on 22-11-2017 10:39 AM
we have had an issue with settlement where the incoming mortgagee will not verify for settlement until they have seen the transfer, the transfer can not be finalised until it is stamped, we can not stamp until the loan is verified. Has there been any progress on the incoming banks being able to "view only" the transfer documents. i note that it was not released in update 6.1 nor release 7. is this still being worked on and do we have a time frame on when this might happen. thanks
on 22-11-2017 10:47 AM
The ability to view the Transfer did come in with Release 7.
on 22-11-2017 02:57 PM
The capability for an Incoming Mortgagee to view the rendered transfer was deployed in PEXA Release 7.
Please let me know if you need more information.
on 22-11-2017 03:03 PM
Thanks for that George,
The incoming mortgagee is still saying they cant see the transfer through the platform. i will speak to my training officer to understand this procedure better.
on 22-11-2017 03:10 PM
The status of the Transfer Document must be 'Prepared' (meaning that both the Purchaser (IP) and Vendor (PoT) counterparts have been completed and IP has completed Stamp Duty Verification) before the rendered transfer is able to be viewed. Prior to these steps being completed the Document is not yet mature enough to enable generation of the rendered LR Document.
Please let me know if you have more questions
on 05-12-2017 09:19 AM
is there any way the transfer can be in "prepared" status prior to it being stamped so that the mortgagee can see it prior to verifying their loan documents. often we do not get our stamp duty money until settlement and our office practice is not to stamp until we know how much funds are available. this caused a lot of problems with a recent settlement and i ended up having to prepare a manual transfer for the bank to accept before they would verify the loan to advise how much funds were available so we could then stamp.
on 05-12-2017 04:42 PM
In short, the rendered Transfer cannot be made available until the document status is at least 'Prepared', which means Stamp Duty Verification plus all mandatory transfer data, including both Purchaser and Vendor counterparts, are completed.
But, Stamp Duty Verification will return the duty amount payable to PEXA. PEXA will then automatically create the Stamp Duty Disbursement line item, payable to the NSW OSR at settlement. So, no cheques, and no pre-payment to the OSR.
But if the process is not working for you we are keen to learn more, and see how we can improve the process for you. I have spoke with our NSW Operations Manager - @SallyKite. Sally will work with you to arrange one of our PEXA Direct specialists to contact you so we can learn more about your process.
Please stay in touch and let me know how you go @GeorgePolus
on 19-08-2018 01:25 PM
@George When is the Incoming Mortgagee (IM) able to view Transfer document? Please advise effective date?