09-03-2017 04:03 PM - edited 20-04-2017 12:12 PM
Just wondering if anyone registering dealings in PEXA for NSW has any issues with their Registration Notice.
I've had two financial institutions query the lack of information on these notices sighting that it's inadequate for securitisation purposes, as it doesn't disclose the registered owners; the name of the mortgagee and whether the title is an eCT (and who hold the CoRD).
I have enquired with the NSW eConveyancing Services Program Manager to be told they have no plans to produce a more detailed Notice but will look into my feedback. Any comments from the industry?
Update: One of my FI clients obtains a title search after registration to confirm details. An expense they should not have to incur. The other FI client has told us to obtain paper Certificates of Title for their NSW Mortgages!
Another update: I've had a thought! Surely they could produce a Title Search as the Registration Notice and simply call it "Registration Notice".
on 12-06-2017 04:15 PM
I am with you on this. Have you any other feedback or anything more from NSW LPI before I take this same issue up with them?
on 14-06-2017 07:59 AM
Since the NSW eConveyancing Services Program Manager told me they have no plans to produce a more detailed Registration Notice I have heard nothing. I have since emailed to them my suggestion of providing a title search for eCTs simply renamed Registration Notice, again with no response.
Seems to me we need some sort of working group (if there isn't one already) who might have more influence when approaching the land titles registries to sort out these operational issues. It's not really PEXA's role.
on 14-06-2017 10:36 AM
I will put this issue on the list when next talking to industry representative body (COBA) and request issue to be raised with state land registries or ARNECC.
I will post any updates. Cheers Doug
on 23-08-2017 11:54 AM
The latest update is that our industry body COBA (Customer Owned Banking Association) had surveyed other COBA member ADIs on this issue, and the last contact with COBA was they they are considering lobbying ARNEC on the issue.
The current form of CoRD notification information is very limited and lets hope the discussion will continue.