on 12-03-2019 08:58 PM
on 12-03-2019 08:58 PM
When adding in Purchasers Equity as a source of funds, the only options I have is my trust account. If the customer is holding these funds in their own bank account, why can't I have the option to key in the customers bank account details?
Is it because the mortgagee/bank holds authority on the customers account to draw shortfall funds from? Please advise thanks.
Solved! Go to Solution.
on 13-03-2019 11:54 AM
on 13-03-2019 11:54 AM
SolutionOk I have just confirmed with NAB if the mortgagee holds a customer authority for suplus or shortfall of funds, they will add the source of funds on their end.
on 13-03-2019 11:59 AM
on 13-03-2019 11:59 AM
SolutionYes, that's right. If the mortgagee hold authority to deduct from a shortfall account, they can do that (same as in a paper settlement). IF NOT, then it comes from your Trust Account.
Fiona
on 15-03-2019 05:55 PM
on 15-03-2019 05:55 PM
SolutionIn response to the Opening Post, There are 3 Source fund options are available for Role of Incoming Proprietor (ie Subscriber PEXA integrated Trust Account, Incoming Lender, or also PEXA source Account) https://community.pexa.com.au/t5/Ask-the-PEXA-Community/PEXA-source-fund/m-p/6947
on 13-03-2019 11:43 AM
on 13-03-2019 11:43 AM
Hi
I believe you need to get the customer to transfer the funds to your Trust account (as clear funds before the date of settlement), and Pexa accesses your Trust Account - not the client's account.
Fiona.
on 13-03-2019 11:50 AM
on 13-03-2019 11:50 AM
But if the mortgagee is holding authority for the shortfall of funds arent they supposed to add the source of funds to come from their account or customers account?
on 13-03-2019 11:54 AM
on 13-03-2019 11:59 AM
on 15-03-2019 05:55 PM
on 15-03-2019 05:55 PM
SolutionIn response to the Opening Post, There are 3 Source fund options are available for Role of Incoming Proprietor (ie Subscriber PEXA integrated Trust Account, Incoming Lender, or also PEXA source Account) https://community.pexa.com.au/t5/Ask-the-PEXA-Community/PEXA-source-fund/m-p/6947