The Refinance process in PEXA allows you to discharge a mortgage on a title from one Subscriber (Mortgagee on Title) and place a new mortgage on the same title for another Subscriber (Incoming Mortgagee).
The process in PEXA involves one central Workspace, to which another Subscriber is invited and in which a Discharge document and a new National Mortgage document is created.
Please note: Downloadable help cards are available at the bottom of the article
Click "Incoming Mortgagee or Mortgagee on Title" to start! To launch the tutorial in a new screen, click here.
Refinance Roles
Incoming Mortgagee: You are creating a the workspace to request a new mortgage to be placed on a title and the existing mortgage (held by another Financial Institution) be discharged.
Mortgagee on Title: You hold a mortgage over a title.
Financial Settlement
Financial Settlement data is entered into a Financial Settlement Schedule within the Workspace in PEXA when the discharge involves a transfer of funds between Financial Institutions. The financial settlement has a scheduled date and time that both Subscribers must agree to. At the agreed settlement time, the funds are exchanged and the lodgement case will be lodged. The Financial Settlement Schedule must be signed (certified) and registry documents signed prior to the financial settlement date and time.
