Welcome to the sixth edition of the Bank Blog. This month I’ll be discussing some exciting industry milestones, navigating the end of year rush and updates to the Workspace Summary Screen.
The Western Australian compliance date is in effect. I’d like to acknowledge the collaborative efforts of both practitioners and financial institutions in reaching this milestone. The state’s industry members have been meeting over the last 12 months for symposiums in readiness. It’s fair to say there were issues to work through at the initial events, but the progress made has been outstanding and wonderful to see first-hand. The seventh WA industry symposium was held recently, and they’ve become an ideal forum for all parties to communicate and align workflow towards a common goal – achieving the best outcomes for buyers and sellers.
December is always a very busy month for conveyancing. The banks are conscious of this and have prepared accordingly – organising their resources to meet the demand. I’d like to share a couple of guides to assist practitioners as well – Transfer checklists and Discharge Authority preferences, developed specific to individual banks. A quick tip: I recommend you review the Bank Transfer checklist to see where the DA should be sent for your Mortgagee on Title. Ideally, upload it to Dochub and tick the checkbox “DA Sent”.
I’ve heard positive feedback on the new Workspace Summary Screen deployed in Release 9, particularly around having the Transfer Guidelines built in. The Guidelines are designed to facilitate a smooth settlement for all parties and by having these indicators more visible in the platform, knowledge and adherence should continue to progress.
Payout figures are a key focus for the Banks and new functionality will arrive in the near future to further drive efficiency in this space. Presently, I’m pleased to note that there has been steady progress in performance over the last three months.
Well done on your efforts in 2018 – I wish you a safe and enjoyable holiday period. Thanks for your feedback and I’ll see you for the next Bank Blog at the start of the new year.