on 19-10-2016 05:46 PM
on 19-10-2016 05:46 PM
Hi there,
Has anyone had to register a second (or third) mortgage where the additional mortgage is also in favour of the the first mortgagee (same financial institution)?
Are you able to represent the same party in multiple roles on PEXA (ie mortgagee on title and incoming mortgage). The option was available to invite a party (mortgagee on title) when creating a workspace as incoming mortgagee. It is somewhat counterproductive when you have client authorisation and have instructions to handle the transaction behalf of the financial institution.
If the above is possible, take the scenario one step further. The first mortgagee registered on title has since changed its name. Will PEXA recognise that you have client authorisation for the party in its previous name?
Below is the standard a scenario from the FAQ's section posted by BrettCS:
A second mortgage scenario is where:
a) Blue Bank is the first mortgagee, and
b) Red Bank wants to lodge a mortgage to become 2nd mortgagee on title
In SA, QLD and WA, Red Bank could simply open a standalone workspace in the role of Incoming Mortgagee, create and then lodge the second mortgage.
In order for Red Bank to lodge its new mortgage in VIC and NSW:
on 21-10-2016 12:10 PM
on 21-10-2016 12:10 PM
Hi @RossHW
Sounds like there are two things you're asking here. The first, is about how to act in two roles in one Workspace. We have help material here that describes how to add an additional role.
The second part of your question really relates to satisfying yourself that you hold a Client Authorisation from the correct party. The VOI standard would require you to obtain evidence of the party's change of name. So for example, if the title shows "the English and Scottish Australian Bank Limited" and you have a Client Authorisation from ANZ, you'd need to confirm the link for yourself.
Hope this helps! Let me know if you need any further clarification.
on 25-10-2016 02:12 PM
on 25-10-2016 02:12 PM
Hi Ross,
When adding a 2nd or third mortgage, it is only required that the mortgagee is represented as Incoming Mortgagee - either self represented or by a representative under a client authorisation.
This is irrespective of whether the mortgagee has one or more registered mortgages already on title and also irrespective of whether the mortgagee has had a change of legal name since registration of the first of second mortgage.
I hope I have answered your question. If not, please write back. We will then seek to clarify any outstanding questions.
on 20-12-2019 11:31 AM
on 20-12-2019 11:31 AM
Can i please confirm if lodging a second mortgage in Qld do we need to obtain a paper consent from the first mortgagee and then lodge this consent document as an attachment when lodging the new second mortgage?