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.
Please note: A downloadable help card is available at the bottom of this article
Click "Incoming Mortgagee or Mortgagee on Title" to start! To launch the tutorial in a new screen, click here.
A. 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.
B. 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.
C. 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 the Action cog and selecting Edit.
Ensure you select I Represent this Party 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.
E. 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.
Note: There are no supporting documents required for WA, SA and QLD.
F. View and Sign Discharge and Lodgement Instructions
Select Sign the Action Cog against the Discharge of Mortgage document and select
Click View next to the Discharge document on the signing screen to see the rendered document.
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.
The signing pop up box will appear.
Enter in your password.
G. 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.
H. 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!