to ensure the Banks stop delaying settlements and leaving everything to last minute and just now, not signing off on the workspace even though the workspace was ready to settle.
PEXA was meant to make things easier and more efficient and in some respect, it has. But unfortunately, due to banks we are spending way more time on the one workspace than we would on a paper settlement due to the inefficiency of banks. I have had more settlements fall over with PEXA in the last few months than I have had in paper over the last 16 years. Yes, the majority settle on they day but the roll over numerous times, meanwhile the clients are paying for removalist trucks to sit there in wait. I had a 10.30 am settlement the other week which didn't settle until 5.30pm due to the bank. This is not good enough and this system cannot run efficiently or effectively unless the Banks are forced to adhere to certain guidelines.
Banks need to stop worrying about every one else in the workspace and what they are doing first. Im sick of receiving conversations from Banks saying the file is pended due to the title not being nominated yet or there are errors with the lodging instructions. The idea of the workspace is that every one does their own part in the workspace to ensure it is ready on the day settlement. By using the attitude "im not doing my part until they do theirs" just increasing the risk of a delayed settlement.
Uploading source fund amounts or payout figures 10 minutes before settlement needs to stop. How can we account to our client prior to settlement? How will we know if our client is required to contribute funds? How do we know if there is enough to pay out the mortgage in time before settlement? This is unacceptable and means we are rushed to finalise figures increasing the chance of errors with a high risk of settlement be delayed.
Banks ignoring any conversation sent. Just yesterday, I had an issue where I was sending conversations to a bank over the past 2 weeks. Not one reply. Then they had the audacity to call me yesterday and tell me to stop sending them conversations as it just delays them even more. Banks have their own agenda and they don't care about anyone elses. The only way of effectively settling on time is to respond to communication in a timely manner and for everyone to work together. Ignoring conversations just means more work for the conveyancer.
Banks never sign off in time. We are constantly chasing banks for them to sign off before cut off and most of the time they never do. For what reason, I have no idea. Why do they purposely delay settlement by not signing off when the workspace is ready to go?
I am so sick of Banks!!! They are taking advantage of the PEXA platform it has just made an already difficult process with Banks a thousand times worse. This cannot go on and something needs to be done.
