CONTACTING BANKS

[Nicholsons1]

@jgusew, sorry, I just want to let you know that in VIC only standalone transfers and survivorship applications are mandatory via PEXA/electronic currently. If any transaction involves a transfer with a mortgage, or any other combination of dealings, it is still able to be lodged and processed via paper transaction. However, I believe that is changing in October when all transactions will be mandatory via PEXA/electronic

[jgusew]

@Ebony 

In Victoria we must use PEXA as the titles office no longer accept paper, the next mandate coming up includes all combinations of transfers which is going to be interesting - not just standalones.

I agree with it having to be mandated - otherwise some will say no I don’t want to do it and it just falls over and = too hard basket.

To make it work unfortunately it’s gotta be implemented first - you only know if the engine works if you test it...which is why these transparent discussions are tuning the engine as we navigate around certain issues in the best way forward.

I am not naive though that the situations looking to become increasingly more dire. The banks need to find out if it’s their people or the workload that’s holding them back and address the problem immediately in order to build the right foundation - it will need to be done soon too otherwise there will be no room to go but backwards.

AI is in place to enhance people. But If the banks do not have enough people for the AI to enhance, Houston we have a problem!

[Nicholsons1]

@CourtneyFitzgerald, I couldn't agree more with this.

Sadly, despite all the comments from banks assuring their processes and their ability to be contacted, I find that it is all a bit exaggerated. Most of the settlements we have had have involved NAB, and nearly every time there have been issues and been quite nightmarish. I understand that there was the period where everyone was still getting to know the new process, but I feel that that time has passed and banks should take more accountability for their lack of attention to these matters.

We had a settlement a few weeks back where it wound up being pushed back an entire day as the NAB, despite accepting the PEXA workspace invitation, a multitude of workspace messages, emails to bankers and an unprecedented amount of phone calls just to try and get a hold of someone who could actually help in the PEXA area of NAB, they believed that the matter was to proceed via paper settlement. Might I add, this is all after NAB had already advised that settlement would need to be pushed back a few days before settlement (we were the Vendor's representative) as they required new valuations of the clients property (despite having known about the settlement date and having received the discharge authority months in advance).

I honestly do not enjoy having to bring these things up, but I feel as though the more feedback received means more chances of the process improving and getting to a place where this is no longer required.

Not to say that ALL transactions with NAB have been bad. For example, just today we had a transaction involving NAB that I personally didn't think would go through, and NAB pulled it together and was ready to settle an hour and a half before settlement 

[jgusew]

Hi @Nicholsons1

Thanks for that. I know.

Also mortgages, discharges, refinances and caveats are to be done via pexa now if they are standalones.

i was trying to find out if what I heard is true and people are utilising firms that are not subscribers to push paper settlements. 

[Nicholsons1]

@jgusew, oh right! Sorry about that, I wasn't sure if you thought the new requirement for all transactions had come in already is all

[jgusew]

@Nicholsons1 you are spot on and the feedback now is the part I think that is pretty much starting to get out of PEXA’s hands. They can only do so much leading the horses to water, the banks now need to go all in.

@TheDoctor Brett, I have a question in relation to FI’s broadly. I heard the banks use the word interoperability before. Would you disagree the FI’s are just getting their feet wet at the moment on PEXA and not going all in to allow a competitor in the market to get a foothold?

I am only reasoning this way to understand why there has been no change in the same problem of response issues from the FI’s over the last few months. At the very least a statement or insight into their commitments would go down better then continuing with the half baked settlements. Meeting you and Nichola did a lot to reassure me of Westpacs commitment though I think the industry needs the personal reassurance that you two provided.

Conveyancers and practitioners won’t keep this up much longer if the criticisms get louder.

[TheDoctor]

Hi @jgusew,

"Interoperablity" - a new word for me. I have learnt my thing for today, that means I can go home doesn't it?

(I looked it up though)

In general, the Banks are going down the interoperability path. Bank/PEXA system integration is seen as the way forward.

It costs a lot of money to set up integration so I do not think the Banks would do it half heartedly.

If a PEXA competitor does eventuate, I believe the Banks would need to make a decision which is their preferred Agent. I don't see Banks, or Practitioners for that matter, setting up a coexistence with two providers. I expect that PEXA & the alternate would need to ensure their interoperability, rather than the Subscribers needing to do that.

I can only speak from my own experiences, Westpac has always been very keen to push the eSettlement route over the physical route.

I have noticed that those Banks who have instigated system integration have become less responsive, particularly to Conversations.

Hopefully, when our turn comes, we can be better at it.

thanks

Brett

[PeninsulaConveyancingandLegal]

Wasting my entire Friday morning chasing NAB for a DM payout figure, ANZ for source funds confirmation and other practitioner for linked settlement FSS signing. No conversation responses and no phone help...it's 11am and these are all settling at 2pm. The Transfer Guidelines are a joke!!!

[jgusew]

@MattKerr - are you able to possibly help?

@sophiecornell is there anything further or has any follow ups happened in regards to our previous emails and meeting?

I appreciate there was some hiring going on and managers coming from off the road onto the phones but in regards to having to manage all the parties to get settlements across the line, the effort needs to become worth a reward.

[MattKerr]

Nab has recently issued communications to all of our channels around the process to obtain details from a transfer of land for PEXA Settlements and the process to obtain this from our NAB teams who have PEXA access. As NAB is a large organisation, this message will take some time to flow through all staff and we will continue to update them on changes to their Settlement process's. If you have a matter which is causing particular concern you can refer them to myself for assistance.