Available: Monday 08th November 2021
Jurisdictions: ALL
Applicable roles: Incoming Mortgagee
Note: This feature will be available as part of PEXA Exchange Release 15.0.0, scheduled for release on Monday 08th November, 2021.
Financial Institutions in the role of the Incoming Mortgagee can now set up either their Purchasers Equity or Loan Proceeds source line items to automatically adjust to balance the Financial Settlement Schedule. This means Loan Proceeds or Purchasers Equity can be entered much earlier in the transaction as the Incoming Mortgagee can enter a maximum amount, sign the FSS and sit back while PEXA adjusts the amount to balance the schedule.
The Add Source Financial Line Item screen displays.
Auto balanced source line items are highlighted in green on the Sources tab. You’ll also notice that the amount is automatically adjusted to balance the FSS. This auto-balancing line item will remain green and auto balancing even as other Workspace participants enter their line items, as long as the funds required to settle does not exceed the maximum amount set.
If the maximum amount has been reached, the line item is highlighted in red to indicate it can no longer auto balance because additional source funds are required.
This can happen if the Incoming Proprietor completes their line items and either clicked on the Ready for Shortfall button or signed the FSS and additional source funds are required from the Incoming Mortgagee.
When this happens, you’ll be prompted to update the maximum amount. If you have previously signed the FSS it will be unsigned.
You must be a registered user to add a comment here. If you've already registered, please log in. If you haven't registered yet, please register and log in.