13-12-2018 01:52 PM - edited 13-12-2018 01:53 PM
I am interested generally in what initiatives PEXA are putting in place to get the banks to be more on top of getting things done in a timely manner. Its becoming increasingly common that banks are not doing everything they need to do, included signing off until at most a half hour before settlement. It means that we are having to constantly check on a workspace, follow them up and additional work than we would not have to do if it were a traditional paper settlement. I note that guidelines have been provided to us as to what banks expect of us with respect to timelines, what are the expectations on the banks?
on 13-12-2018 02:20 PM
Just to add to the above as a prime example, I have a settlement in 10 minutes that the incoming mortgagee is yet to sign off on.
13-12-2018 02:34 PM - edited 13-12-2018 02:37 PM
We are finding the same and can completely understand and relate to your situations.
We have had two matters recently with Dentons acting for the incoming mortgagee...you send conversations thru PEXA, emails and telephone and nothing...you contact PEXA for assistance and they tell you to do exactly what you have already done.
Why are we not giving the banks and their solicitors our guidelines? Why is this all one way?
We strongly suggest you have your client(s) address any additional charges with incoming mortgagee...they were at fault for the delay.
on 17-12-2018 02:20 PM
Just going to add that yet again today I am having the exact same issue, settlement is in 10 minutes - the incoming mortgagee is yet to sign off. Anyone from PEXA want to advise/respond to my initial query?
on 18-12-2018 12:04 PM
PEXA are committed to working with the banks to ensure a smooth transaction for all parties. Some of the initiatives we are currently working on include providing banks with their Transfer Guideline Adherence to identify areas of improvement in their work flow processes, running campaigns to increase Guideline Adherence for key metrics and technological developments through automation for payout figures and acceptance of invites.
More information regarding bank updates and initiatives can be found here: https://community.pexa.com.au/t5/Bank-Blog/bg-p/BankBlog
I hope this sheds some light on what we’re doing with the banks to improve your e-Conveyancing experience, should you have any feedback for us on active workspaces, the Medallia Feedback tool is available on the platform.