Funds required to settle - Outgoing mortgagee

[Cory]

PEXA - can you please add a facility similar to "total funds required to balance" for incoming mortgagee for the outgoing mortgagee ?

When acting for a vendor we advise the banks 2-3 days in advance as to how much money they will be receiving.  We then get a conversation back saying that even though we have advised the bank of the total funds they will be receiving, they will upload the POF on the morning of settlement then WE have to do the simple calculation of "funds received - POF = surplus funds" and then advise the bank of the surplus funds amount, then the bank will go back into the workspace and enter the surplus funds amount.  This is double handling.  Why can we not advise the bank of a figure,as soon as known, enter the figure and then the banks balance to that figure just like we do when acting on a purchase.  Surely its the same principles and it is a far more efficient and effective way to handle the process ?

I would appreciate feedback from PEXA and the representatives of the banks that monitor PEXA Community

Thanks

[sonia-collins]

Hi Cory,

as one of those financial institutions that has a system and contractual requirement to run the Final Payout figure on the morning of the settlement, I can understand the frustrations of too'ing and fro'ing at the last minute. 

We do know that we have a few FSS unsigned by 10am while we are finalising the Surplus Funds etc. 

I think your idea would be great for both the practitioner and the MOT to have this option.

regards

Sonia