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Surplus Funds to Mortgagee

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  • Surplus Funds to Mortgagee

Surplus Funds to Mortgagee

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Yvette
Yvette
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on ‎24-04-2018 12:39 PM

on ‎24-04-2018 12:39 PM

Surplus Funds to Mortgagee

Just wondering, is it still possible (to be ahead of the game) and enter balance of sale funds to your discharging mortgagee (that includes excess funds) ?

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Category:
  • Banks and Financial Institutions
  • Financial Settlement
  • NSW
  • Tags:
  • Mortgagee
  • payout figures
  • surplus funds
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Karolidis_and_Co
Karolidis_and_Co Community Superuser
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on ‎24-04-2018 12:54 PM

on ‎24-04-2018 12:54 PM

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Re: Surplus Funds to Mortgagee

I don't think so - they have to action both...

Nick Karolidis
Principal Lawyer & Accountant
Karolidis & Co

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TheDoctor
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on ‎24-04-2018 04:35 PM

on ‎24-04-2018 04:35 PM

Solution

Re: Surplus Funds to Mortgagee

Hi @Yvette,

 

As a Mortgagee on Title, we need the funds split between the clearing loan and the surplus funds account.

If we were to group all funds together it would delay the closing of the loan account while the amounts were reconciled.

 

Suggestion:

Once you are aware of the total amount that the Mortgagee on Title is to receive, advise them, via a conversation, of the total.

In theory, they should then be able to load their surplus account Destination line item, at the same time as their payout figure.

 

That should be fairly simple for them to manage.
Not saying that you may not need to prompt  them on the day of settlement but, in theory, it should be simple.

 

 

Thanks
Brett

Any opinions are that of TheDoctor and not necessarily that of Westpac.

View solution in original post

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Karolidis_and_Co
Karolidis_and_Co Community Superuser
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on ‎24-04-2018 12:41 PM

on ‎24-04-2018 12:41 PM

Re: Surplus Funds to Mortgagee

Hi Yvette

 

I believe this is only possible if the discharge authority has included an account for excess funds.

 

Regards

Nick

Nick Karolidis
Principal Lawyer & Accountant
Karolidis & Co
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Yvette
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on ‎24-04-2018 12:53 PM

on ‎24-04-2018 12:53 PM

Re: Surplus Funds to Mortgagee

Hi, 

Excess funds account is noted on discharge, but would love to set up the destination funds paying all to the bank without waiting for them to confirm a payout figure first, then allocating the balance.  Doesn't seem doable?

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Karolidis_and_Co
Karolidis_and_Co Community Superuser
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on ‎24-04-2018 12:54 PM

on ‎24-04-2018 12:54 PM

Solution

Re: Surplus Funds to Mortgagee

I don't think so - they have to action both...

Nick Karolidis
Principal Lawyer & Accountant
Karolidis & Co
2 Likes
Reply
TheDoctor
TheDoctor Community Superuser
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on ‎24-04-2018 04:35 PM

on ‎24-04-2018 04:35 PM

Solution

Re: Surplus Funds to Mortgagee

Hi @Yvette,

 

As a Mortgagee on Title, we need the funds split between the clearing loan and the surplus funds account.

If we were to group all funds together it would delay the closing of the loan account while the amounts were reconciled.

 

Suggestion:

Once you are aware of the total amount that the Mortgagee on Title is to receive, advise them, via a conversation, of the total.

In theory, they should then be able to load their surplus account Destination line item, at the same time as their payout figure.

 

That should be fairly simple for them to manage.
Not saying that you may not need to prompt  them on the day of settlement but, in theory, it should be simple.

 

 

Thanks
Brett

Any opinions are that of TheDoctor and not necessarily that of Westpac.
6 Likes
Reply
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