Last updated: 5 September 2019
Additional Resources: Help Card
The steps for completing a refinance as an Incoming Mortgagee are highlighted below. You will notice that the steps in PEXA are generally the same for every jurisdiction.
Please note: A downloadable help card is available at the bottom of this article
1. Create a Workspace in the role of Incoming Mortgagee
Complete the screen as applicable:
Note: The Panel Masters and Frequently Represented Parties functionality is dependent on these details being prepopulated within PEXA by the Panel Master and/or by your Subscriber Manager.
After the Mortgagee on Title has created their documents, you will need to edit the Lodgement Instructions.
8. Prepare the Financial Settlement Schedule
After the Mortgagee on Title has entered in their loan payout figure, the Incoming Mortgagee or their Representative will enter the total funds required from loan proceeds. The payout of the loan will be the only mandatory disbursement in a refinance.
Note: If you are a Financial Institution who has been invited in as a Source Funder at this stage, you will enter in source funds at this stage. Click here for more details.
You will note that funds status will say Not Ready. To move this to READY you need to Verify the funds will be made available for Financial Settlement.
To do this:
If you are a Financial Institution move straight to Step I below (signing the FSS).
If you are a Panel Lawyer you will need to complete one more step – Authorise Funds.
For source funds, where a trust account is used, a Payment Authoriser must Authorise PEXA to instruct your Financial Institution to draw these funds from the trust account at settlement.
When both parties have signed the Financial Settlement Schedule the Workspace status will move to READY READY.
Now you can complete a Refinance in PEXA. Please note, the steps in a purchase/sale in PEXA for the Incoming and Outgoing bank are the same as a Transfer – so you are ready to do a transfer!
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