Last updated: 5 September 2019 Jurisdiction: ALL Additional Resources: Help Card
The steps for completing a refinance as the Mortgagee on Title are highlighted below. You will notice that the steps in PEXA are generally the same for every jurisdiction. Note: There are a few extra steps if you are practicing in VIC or NSW.
Click "Incoming Mortgagee or Mortgagee on Title" to start! To launch the tutorial in a new screen, click here.
1. Review and Accept Invitation
On the main navigation panel you will notice you have an invitation (perhaps one of many).
Select View against the invitation.
Select Your response : Accept or Decline
Type in your reference number – Matter Number; Client Reference Number; Unique File Reference Number etc.
Select Open Workspace upon acceptance if you wish to go straight into the Workspace.
2. Accept or Propose New Settlement Date and Time
Click on the Accept or Propose New Settlement Date and Time in the My Subscriber Outstanding Tasks.
Select Accept and then click Save.
3. Check the land titles
Select Land Titles located on the left hand navigation bar and review the details.
Select Participants from the left hand navigation panel.
If you are a Financial Institution review the screen and then move to Step E.
If you are a Panel Lawyer, confirm you are acting for the Mortgagee on Title.
If you are a Panel Lawyer of the Mortgagee on Title or have set them up as a Frequently Represented Party, representation may be automatic. If not, you can represent them by clicking on Edit.
Ensure I Represent this Party is selected and click Save.
Note: If the legal entity name on the Participant screen is not correct follow the steps in the topic Change Legal Entity Name to make the necessary changes.
Note: If the Financial Institution has signed a Non-Transacting Panel Master Agreement or is a Registered Subscriber of PEXA, you will need to be added as a Panel Member in order to represent the Financial Institution in a Discharge of Mortgage. Only the Financial Institution can add a Panel Member.
5. Create Discharge of Mortgage Document
Click Documents from the left hand navigation.
Click the Create Document.
Select Discharge or Release of Mortgage.
Select the Mortgage Number from the drop down box.
The Discharge of Mortgage is created and added to the list of created documents.
If you are in WA and the title is a duplicate certificate of title enter the Duplicate Holding Details in the Lodgement Instructions.
Note: There are no supporting documents required for SA and QLD.
6. View and Sign Discharge and Lodgement Instructions
Select View from the Actions column next to the Discharge to view the document.
Select Sign from the Actions column to view the Documents
Note: In Victoria, if a Nomination is required, it must be signed and submitted for lodgement before you can sign the Discharge of Mortgage.
7. Prepare Financial Settlement Schedule
The Mortgagee on Title must enter in their payout figure into the Financial Settlement Schedule as a Destination Line Item. To do this:
Click Settlement on the left hand navigation bar.
Click on the Destination Tab.
Click Add Destination.
Select Loan Payout from the drop down menu.
Select the destination account from the drop down list Note: If you select a PEXA verified account, the Account Name, BSB and Account Number will automatically populate. If you select Customer Account you will need to manually populate the account details.
Enter in your loan payout figure.
Type in your Transaction Description (optional). You may wish to use your Client Reference number or the PEXA Workspace ID number in this field to assist in the reconciliation of these funds.
Final Account Details (optional). This functions as a record of where the funds will be manually moved to from the clearing account after settlement. It is for informational purposes only and drives no functionality in PEXA.
8. Sign the Financial Settlement Schedule
On the Settlement Screen, click the Action cog and select Sign.
Once you have read through and you are satisfied with the certifications, ensure the boxes are ticked and click Sign at the bottom of the screen and enter in your PIN.
The Financial Settlement Schedule screen now shows that you have Signed.
As the Mortgagee on Title, there is nothing else for you to do other than monitor the Workspace.
Once the Incoming Mortgagee has entered in their loan proceeds and signed the FSS, 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!