on 03-09-2018 10:39 AM
Can you please advise the agreed industry standard for FI's to complete their CoRD Consents prior to settlement ?
on 03-09-2018 10:48 AM
Great question. Are you interested in the timing of consent for paper transactions or PEXA transactions?
03-09-2018 11:10 AM - edited 03-09-2018 11:11 AM
Here is the industry guideline for PEXA transactions:
Task: Where there is a mortgage on the title, the Mortgagee on Title also creates and signs the Consent document for both an electronic and paper Certificate of Title.
Timing: Once the Discharge Authority has been received.
on 03-09-2018 11:18 AM
Thanks for your reply Kate.
The issue we face for both paper and pexa settlements is consents not being prepared on time. This is often only done by the outgoing FI on the day of settlement causing alot of anxiety.
Will there be an industry guideline provided for eg. consents MUST be completed at least 1 day prior to settlement ?
on 03-09-2018 12:23 PM
The Guidelines are structured to drive (encourage) the completion of tasks as early as possible, and with the exception of FSS tasks, do not specify "no later than" timeframes. It might be timely to reconsider this, and the best forum is the fortnightly Banking Operations teleconference. Let me know if you need details.