on 18-06-2018 07:43 AM
Its just not good enough. This is supposed to be a more effective solution to settlements and here we are basically monitoring the workspace constantly.
on 27-08-2018 02:44 PM
I fully agree. Just had a settlement roll-over for another 1 1/2 hours because CBA ignored requests 2 hours prior to settlement to update the destination funds. CBA in all their wisdom finally updated figures 15 minutes past the due settlement time.
The settlement space should be completed at least 24 hours prior to settlement. Banks leaving things until 5 minutes prior doesn't allow any time for other parties to update and/or sign off on anything before settlement.
Only using PEXA because we are forced too - not using by choice!!
on 29-08-2018 02:20 PM
Excellent suggestion. Surely the banks should be striving to improve their processes and be organised. We find they cause delay after delay due to their looking at a matter only minutes before settlement. There is no accountability and a lack of communication as to why they feel the need to operate so last minute!
on 29-08-2018 03:58 PM
No, they still leave it until the morning of settlement. So what happens when PEXA is full steam ahead? Are there going to be enough staff in the Banks to handle all the matters due to settle that day? Its near impossible to organise a morning settlement with Banks.
on 26-09-2018 05:54 PM
An example of the banks dictating unreasonable times are providing an indicative payout 2-3 days prior to settlement. We often need this information a week before settlement in case we have to release the deposit monies into Pexa. This information should generally be available upon request. The process of releasing the deposit can take 2-3 days to achieve because the purchaser may first need to undertake their final inspection before any money is released. There also maybe other reasons why we need that information eg. partial discharge with a simultaneous purchase settlement and we need that to calculate the shortfall on the purchase. It can take a client a whole week to get shortfall funds to us. I've got ANZ refusing to give me an indicative payout when the matter is settling early next week with a public holiday.
A word to the banks. I promise you that if I am not provided the information when I need it, I will instead have the clients running around to their bankers and I'm guessing they won't be happy about your reluctance to provide the information I need. We ultimately need certain information from the banks at certain times. This information should simply be made available when requested end of story.
on 27-09-2018 03:26 PM
I definitely agree. Banks only consider their workload and have no regard for customers or other users of PEXA. Banks hinder the effective use of electronic conveyancing, which has the potential of being a great system.
28-09-2018 12:42 PM - edited 28-09-2018 12:45 PM
ha ha ha. that's about all you can do - laugh - really, isn't it?
according to PEXA:
Property Exchange Australia Ltd is a company limited by shares with key shareholders including:
and if you think about it, presently the push is for the conversion of titles to eCT for all ADI-involved transactions. so think about it - the Big 4 are investors in PEXA, and we are being rammed into doing everything by eConveyancing. however, if you're not an ADI they will still issue a pCT even though it's being transacted through PEXA.
and frankly I wouldn't mind if everything was hunky dory and smooth but, and you can see from my earlier posts, I recently had the case of the bank's "verification team" asking for a hardcopy of a transfer when the matter has been accepted in PEXA and a bank representative posting here has said that it's not necessary. so the bank is still requiring hardcopy documents for electronic conveyancing - really really defeats logic. and, before anyone jumps on me - no, the PEXA transfer was not acceptable - i was required to produce the Land Registry form so that they can verify the transaction.
on 28-11-2019 02:48 PM
I am utterly frustrated by the practice of some banks - one in particular - of not dealing with a work space until the day of settlement. I've had a matter delayed because the bank realised on the day of settlement that the incorrect mortgage documents had been signed by the other side (purchaser) and the purchaser had to resign which tool several days of delay. Too bad if this was a linked financial settlement for my vendor client.
Conversations are not being read prior to the day of settlement in the PEXA work space and when they are read on the day there is no response to urgent requests for them to do things. YOU THEN SPEND THE REST OF THE DAY TRYING TO GET THE MATTER TO BALANCE AND THE BANK TO SIGN OFF. This is not saving any time, rather wasting my time and increasing my blood pressure.
PEXA, where do we go to complain about the bank's lack of urgency? I have used the feedback button in the work space a couple of times and get nothing. NO ONE SEEMS TO BE ACCOUNTABLE, meanwhile I am becoming increasingly distressed about the failure to have matter ready ready before the settlement time.
If the banks could provide an indication of funds available or required to settle a week out from settlement, we understand there may be a slight variation to the day of settlement, this would make life so much easier and less stressful. As one person stated above, this was done for paper settlements, why has it changed to the day of?
I am a sole practitioner and on settlement day I am beginning to feel very isolated because the banks don't communicate. There is no feedback, it's like trying to deal with a brick wall. I've tried ringing the hotline only to be on hold for an hour and a half - watching the settlement time roll over. You begin to feel rather manic repeatedly typing messages into the conversation panel which are not being read and aren't being acknowledged. It's just not good enough.
If someone has some suggestions for dealing with this lack of communication I would love to hear it.
Also, has anyone else been caught out by the bank including Mortgage Insurance in the approval figure? I had one bank provide a figure in the confirmation of finance letter and nothing was mentioned (until the day of settlement when the client had a shortfall) that this was suppose to include an amount for mortgage insurance (which we don't normally deal with or know anything about) so we ended up being short. Can the banks provide a breakdown of where the funds are to go if they are not going to be made available for settlement?
Rant over ... but I could go on unfortunately.
2 weeks ago
My suggestion which has fallen on deaf ears is a simple yet I believe would be effective.
I asked PEXA to grey out the workspace - kind of like when you are too late to renew your licence and you literally cannot enter the information or process it.
The banks should have a time limit like everyone else in the world. The payout figure/loan advance should be completed the day before just like it used to be with paper. You sent off the cheques the day before, there was no stressful last minute rubbish happening.
PEXA seem to be able to grey out conversations with the other bank, we are now not allowed to converse with them but for some reason they cannot grey out and impose time limits on the banks.
There is no accountability and enforcing the accountability is not happening either - bottom line, banks own most of PEXA therefore have a monopoly when deciding how it works.