CONTACTING BANKS

[nicolalambrakis]

Yes, that's correct @jgusew.  As @Sarah_Jewell noted earlier in this post Westpac now has a dedicated line for our PEXA/eSettlements team if you require assistance the day of or day before Settlement.  When calling settlements, choose the PEXA Settlements option.

[goolwaconveyancing]

Totally agree,

Lenders should send a conversation 24 hours prior to Settlement if there is something that will delay the Settlement in the pipeline (like no account for surplus / outstanding insurance etc)

If we were paper and made a phone call - we would be advised the outstanding matters - so we used to have assurance that the lender is ready 24 hours or so before settlement is scheduled

Lenders should be pro-active and converse on PEXA and advise of the outstanding matters - We mistakenly assume it will all happen at the last minute (like some lenders prefer to do)  - why should we ring them at 10am and spend 30 mins on hold to find out that they are not ready.  (ringing defeats the purpose of the conversation in PEXA!!)

[DMc]

How do I double like this?

[CourtneyFitzgerald]

Hi Nicole,

Yes - many of the banks now have PEXA specific lines we can call.

The issue for me is more why are we having to call the banks? They should be liaising through the workspace. We are finding less and less banks are liaising through the workspace conversations section as they are just relying on our offices calling this booking line.

- Courtney @ Edmonds

[goolwaconveyancing]

Agreed - they can utilise the Conversation - maybe they should send a conversation 24 hours before Settlement to confirm they are on track or what any outstanding items are !!

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@CourtneyFitzgerald wrote:

Hi Nicole,

Yes - many of the banks now have PEXA specific lines we can call.

The issue for me is more why are we having to call the banks? They should be liaising through the workspace. We are finding less and less banks are liaising through the workspace conversations section as they are just relying on our offices calling this booking line.

@- Courtney @ Edmonds

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[DMc]

The simple fact is that e-settlement (especially conversations) in its current form, has increased the 'touch levels' for both lenders and practitioners. Maybe higher levels of integration of User software/procedures, along with those guidelines with clearer activities/task/duties would be automated & incorporated better to suit ALL e-settlement users! Perhaps some clarity of steps, to be done by each party even backed up with Service Level Agreements, where actions are deemed as undertaken to be met by due date/time else blame/penalties for delay are apportioned. :-?

[Ebony]

I am so frustrated as when I try and discuss with the banks they just give me a booking reference number and tell me how to send cheque details!!!

[Ebony]

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@CourtneyFitzgerald wrote:

Hi PEXA,

We have been advised by PEXA that if banks within a workspace are not replying or making the workspace ready for settlement that we have to call the booking line to chase them up.

We have been doing so for the last week and not a single person on the booking line for NAB, WPC and many other banks know anything about PEXA support or how to liaise with their PEXA team.

Surely there is a PEXA specific support line for banks we can contact. The emails available in the subscriber contact card for the banks are not helpful as the automatic response provides for a reply from anywhere between 24hrs to 7 days. 

If we are unable to contact PEXA or the banks to sort out urgent settlement issues and the banks do not respond within the workspace what do we do?

We are having more and more settlements fall over and are wasting more and more time walking the bank through their job to the point where a PAPER settlement is now more time efficient and easier to arrange.

I cannot rely on PEXA settlements occurring on time due the lack of communication with banks, even if all parties have accepted the time/date in the workspace and therefore have disappointed purchasers and vendors waiting at agents offices or with removalists out the front of properties. We will therefore be completing all matters via PAPER until this is resolved. There needs to be a more direct line of contact between conveyancers/solicitors and the banks PEXA specific help line.

At least when I book in a paper settlement with the bank, I know it is ready to occur at that time. 

@- Courtney @ Edmonds

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[jgusew]

Hi @Ebony

We are similarly very frustrated at also experiencing what you have described.

I am keen to know though, how do you expect to complete them all on paper when (not sure if you are in Vic) but they will just be turned away. 

@mec

[Ebony]

Hi @jgusew

I am in NSW - I do not wish to conduct the matters by paper.  I want to use PEXA but when a bank's representative has no idea of the process, what choice do you have?