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 Workspaces
- 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:
- Purchaser's Equity
- Loan Proceeds
- Other
5. Verifying and signing rules are as per a normal transaction and the funds must be verified and signed.
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