Purchasers Equity in Sources tab

[SYNCPM]

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.

[FionaRiches]

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.

[SYNCPM]

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?

[SYNCPM · Accepted solution]

Ok 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.  

[FionaRiches · Accepted solution]

Yes, 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

[DMc · Accepted solution]

In 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