on 10-01-2020 01:02 PM
It feels a bit hopeless asking for the banks to be held accountable - it makes no difference to them at all if a settlement is delayed.
On the bright side I just had a small win with CBA by reminding them that their own Transfer Guidelines (in help centre) state that indicative payout figures should be available 24-48 hours before settlement and they have promised a payout by COB - I hope they come through.
on 10-01-2020 02:17 PM
Banks and their settlement agents are improving slowly however it would DEFINATELY be a benefit for practitioners and our clients if all incoming mortgagees and mortgagees on title had specific timeframes that they had to comply with in relation to providing funds available and payout figures.
Last minute information from incoming mortgagees and mortgagees on title on the day of settlement is unacceptable and unprofessional. Even communication in the early parts of the transaction that their funds available or payouts will or won't change once entered would assist.
on 13-01-2020 05:52 PM
We understand your frustrations in relation to tasks not being completed in time for settlements to take place at the date and time agreed by all Parties.
Industry Transfer Guidelines require all Parties to meet timeframes in relation to completion of workspace tasks. Banks are required to enter indicative Payout figures 2 days before settlement and Loan Proceeds 5 days from Settlement. Banks are provided with regular reporting on their adherence to these and other Industry Guidelines and have used, and continue to use this information to drive improvements in their processes, systems and training.
Practitioners are encouraged to provide feedback on Bank performance in specific workspaces via the workspace survey and using the Feedback tool in the workspace. This feedback is received by Banks and an increasing number of Banks are reaching out to Practitioners to follow-up.
Recognising that a standard transfer requires timely completion by all four parties of time-critical, interdependent tasks, PEXA is working with the major banks to roll out new tools to assist with workflow management and is introducing a new FSS Summary that assists with orchestration of the tasks required to effect financial settlement. Further work is planned to build guidelines into the workspace to provide greater transparency for all Parties to see what needs to be done when, to meet settlement.
So please keep the feedback in workspaces coming as the Banks do receive and use it, please know that performance is monitored and guideline adherence is taken very seriously and look for more information posted here on Community about new system functionality designed to improve the settlement experience for all Parties.
on 26-02-2020 09:58 AM
Is anyone aware of where we can complain either to PEXA or the bank regarding unrealistic timeframes for advising both payouts and funds available? Four hours before a settlement for funds available and no provision of surplus funds is simply not good enough. Fortunately my client was able to transfer balance of funds at short notice but many would not be in a position to do this!