on 26-04-2018 09:33 AM - last edited on 26-04-2018 11:57 AM by TJ
We had a sale settlement due to occur on 23/4 however was delayed due to the purchaser’s bank not being ready.
Settlement was rebooked by incoming bank for 11am 24/4. A conversation was placed on workspace for MSA to accept and sign off at 8.55am today. A further message sent at 10.59am.
We then contacted MSA on their booking line and was put through to the PEXA discharge section and spoke to someone who advised that the next booking they could take was Thursday 26 April 2018!! They immediately put in a new settlement date and will have a payout on Wednesday afternoon or morning of settlement. I asked them why does it need to be delayed 48 hours and he advised that it was a service agreement with the loan provider. Reluctantly, I asked he book in the next settlement which is now 2pm Thursday 26 April 2018.
I do not understand why MSA would be ready to complete on Monday but then needs a full 48 hours to prepare for settlement again within PEXA when the only thing that needed to be done was an updated payout figure. This is unacceptable and service agreements between lenders and settlement agents need to be amended to allow for the 'real time' communication and updates PEXA is meant to have.
- Courtney @ Edmonds
on 26-04-2018 03:38 PM
We experience a similar problem with Dentons, when they are representing ING. I think that arrangement requires a 4 day deferment.
I am told that has improved recently but I have not come across one for a while.
on 27-04-2018 09:06 AM - last edited on 27-04-2018 10:10 AM by TJ
It is so frustrating when you have a minutes before the proposed Settlement time, and all you can see is the what tasks the lender needs to undertake.
A conversation on the workspace only takes a minute or so - rather than lengthy phone calls - to be told that the lender will be ready on another date in the future..
on 01-05-2018 05:48 PM
I am sorry you did not have a positive experience with your recent transaction with MSA National. I am happy to review this transaction for you to see what occurred and why settlement was delayed initially. We always welcome feedback to improve any processes we currently have.
I will send you a separate message requesting this information and we can go from there.
on 02-05-2018 07:35 PM
Have found MSAs required timelines are sometimes impossible to comply with however brokers/the bank are often able to escalate so that a shorter timeframe can be adhered to. Suggest escalating where possible (shouldn’t be needed and not always going to work of course but worth trying).