PEXA now allows financial institutions to be invited to join a workspace in the role of a 'Source Funder'.
The primary use for the source funder role is for the following scenarios:
Where a Panel Member (Law Firm) is completing a transaction on behalf of a Panel Master (Bank) and the Panel Master needs to provide source funds to their Panel Member rather than transferring funds into the Panel Member’s trust account
For a residential/commercial transactions where the retail arm of a Bank requires the Commercial arm to provide source funds to complete a transaction.
Note: A Financial Institution who wishes to provide source funds must have the relevant accounts set up in PEXA prior to be invited to join a workspace in the role as source funder as currently it is not possible to load the funds directly from the Purchaser's bank account.
A Source Funder is limited to what they can do within a workspace as their primary task is to provide source funds only. A Source Funder is not be able to:
Create, edit, delete or view any documents
Add or delete Land Titles
Create, edit or delete any parties
Create, edit or delete any destination line items
Watch a demo of the Source Funder Role or follow the step by step instructions below
Inviting a Source Funder to your Workspace
Subscribers wishing only to provide funds in a Workspace, must be invited into a Workspace in the role of Source Funder.
To invite a Source Funder to your Workspace, navigate to the Participants screen, select Participant and then Invite Participant.
On the Invite Participants screen, search for and select the Participant and then select the role of Source Funder.
Click Send Invitations.
Acting in the role of Source Funder
When a Financial Institution accepts an invitation to join a workspace as a source funder they can create source line items by:
1. Navigating to the Financial settlement screen and select the Sources tab.
2. Clicking Add Source button.
3. Adding a source line item.
4. Selecting the Source Fund Category. As a Source Funder the available categories are:
5. Verifying and signing rules are as per a normal transaction and the funds must be verified and signed.