PEXA FSS SIGNING

[lathan_thurpu]

Hello Team

I got 2 questions

1. I work for HSBC and I have the privilege of singing the lodgments and Financials. Could you tell me how do I check who has signed the Financial settlement statement after the PEXA is completed on the previous day or any day.

2. Also would like to know how to I find out who has done the 'Submit for Lodgment' task ?

Thanks in advance
Regards
LT

[Marty · Accepted solution]

Hi @lathan_thurpu,

1. There is a list of who has signed the Financial Settlement Statement at the bottom of the main settlement screen ('Settlement Summary' tab). Here's an example from one of our test environments:

For your firm's signature you'll be able to see the individual who signed. For the other firms participating in the transaction you'll only see the firm names.

2. Even though we track who initiated lodgement of documents, unfortunately none of our screens show this information. If there's a specific transaction you need this information for, I'm sure we could dig it up for you.

(Note: where financial settlement applies, the lodgement of documents is triggered by the system when the agreed settlement date and time is reached.)

I hope that helps.

Martin

Product Owner, Practitioner Services

PEXA

[lathan_thurpu]

Thanks Martin

That was really helpful.

Is there anyone or a team who can help in disabling this feature of stopping the lodgment trigger by system.
because there have been cases where we signed the FSS without checking the Payout figures and when we realize that the figures are incorrect we could not unsign the document or stop the settlement because of incorrect payout figures being updates b my team.

[Marty]

Hi @lathan_thurpu,

System-triggered settlements are core to the functioning of PEXA. It's the equivalent of booking a timeslot in a settlement room. However, it will only trigger if all the documents and financial settlement data is complete, valid and signed by all. So please only sign the Financial Settlement Statement if you are comfortable that the figures are correct. Without your signature, the system will not trigger settlement.

Thanks,

Martin

[lathan_thurpu]

Thanks again Martin.

Firstly seasons greetings!

As you mentioned that the settlements which have Financials and documents singed will be lodged automatically when the agreed settlement time arrives. But I see that the settlements which do not have Financials always ask us to 'Sign the Lodgment' to complete the settlement. Can we raise a question to PEXA team so they can enable this feature for matters where there are Financials involved as we feel that once we close the accounts at my end then I will be more comfortable to submit the lodgment or release the mortgage, again this is just my personal thought to achieve better quality points.

Thanks

LT

[lathan_thurpu]

Hello Martin

Can you please help us by investigating the Financial settlement signing for these cases as these are very critically impacted HSBC . 

Thanks a ton mate

Regards

LT

[TheDoctor]

Hi LT,

As an Incoming Mortgagee, we would not like a process as you have suggested.

One of the main attractions to settling via PEXA is the automated registration once the settlement is completed.

If we were to then be at the mercy of the Mortgagee on Title, as to whether the documents can be lodged or not after settlement, we would not be very attracted to using PEXA to settle.

The manual paper settlement process leaves lodgement of all documents to the Incoming Mortgagee.

thanks

Doc

The act of settling gives the permission to lodge. This has been replicated in PEXA.