on 29-06-2018 11:22 AM
Not what you need on a Friday .... I had a settlement yesterday and CBA didn't upload source funds until 6 minutes prior to settlement! Good luck, hope it works out for you!
on 29-06-2018 11:31 AM
Thanks Laura, it's funny that when you add 'wasting time' in the search engine on this page, 'contacting banks' pops up...
on 06-09-2018 02:25 PM
The banks are ridiculous.
I have found a few numbers that might be helpful (I don't think they are the usual numbers - I found them specifically for PEXA)
NAB 1300 552 688
Westpac 1300 367 449 - opt 3
CBA 1300 590 330
Still not a solution though. I just called NAB to accept a settlement booking for tomorrow. The lady told me to "be patient" and wait for their PEXA team to accept. I am just waiting for them to press a button, then I will have to call back to chase them to upload funds as this is only ever done 3 minutes before settlement.
This whole PEXA system would work a lot better if everyone was trained efficiently and the whole workspace can go into "Ready" status 24 hours before. We cant guarantee settlement to our clients until it just happens which is embarrassing.
on 06-09-2018 02:55 PM
@Enbomb ANZ don't differentiate between a PEXA transaction or Paper transaction. Our staff are trained in both methods. All calls are to come through to the usual settlement enquiries phone line.
on 06-09-2018 03:01 PM
Considering the ANZ is one of the Bank's that you stay on hold for an enormous period of time just trying to get the call taken, maybe they should have a dedicated line considering they can't even respond to messages in a timely manner in PEXA.
If you want an example I can give you a PEXA matter where the ANZ forgot to include one of the Titles in a PEXA matter and would not respond to conversations. I then had to wait 45 mins on the phone to get through and they went into the conversation, only to email me back asking me to create a new workspace for the title that was missed so they could register the Discharge of Mortgage over that title. It took nearly a month and a half after settlement to have the matter finalised.
on 07-09-2018 01:30 PM
@Enbomb The best way to address this is to talk about the issues we are facing as a bank, discuss what we are doing to assist and to raise what we believe conveyancers and solicitors can do to assist. Ultimately we all have the same client and all want our settlement transaction to be a good experience for all.
More than 50% of a banks total home loan settlements are now PEXA. Majority of the process up to the point of customer document return remains unchanged. The issues were are facing that are impacting our ability to settle in a timely manner are as follows:
What are we doing to assist?
What can conveyancers/solicitors do?
The more transactions we do, the more all subscribers adhere to the guidelines and the more "on time" documents we receive from our customers , the more likely we are to meet settlement.
on 07-09-2018 01:46 PM
Entering in funds required to settle 5 -days prior to settlement date is unrealistic and shouldn't be relied upon by banks as sometimes, the day before or day of settlement, funds required change. In these circumstances, the bank should be able to adapt.
We were never required to advise banks of funds required to settle 5 days prior to completion when it was paper.
If clients are returning documents to the lender late, more needs to be done by the lender to ensure the clients understand the timelines and repercussions for not adhering to such timelines.
You have some incredibly valid points and our office will be working on ensuring we assist the banks in anyway that we can, however certain guidelines, requirements and time restrictions (such as noted above) are unrealistic and this is where we are encountering issues between conveyancers and banks.
on 10-09-2018 11:14 AM
A courtesy response would go a mile. The Bank can read the conversations but cant respond.
Another matter that didn't settle on Friday as the ANZ hasn't created the Discharge of Mortgage. Still not in there as at 11.11am on 10 September, 2018. Your PEXA team is advising the local branch that they haven't been invited and want to be reinvited. The invitation has been accepted by ANZ. Discharge Authority has been emailed to branch and releases twice and uploaded to PEXA..
on 10-09-2018 12:00 PM
@Enbomb I have read through the file and conversations. Please refer to my notes below.