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AmandaKeenan
AmandaKeenan Star Employee Friday
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0 Comments

Enhanced Settlement Summary

 

 

Read more...

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lisadowie
lisadowie Gold Star Employee ‎24-12-2020 10:57 AM
1212 Views
1 Comment

Thank you members for an incredible December

Hi Community, 

December is traditionally the busiest time of year for our industry and though 2020 has been truly unique, a number of factors indicated that the traditional spike in volume was likely to be seen once again. 

  • Total visits on desktop and mobile web to the major property portals grew by approximately 16% between June 2020 and November 2020 and are substantially up from the same time last year.  
  • New listings in Australia's capitals grew by 53.8% in October to hit a calendar high. While they dipped in November, they were still 7.7% higher than the same month last year.  
  • Sales grew over 30% in October with a further slight increase in November to reach new calendar highs.  
  • Auction volumes also grew by 21% in November from October, the highest levels since March.  

Our industry braced itself for significant volumes and that is exactly what we saw on Friday 18 December 2020, with the previous record for digital property transactions eclipsed.  

With the holidays fast approaching and an unprecedented number of Australians seeking to buy or sell their home, it’s at this time consumers rely on our sector the most, for safe, secure and efficient property settlements. 

The scale of work undertaken by all cannot be understated. Navigating a day of this magnitude would not be possible without a decade of collaboration and digital innovation.  

We also saw our member banks go the extra mile, implementing the following measures in response to heightened volumes, in support of industry: 

  • Extended overtime. 
  • Proactive conversations to follow up on outstanding tasks. 
  • Community posts emphasising timeframes for settlement tasks. 
  • Follow-up with customers on loan documents to ensure timeliness. 

 
And I’d like to take this opportunity to thank all members for your contributions both in recent weeks and throughout 2020. It’s by working together that we have helped so many Australian homebuyers and sellers settle their property safely. 

This was a year like no other, but it’s been inspiring to see industry overcome these challenges collaboratively. 

From the team at PEXA, we wish you and your families all the best these holidays and we look forward to breaking new ground together in 2021.

7 Likes
Lindiana
Lindiana Star Employee ‎18-12-2020 10:53 AM
349 Views
0 Comments

Victorian Land Transfer Duty waiver

The Victorian State Revenue Office (SRO) has announced that from Monday 21 December, the Land Transfer Duty Waiver for eligible residential purchases will be incorporated as a DOL system assessed transaction.

 

Read more...

2 Likes
Jarrod_McAleese
Moderator Jarrod_McAleese Moderator ‎16-12-2020 09:30 AM
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0 Comments

Leading up to Christmas with NAB

Merry Christmas from everybody over at NAB.

 

As you would all know, the lead up to Christmas is always a busy time for settlements. Already NAB have a lot of customers getting ready to move into their homes prior to Christmas and we’re wanting to work together to ensure we provide the best possible experience.


To do this, we’re seeking your support with the below:

  1. If not already completed, ensure that Total Funds Required / Enhanced Settlement Summary is finalised in advance of settlement date;
  2. Create Workspaces and invite NAB as early as possible;
  3. Ensure that the Transfer of Land is created well in advance to help NAB finalise our application internally;
  4. Send the Discharge Authority to Discharge.Authority@nab.com.au as soon as held.

Additionally, if you are aware that NAB is expected to collect surplus on behalf of the customer for an outgoing transaction, please advise us as early as possible so we can create the line item destination in PEXA.  

Furthermore, if you believe a settlement scheduled during this busy period is unlikely to be ready, we ask that you considering changing the anticipated settlement date.

Your support and assistance is greatly appreciated during this busy holiday period.

Kind regards
National Australia Bank.

1 Like
Lindiana
Lindiana Star Employee ‎03-12-2020 04:44 PM
339 Views
0 Comments

Victorian 2020-21 Budget - land transfer (stamp duty) relief

The Victorian Budget 2020-21 announcement on 24 November 2020, included significant duty relief for some eligible residential property purchases.   A duty waiver of 50% for new residential properties, and 25% for existing residential properties will be available for purchases with a consideration of up to $1 million,  where a contract is entered into between 25 November 2020 and 30 June 2021.


Read more...

2 Likes
Jarrod_McAleese
Moderator Jarrod_McAleese Moderator ‎03-12-2020 10:11 AM
137 Views
0 Comments

Navigating the end of year rush

Hi there,

 

We’re approaching the traditionally busy end of year period for our industry and we know it’s likely you have a high number of transactions to be settled before you spend time with your loved ones these holidays).

 

As we prepare to navigate the coming weeks, we’d encourage you to keep three key things in mind:

 

Be Early

 

Be Early.png

Where possible, we recommend you progress your Workspaces as early as possible. This includes:

 

  • Sending Workspace invitations early, at least 10+ days out from settlement
  • Finalising the source funds required for settlement 5+ days out, ensuring they are cleared 3+ days out if using the PEXA Source Account
  • Finalising Payment Directions at least 24 hours prior to settlement

Tip: 12pm and 2pm AEDT are popular time slots for settlement – consider selecting a different time.

 

Be Safe

 

Be Safe.png

Please remain vigilant at this time. Our Security team has provided the below guidance:

 

  • PEXA will only ever contact you from email addresses ending in "@pexa.com.au"
  • Avoid email for the exchange of sensitive information
  • Use PEXA Key to securely transfer trust and bank account details

Be Kind

Be Kind.png

 

It’s been a challenging year, but we’re nearing the finish line. It’s important to remember we’re all working towards the same goal – supporting buyers and sellers, so I encourage you to be supportive of your Workspace colleagues and the PEXA Support Centre team.

 

Keep an eye out for a notice about holiday period operating hours from industry bodies across the states later this month. If you require any assistance, please reach out to your PEXA representative.

5 Likes
EmilyCanon_
EmilyCanon_ Star Employee ‎27-10-2020 09:25 PM
769 Views
0 Comments

triSearch enhances user experience with PEXA API

At PEXA, we’re dedicated to continuously enhancing the digital experience for our members.

Read more...

Category:
  • API
  • integration
1 Like
Jarrod_McAleese
Moderator Jarrod_McAleese Moderator ‎03-09-2020 09:30 AM
1047 Views
0 Comments

In focus with ANZ: PEXA Planner case study

Australia’s financial institutions shoulder a significant amount of the property industry’s settlement volume. In peak periods, a single bank can process well over 1,000 transactions each day.

 

This places extreme demand on operational teams. To better manage their settlements, they needed a tailored solution for assessing and working through upcoming matters, to best coordinate staff and Workspaces settle on time.

 

This led to PEXA co-designing PEXA Planner, in collaboration with the financial institutions.

 

PEXA Planner is an application built for high settlement organisations, aiming to assist with the processing of Workspaces that are settling and not yet in Ready/Ready status.

 

It uses easy-to-read dashboards to provide greater detail on upcoming settlements, enabling users to quickly assess what actions must be taken in order to move the file to Ready/Ready status and to assist with overall task prioritisation.

 

Planner.png

 

Case study: ANZ

 

ANZ is one of the organisations nationally, that has introduced PEXA Planner to its settlement operations. Team Lead John McTiernan has been part of a unit that has utilised PEXA Planner over the last few months and he details their experiences thus far.

 

“Initially, it was used so that we could see people’s workloads at different times, to assist with coordination. Additionally, it helped us follow up with team members, to say hey, do you need some help?

 

“But lately, we’ve been using it more intensely – we now have a dedicated PEXA Planner team. They work through each settlement time booked during the day, from start to finish. On a busy day, we’ll have up to 7 people on the PEXA Planner team – who are all working together to ensure settlements proceed on time, without rolling.

 

“The team divide up the times and say ok, I’ll take the 10.30am files, then they might identify that there’s a high number at 11.00am, so they’ll assign two people there. You’ll have another two people managing the 11.30am matters and so on.”

 

Key metrics

 

Since implementing PEXA Planner, ANZ has recorded Transfer Guideline adherence uplift in the below areas:

 

  • 7% increase in Transfer Guideline: Invitation Response rate
  • 6% increase in Transfer Guideline: Conversation Response rate
  • 6% increase in settlements being completed without rolling
  • Ascending to become the market leader among financial institutions in the % of Workspaces signed on-time

Ultimately, the goal of the technology is to help financial institutions streamline operations and achieve timely settlements, something which John notes that PEXA Planner has aided.

 

“There’s no way we could have done this without PEXA Planner.

 

“It enables us to chase our goal of getting all files signed 3 hours prior to settlement and without PEXA Planner, it would be very difficult to do.”

 

Navigating high volume periods

 

The industry has staple peak settlement times – the run-in to long weekends, end of financial year and the pre-Christmas rush are always on the radar for organisations.

 

But with 70% of property transactions now being completed online nationally, the ‘big days’ are more frequent. PEXA Planner, John shares, is an important tool when these occasions arise.

 

“PEXA Planner has already helped with getting us through those periods. We’ve had some very big days recently, we’ve had days with more than 600 settlements to work through – which is really high. Without PEXA Planner, those days would’ve been a lot harder.”

 

If you would like a demonstration or would like to gain access to PEXA Planner, please contact your PEXA representative or plannerinfo@pexa.com.au

 

If you’d like to learn more about PEXA Planner, check out our guide to the functionality here.

 

3 Likes
Jarrod_McAleese
Moderator Jarrod_McAleese Moderator ‎05-08-2020 11:59 AM
2525 Views
0 Comments

NAB Mortgage Discharge Authority form

NAB wishes to advise it has introduced a new online Mortgage Discharge Authority Form.

 

From Monday 3 August, NAB will no longer be accepting previous versions of the Discharge Authority Letter of Instruction – Discharges form.

 

Any forms completed, dated and signed after Friday 31 July 2020 will not be accepted and a new online Mortgage Discharge Authority Form will need to be completed.

 

The form can be located here: https://www.nab.com.au/content/dam/nabrwd/documents/forms/loans/nab-discharge-authority.pdf

0 Likes
Jarrod_McAleese
Moderator Jarrod_McAleese Moderator ‎24-08-2020 05:51 PM
693 Views
0 Comments

UPDATED: ACT welcoming digital property settlements – information for members

Hi Community,

 

As previously shared, the ACT Government has passed legislation enabling the introduction of digital property transactions in the Territory.

 

Ahead of a planned September go-live for industry, PEXA is inviting members to register their interest in being activated for the jurisdiction. For more information on eligibility to transact in the ACT, please refer to this page of the ARNECC website.

 

If you'd like to register, please complete this form and return it to registration@pexa.com.au.

 

Additionally, you may wish to join an upcoming training webinar, run by PEXA:

 

Tuesday 1 September, 2.00pm AEST: This webinar will cover all of the applicable steps required when representing the Proprietor on Title (Seller), as well as important Jurisdictional differences.

https://us02web.zoom.us/webinar/register/WN_FE94nUvnSu2XFrl0_Fjecw

 

Thursday 3 September, 2.00pm AEST: This webinar will cover all of the applicable steps required when representing the Incoming Proprietor (Buyer) in the ACT via PEXA.

https://us02web.zoom.us/webinar/register/WN_0CE7m9UpR9q0R72ENd6_rw

 

Kind regards,
Jarrod

1 Like
Jarrod_McAleese
Moderator Jarrod_McAleese Moderator ‎19-06-2020 02:32 PM
2137 Views
0 Comments

Settlement booking times in peak periods | EOFY preparations

Hi Community,

 

The busy End of Financial Year period is fast approaching and it’s important we all work together to ensure we can navigate the rush together.

One way to assist the network with managing the impending high volume of transactions is to more evenly distribute settlement times throughout the day, when possible.

Our data routinely shows that 12pm and 2pm AEST are the most popular settlement times. Despite this, half an hour either side, 11.30am and 2.30pm, are significantly less so.

You may notice a message pop up within the PEXA Exchange prompting you to consider proposing a different settlement time – we encourage you to do so.

By choosing a settlement time other than 12pm or 2pm you will be helping to spread settlements out across the day and ease the pressure on network parties, particularly the banks.


Industry’s shared goals are to ensure seamless settlements and deliver the best outcomes for buyers and seller and supporting one another is key to achieving these.

 

To further assist you, we recommend you consult the ‘Bank Transfer Checklists’ linked below. detailing banks’ preferences for settlements, which we think you’ll find useful.

 

  • NAB:
  • Westpac: 
  • St George
  • ANZ
  • Suncorp / FMS
  • CBA
  • Bendigo Bank Limited
  • CUA
  • Galilee
  • Gadens Brisbane
  • MSA
  • Macquarie: Estate Matters 
  • Greater Bank

If you have any questions or require any assistance, please reach out to one of the PEXA team or comment below.

5 Likes
Lindiana
Lindiana Star Employee ‎19-06-2020 09:08 AM
267 Views
0 Comments

SA Revenue planned outage

RevenueSA outage from 5:00 pm Tuesday, 30 June 2020 to 8:00 am Monday 6 July 2020. During this period you will not be able to:

  • request, pay or update certificates of land tax and emergency services levy: or
  • lodge a payroll tax return;

through RevenueSA Online

Read more...

1 Like
Lindiana
Lindiana Star Employee ‎11-06-2020 04:32 PM
360 Views
0 Comments

Vic SRO 22 June enhancement - saving you time

On 22 June the Victorian State Revenue Office is implementing a range of exciting new enhancements including the conversion of 10 complex duty assessments to system assessed transactions! 

 

Read more...

2 Likes
EmmaWu
EmmaWu Gold Star Employee ‎15-10-2020 10:20 AM
1026 Views
0 Comments

PEXA’s Peer Ratings

Hi Community,

 

You may be aware that 12 months ago, PEXA introduced Peer Ratings to the network. As part of this, upon completing a PEXA transaction, you may be prompted to provide some feedback on how easy you found that transaction to complete. The short survey involves giving the parties you worked with on that transaction a score between 0-10, to rate how satisfied you were in working with them. These scores contribute to their overall Peer Rating.

 

Ultimately, we’re all focused on common goals – to facilitate settlements that are executed seamlessly and to deliver the best outcomes for home-buyer and seller clients. Peer ratings are being championed by PEXA to reward those firms who are exhibiting the values and behaviours that contribute to an optimum experience for all.

 

How do I achieve a high Peer Rating?

Peer Ratings are all about working together with your colleagues. Here are some tips on how to achieve a strong score:

  • Communicate: ensure your peers are up-to-speed with settlement progression – the conversation tool in the Workspace is one way you can do that.
  • Transfer Guidelines: these are designed to encourage a smooth settlement for all. Through member feedback, we’ve identified Total Funds Required to Settle (G11) and Payment Directions (G17) as major pain points for all parties. Keep an eye on these two guidelines in particular.
  • Support: one of the best aspects of working digitally is the collaboration possible, especially in the current environment we’re in #togetherapart. Seeing firms go above and beyond to support one another is incredibly uplifting!

 

Where can I find my Peer Rating?

Your Peer Rating is now available in PEXA Plus - simply click on your name in the top right-hand corner of the screen, and you'll see a drop-down box with your Peer Rating, as well as the number of times you have been rated by your peers:

P2P graphic.png

 

Note: You'll only see your Peer Rating if you have received at least 3 ratings from your peers. Additionally, to protect the privacy of our PEXA members, you'll only see the average rating, not each individual rating provided by another firm. 

 

Recognising our top performers

PEXA has recently launched a recognition program that celebrates the firms that have been identified as leaders by their peers. Each quarter, we’ll announce the top ranking firms by Peer Rating. These members will be awarded a certificate to recognise their achievement.

 

Here is the full list of our inaugural winners and a few happy snaps of them receiving their certificates - congratulations!

  • BROWN & PROUDFOOT LAWYERS (VIC)
  • BYTHERULES CONVEYANCING (QLD)
  • COLIN BIGGERS & PAISLEY (National)
  • DOMAIN LEGAL (NSW)
  • DUFFY ELLIOTT LAWYERS (NSW)
  • HWL EBSWORTH LAWYERS (National)
  • KEY CONVEYANCING SERVICES PTY LTD (SA)
  • KEYPOINT LAW (VIC)
  • ROBERTSON HYETTS (VIC)
  • SARGEANTS GLEN EIRA & MONASH (VIC)

 

Robertson Hyetts (VIC)Robertson Hyetts (VIC)

 

Duffy Elliott Lawyers (NSW)Duffy Elliott Lawyers (NSW)

 

bytherules Conveyancing (QLD)bytherules Conveyancing (QLD)

 

We encourage you to keep an eye out for the next set of Peer-to-Peer awards and if you have any questions, please reach out to us.

 

Kind regards,

Emma Wu

Head of Member Experience

5 Likes
Jarrod_McAleese
Moderator Jarrod_McAleese Moderator ‎18-05-2020 04:29 PM
549 Views
0 Comments

Working remotely | An update from David Willett, Head of Information Security, PEXA

Many of us are adjusting to remote working at present, with the PEXA team no different. Our Head of Information Security @DavidWillett shares his best-practice tips for working from home, including routine patching and updating of your software, as well as utilising supported operating systems where possible.

 

2 Likes
Aoife
Moderator Aoife Moderator ‎21-04-2020 03:16 PM
1532 Views
0 Comments

5in5 | Protect your business from cyber fraud

The 5in5 series is hosted by leading members of the conveyancing and property industry, as they discuss topical matters and share their expertise with viewers.

 

QLS Ethics lawyer, David Bowles sat down with security expert Ryan Janosevic, COO and Co-founder of Retrospect Labs, in this month’s 5in5.

 

The pair discuss current and most prominent cybercrime threats to businesses of all sizes and what we can do to protect against fraud.

 

 

To learn more about how you can protect yourself while working remotely during COVID-19, PEXA head of IT Security, @DavidWillett has also provided this advice.

 

For more information on how to mitigate you and your clients’ risk of fraud using PEXA Key, visit the PEXA Key website or post your questions below.

 

Please note, this recording was filmed prior to COVID-19 physical distancing and social restrictions.

 

5 in 5 2020:

  • Episode Three: 5 in 5, an International Women's Day special with McCullough Robertson Lawyers and FM...
  • Episode Two: 5in5 with Bettina Sheeran, Partner at Maddocks and Glenn King, PEXA CEO
  • Episode One: 5in5 with HWL Ebsworth - The Utopia of Conveyancing

5 in 5 2019:

  • Episode One: Nick Karolidis and Marcus discuss common themes raised through PEXA’s in-platform feedb....
  • Episode Two: Sarah Rizk, Partner at Thomson Geer speaks with Marcus and PEXA Project’s expert, @Josh....
  • Episode Three: 5 in 5 with Jyh Gusew, Community Superuser and Marcus Price, PEXA CEO
  • Episode Four: 5 in 5 with Hunt & Hunt Lawyers featuring NAB and Gadens
  • Episode Five: 5 in 5 with Shane Jacob, AIC National President and Marcus Price, PEXA CEO
  • Episode Six: 5 in 5 with B.O.S.S Conveyancing and Sally's experience with PEXA Key
  • Episode Seven: 5 in 5 with HWL Ebsworth and developer client, Goldfields Group
  • Episode Eight: 5 in 5 2019 Highlights

  • Tags:
  • PEXA Key. QLS
  • phishing
  • protect against cyberfraud
3 Likes
Aoife
Moderator Aoife Moderator ‎06-03-2020 03:00 PM
733 Views
0 Comments

5 in 5, an International Women's Day special with McCullough Robertson Lawyers and FMS & FT

Two of our industry’s inspirational female leaders, Kristan Conlon, Partner at McCullough Robertson Lawyers and Patti Eyers, CEO at FMS & First Title, join PEXA’s Jess Caire to discuss challenges they’ve faced and their thoughts on what we can do to achieve equality.

 

  • Tags:
  • 5in5
  • equality
  • IWD
0 Likes
Aoife
Moderator Aoife Moderator ‎21-02-2020 11:26 AM
873 Views
2 Comments

5in5 with Bettina Sheeran, Partner at Maddocks and Glenn King, PEXA CEO

Bettina dropped into the PEXA office to chat with Glenn about the environmental benefits of electronic settlements, Maddocks' plans for an end-to-end conveyancing process and Glenn's focus for the next 12 to 18 months.

Find out what they had to say...

 

 

5 in 5 2020:

  • Episode One: 5in5 with HWL Ebsworth - The Utopia of Conveyancing

5 in 5 2019:

  • Episode One: Nick Karolidis and Marcus discuss common themes raised through PEXA’s in-platform feedb....
  • Episode Two: Sarah Rizk, Partner at Thomson Geer speaks with Marcus and PEXA Project’s expert, @Josh....
  • Episode Three: 5 in 5 with Jyh Gusew, Community Superuser and Marcus Price, PEXA CEO
  • Episode Four: 5 in 5 with Hunt & Hunt Lawyers featuring NAB and Gadens
  • Episode Five: 5 in 5 with Shane Jacob, AIC National President and Marcus Price, PEXA CEO
  • Episode Six: 5 in 5 with B.O.S.S Conveyancing and Sally's experience with PEXA Key
  • Episode Seven: 5 in 5 with HWL Ebsworth and developer client, Goldfields Group
  • Episode Eight: 5 in 5 2019 Highlights

 

  • Tags:
  • Flexi work space
3 Likes
Aoife
Moderator Aoife Moderator ‎21-02-2020 09:50 AM
813 Views
0 Comments

5in5 with HWL Ebsworth - The Utopia of Conveyancing

What better way to kick off 2020 than with a look at the future!

 

Partner at HWL Ebsworth, Michael Mammen and PEXA Group Executive, James Ruddock discuss what 'the utopia of conveyancing' looks like, what developers expect from the online settlement process and how national consistency could benefit the market from a large law firm perspective.

 

 

 

5 in 5 2019:

  • Episode One: Nick Karolidis and Marcus discuss common themes raised through PEXA’s in-platform feedb....
  • Episode Two: Sarah Rizk, Partner at Thomson Geer speaks with Marcus and PEXA Project’s expert, @Josh....
  • Episode Three: 5 in 5 with Jyh Gusew, Community Superuser and Marcus Price, PEXA CEO
  • Episode Four: 5 in 5 with Hunt & Hunt Lawyers featuring NAB and Gadens
  • Episode Five: 5 in 5 with Shane Jacob, AIC National President and Marcus Price, PEXA CEO
  • Episode Six: 5 in 5 with B.O.S.S Conveyancing and Sally's experience with PEXA Key
  • Episode seven: 5 in 5 with HWL Ebsworth and developer client, Goldfields Group
  • Episode eight: 5 in 5 2019 Highlights

1 Like
Aoife
Moderator Aoife Moderator ‎23-12-2019 01:20 PM
595 Views
0 Comments

5 in 5 | Highlights 2019

Hi Community,

 

A big thank you to all of our members and extended network who shared their industry wisdom, opinions and experiences with us on 5 in 5 this year - Thomson Geer, HWL Ebsworth, Goldfields Group, AIC National, Cornwalls, NAB, Hunt & Hunt lawyers, Gadens, BOSS Conveyancing and CXINLAW.

 

Here are some of the many highlights from 5 in 5 in 2019.

 

 

@shanejacob @Karolidis_and_Co @sarahrk @Nick_S_HWLE @Neil_Gadens 

 

1 Like
Aoife
Moderator Aoife Moderator ‎02-12-2019 07:08 PM
667 Views
0 Comments

REIQ and PEXA | Digital progression in the property market

Join REIQ CEO, Antonia Mercorella and PEXA's Chief Customer Officer, Lisa Dowie in the Sunshine State as they discuss the REIQ's take on digital progression in Queensland and nationally.

 

0 Likes
Aoife
Moderator Aoife Moderator ‎20-12-2019 11:31 AM
1158 Views
2 Comments

5 in 5 with CXINLAW - customer experience in the legal industry

Join Lisa Dowie, PEXA Chief Customer Officer and Carl White, Director and CEO of CXINLAW as they discuss customer experience (CX) in the legal industry.

 

CXINLAW works with law firms and other legal providers to deliver the perfect client experience. In this month's 5in5, Carl shares his view of the role technology plays in CX, the importance of your staff's experience and to top it off, Carl gives some easy tips for viewers to kick start their CX journey.

 

If you have any CX questions for Carl, please post them below - he's ready and waiting to answer your questions.

VIEW: https://www.youtube.com/watch?v=lxsIZvxc6vk&feature=youtu.be 

 

20190730_021912000_iOS.jpg

Previous episodes 2019

  • Episode One: Nick Karolidis and Marcus discuss common themes raised through PEXA’s in-platform feedb....
  • Episode Two: Sarah Rizk, Partner at Thomson Geer speaks with Marcus and PEXA Project’s expert, @Josh....
  • Episode Three: 5 in 5 with Jyh Gusew, Community Superuser and Marcus Price, PEXA CEO
  • Episode Four: 5 in 5 with Hunt & Hunt Lawyers featuring NAB and Gadens
  • Episode Five: 5 in 5 with Shane Jacob, AIC National President and Marcus Price, PEXA CEO
  • Episode Six: 5 in 5 with B.O.S.S Conveyancing and Sally's experience with PEXA Key
  • Episode seven: 5 in 5 with HWL Ebsworth and developer client, Goldfields Group

  • Tags:
  • CX=customer experience
4 Likes
EmilyCanon_
EmilyCanon_ Star Employee ‎11-11-2019 12:33 PM
580 Views
0 Comments

PEXA and Loop Law Integration

Seamless sync of technology for Loop Law and PEXA as a new integration is launched!

Read more...

  • Tags:
  • API
  • integrated
  • integration
  • technology
2 Likes
ohunter
Community Manager ohunter Community Manager ‎01-10-2020 11:47 AM
3965 Views
0 Comments

The new Financial Settlement Summary (FSS)

One of the most critical steps in the settlement process is ensuring the Financial Settlement Schedule (FSS) is balanced and correct, ahead of time. This is one of the biggest contributing factors to a successful on-time settlement.

 

Leading up to settlement, late adjustments, unbalanced figures and last-minute Workspace conversations can all impact member experience – on both sides of the transaction.

 

In response to member feedback, we have developed an Enhanced Settlement Summary (ESS) that will provide a more intuitive experience for practitioners and financial institutions. The Financial Settlement Summary will still exist, but a new Summary will assist with the calculations to populate it.

 

To facilitate a smooth transition, this will be rolled out in stages nationally, across three phases, with the first of these set for a business go-live of Monday 12 October 2020 in South Australia.

 

  • Part 1 (South Australia: 12 October 2020 and National: February 2021 – TBC): Launching a new transfer indicator panel, providing improved transparency of key responsibilities in the Workspace for all parties. In addition, the enhancements will deliver a streamlined approach to calculating both Vendor Surplus and Shortfall for the Total Funds Required to settle.
  • Part 2 (National: February 2021 – TBC): Delivering functionality enabling the Proprietor on Title representative to finalise their entries in the FSS, including the Vendor Surplus, without waiting for the Mortgagee on Title to finalise their loan payout figure.
  • Part 3 (TBC): Providing more clarity regarding purchaser shortfall required for settlement – in matters where the financial institution is responsible.

Below you'll find an overview of the new functionality. Financial institutions, we've curated a support page for you here: https://community.pexa.com.au/t5/Help-Centre/Enhanced-Settlement-Summary-Support-for-banks/ba-p/2116...

 

Functionality overview

Introducing the Enhanced Settlement Summary

The Enhanced Settlement Summary tab has been redesigned to reduce friction so that you can experience a simpler, more streamlined way to completing the financial settlement schedule.

As part of the redesign, you’ll notice a revamped interface that includes new features and panels. We have also introduced some calculations enabling practitioners and financial institutions to easily enter funds and complete the financial settlement schedule with more accuracy and less dependency.

Key summary of changes

  • A complete view of settlement funds
  • New Transfer Indicators panel
  • Balance due to Vendor
  • System calculations
  • Other improvements

A complete view of settlement funds

One of the notable improvements in the Enhanced Settlement Summary tab is the way the funds are displayed and laid out. There is a clear, side-by-side categorisation and itemised view of funds for both the incoming and outgoing parties, which replicates a balance sheet.

The Enhanced Settlement Summary gives you a complete picture of the purchaser’s and vendor’s funds, all on a single screen. The specific breakdown of funds in each category for each party gives everyone in the Workspace greater transparency on the settlement funds.

Information that is specific to your role will be automatically expanded, whilst items that belong to the other party will be automatically collapsed. To view or hide the itemised funds, you can expand or collapse the panels.

 

ess_purchaserall.png

 

New Transfer Indicators panel

A new Transfer Indicators panel provides a summary view of all key tasks that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace parties.

The two new features in this panel include the ability to:

  1. View who will be directing the vendor’s surplus funds. Either the Proprietor on Title or Mortgagee on Title can assign responsibility for this task to themselves.
  2. View if the Balance due to Vendor* amount has been agreed by participants in the role of Incoming Proprietor and Proprietor on Title.

ess_transferindicators.png

 

* Note: In this release notes, we’re referencing this amount as the ‘Balance due to Vendor’; however, the terminology differs in each jurisdiction:

  • NSW—Amount due on Settlement
  • VIC—Balance due to Vendor
  • QLD—Balance due to Vendor
  • SA—Balance due to Vendor by Purchaser
  • WA—Balance due to effect Settlement
  • ACT—Amount due to Seller

 

 

Balance due to Vendor

New to the Enhanced Settlement Summary tab is the mandatory Balance due to Vendor* amount. This is calculated by the purchase price, minus deposit paid, plus/minus net adjustments.

This figure is agreed by both the Proprietor on Title and Incoming Proprietor outside of the PEXA Workspace.

Either participant will have the ability to enter this amount into the PEXA Workspace. Providing the Balance due to Vendor into the Workspace provides PEXA the ability to:

  • Clearly indicate to all participants the amount of funds available for the Vendor to disburse, and
  • Use this figure to drive the Purchaser Funds Required to Settlement calculation (previously the Total Funds Required to Settle).

ess_bdes.png

 

* Note: In this release notes, we’re referencing this amount as the ‘Balance due to Vendor’; however, the terminology differs in each jurisdiction:

  • NSW—Amount due on Settlement
  • ACT—Amount due to Seller
  • VIC—Balance due to Vendor
  • QLD—Balance due to Vendor
  • SA—Balance due to Vendor by Purchaser
  • WA—Balance due to effect Settlement

System calculations

As part of the Enhanced Settlement Summary, PEXA will calculate the vendor’s surplus, purchaser’s shortfall, and purchaser funds required to settle based on the line items entered by all participants and the Balance due to Vendor.

These calculated figures result in a more streamlined experience by providing a consistent way of calculating the vendor’s surplus funds and the funds required to settle by the purchaser.

Vendor’s funds:

  • Previously, the Mortgagee on Title and Proprietor on Title would initiate a Workspace Conversation where the outgoing Financial Institution was to collect all funds from settlement to confirm the amount to be disbursed. In the Enhanced Settlement Summary, the surplus amount is calculated by the system and agreed by the Practitioner, and the Mortgagee on Title is prompted to add the surplus amount into the Financial Settlement Schedule..
  • With the Enhanced Settlement Summary, the Unallocated Funds amount represents the remaining funds available to be disbursed to the Vendor. When the Proprietor on Title has completed entry of the Vendor’s line items, the Unallocated Funds calculation provides the Mortgagee on Title a clear indication of the remaining funds available. Once the Mortgagee on Title creates the loan payout(s) required, then the Unallocated Funds will be the amount required to be disbursed to the Vendor’s nominated account.

Purchaser funds required to settle:

  • Previously, the Incoming Proprietor had to manually calculate the Total Funds Required to Settle and enter this value into the PEXA Workspace.
  • With the Enhanced Settlement Summary, the Purchaser Funds Required to Settle (previously Total Funds Required to Settle) amount is now calculated by the system as the sum of the Balance Due to Vendor amount + Purchaser Payment Directions amount. When the Incoming Proprietor has completed entry of the Purchaser’s line items, the Purchaser funds required to settle will be the amount required by the Incoming Mortgagee.

Note: The system calculations are only available where there is a single Transfer, no more than one Discharge, and/or no more than one Mortgage in the Lodgement Case. In scenarios where there is more than one Transfer, Discharge, or Mortgage document within the same Workspace, PEXA is unable to determine the nature of the transaction. Therefore, the Incoming Proprietor is required to manually calculate and enter the Total Funds Required to Settlement amount into the Workspace.

 

Other improvements

Signing Status

The improved Settlement Signing Status panel now clearly shows the signing status of each participant in the Workspace.​ Adding the signing status provides more meaningful context where dual signatures are required (visible only to the Subscriber who has dual signing enabled).

​

Completing line items

Participants in the role of Incoming Proprietor are required to click the Ready for shortfall button (where the Incoming Mortgagee is handling shortfall) after they have completed entering their line items. This notifies the Incoming Mortgagee via a task and an on-screen button that they may now enter or update the shortfall amount.

Participants in the role of Proprietor on Title are required to click the Ready for surplus button (where the Mortgagee on Title is handling surplus) after they have completed entering their line items. This notifies the Mortgagee on Title via a task and an on-screen button that they may now enter or update the surplus amount.

 

Entering shortfall amount

If the Incoming Proprietor is responsible for providing shortfall funds, a button will appear on the Purchaser Funds panel, enabling them to either:

  • Add as shortfall where the Purchaser’s Equity line item has not been created, or
  • Update shortfall where an existing Purchaser’s Equity line item already exists.

When they click this button, they’ll be directed to the Add/Edit source line item entry screen with the shortfall amount pre-populated based on the new calculations built by PEXA.

Similarly, if the Incoming Mortgagee is handling shortfall, they will be presented with a task and either button above, after the Incoming Proprietor has clicked Ready for shortfall.

 

Entering surplus amount

If the Proprietor on Title is responsible for directing the vendor surplus funds, a button will appear on the Vendor Funds panel, enabling them to either:

  • Add as vendor surplus where the Vendor’s Funds line item has not been created, or
  • Update vendor surplus where an existing Vendor’s Funds line item already exists.

When they click this button, they’ll be directed to the Add/Edit Destination line item entry screen with the surplus amount pre-populated based on the new calculations built by PEXA.

Similarly, if the Mortgagee on Title is handling surplus funds, they will be presented with a task and either button above, after the Proprietor on Title has clicked Ready for surplus.

 

More details will come over the coming days, but in the meantime, please visit the Enhanced Settlement Summary site to learn more about this feature or join the pilot group. 

Navigating the Enhanced Settlement Summary tab

The Enhanced Settlement Summary tab has been redesigned to reduce friction so that you can experience a simpler, more streamlined way to completing the financial settlement schedule.

As part of the redesign, you’ll notice a revamped interface that includes new features and panels. We have also introduced some calculations enabling practitioners and financial institutions to easily enter funds and complete the financial settlement schedule with more accuracy and less dependency.

 

Here's a closer look:

  • New icons have been added to make it easier for you to visually ascertain the status of the financial settlement schedule.  
  • Information that is specific to your role is automatically expanded, whilst items that belong to the other party are automatically collapsed so you can focus on your tasks. 
  • Tasks that are applicable to your role are highlighted in yellow to draw attention to what's relevant to you. 

 

 

 

2550 ESS Summary.png

 

1. Funds balance bar

A new bar with a visual indicator enabling you to quickly see if the purchaser’s and vendor’s funds are balanced.



2. Transfer Indicators panel

A new panel showing a summary of key indicators that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace participants.



3. Purchaser summary column

A new column showing the amounts payable by the purchaser. It shows all purchaser related line items on one screen and comprises of two panels:

    • 3a—Purchaser Funds: Shows a high-level breakdown of funds required from the purchaser to settle the transaction.
    • 3b—Purchaser Line Items: Shows a detailed breakdown of the purchaser’s funds.

 

4. Vendor summary column

A new column showing the amounts payable by the vendor. It shows all vendor related line items on one screen and comprises of two panels:

    • 4a—Vendor Funds: Shows a high-level breakdown of funds required from the vendor to settle the transaction.
    • 4b—Vendor Line Items: Shows a detailed breakdown of the vendor’s funds.

 

5. Stamp Duty panel

The Stamp Duty panel (or Transfer Duty panel in QLD and WA) shows the stamp duty status within the Workspace.

Note: This panel does not display in an ACT Workspace as Stamp Duty is not applicable in ACT.



6. Settlement Signing Status

An improved settlement signing panel that incorporates new icons to show the signing status of each participant in the Workspace.

FUNDS BALANCE bar

A new bar giving you a quick visual indicator of the purchaser’s and vendor’s balance of funds.

 

 

2550 Funds balance bar.png



Funds balance bar

These figures in this bar represent the sum of the Sources and the Payment Directions, based on the line items entered for Sources and Destinations/Adjustments and Payments. When the funds are balanced, the bar will turn green.

 

Print function (NEW)

A new function enabling you to conveniently print the settlement summary so you can share it with your client as a document. Details such as key Workspace data and an outline of the purchaser and vendor funds are included in the document; whilst the Stamp Duty and Settlement Signing Status panels are excluded from the printed document.

 

TRANSFER INDICATORS PANEL

This new panel shows key indicators that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace participants.

 

2550 Transfer Indicators panel.png

 

a. Indicates if loan documents have been received

The Incoming Mortgagee indicates if they have received the loan documents.



b. Identifies who is providing the shortfall

The Incoming Mortgagee selects who will be responsible for providing the shortfall amount.



c. Displays the last four digits of the purchaser's account

As an identifier, the last four digits of the purchaser’s account is displayed. Entering the last four digits is optional and the FSS can be saved without this information.



d. Indicates if discharge authority has been received

The Mortgagee on Title indicates if they have received the discharge authority.



e. Identifies who is directing the vendor surplus (NEW)

The Mortgagee on Title or Proprietor on Title assigns responsibility for who will be directing the vendor surplus. Either participant can assign responsibility of this task to themselves.



f. Displays the Balance due to Vendor status (NEW)

Shows the status of the Balance due to Vendor* amount.

  • Pending – No amount has been entered (default status).

  • Pending Others – An amount has been entered by the Incoming Proprietors or Proprietors on Title in the Workspace but has not been confirmed by all Incoming Proprietors and Proprietors on Title.
    Note: This status is displayed to participants in the role of Incoming Mortgagee or Mortgagee on Title as they are not required to action this task.

  • Agreed – The amount entered has been confirmed by all Incoming Proprietor and Proprietor on Title participants either via a confirmation dialog in the Workspace or by signing the financial settlement schedule.

 

*This terminology differs based on your jurisdiction:

  • NSW—Amount due on Settlement
  • VIC—Balance due to Vendor
  • QLD—Balance due to Vendor
  • SA—Balance due to Vendor by Purchaser
  • WA—Balance due to effect Settlement
  • ACT—Amount due to Seller

PURCHASER summary column

The Purchaser Summary column is new to the Enhanced Settlement Summary and shows the amounts payable by the purchaser; as line items are added or edited and saved, this panel is updated upon refreshing the page. This column consists of two panels: Purchaser Funds and Purchaser Line Items, and will auto-expand for participants in the role of Incoming Proprietor or Incoming Mortgagee.

 

Purchaser Summary column

Purchaser Funds

Displays a high-level breakdown of funds required from the purchaser to settle the transaction. These amounts are calculated based on the line items and the Balance due to vendor entered.

  • Balance due to Vendor
    An agreed amount (between the Proprietor on Title and Incoming Proprietor) that the vendor will receive from the purchaser. This is calculated by purchase price, minus deposit paid, plus/minus net adjustments. This amount is entered by either the Proprietor on Title or Incoming Proprietor.

  • Purchaser Payment Directions
    This amount represents the sum of destinations/disbursements.

  • Purchaser funds required to settle
    The amount required by the Incoming Mortgagee for settlement. Previously known as the ‘Total funds required to settle’, this amount is now calculated by the system as a sum of the Balance due to Vendor amount + Purchaser Payment Directions amount.

  • Incoming Mortgagee Sources
    The funds disbursed by the Incoming Mortgagee, such as a loan proceeds.

Purchaser Line Items

Displays a detailed breakdown of the purchaser’s funds, as per line items entered in the Sources and Destinations/Payments and Adjustments tabs.

 

zoom Purchaser column.png

 

Buttons on the purchaser's panels

Depending on who is assigned responsibility for providing the shortfall funds, the buttons available on these panels will vary according to your role.

 

Incoming Proprietor is responsible for providing shortfall

This view displays to participants in the role of Incoming Proprietor if they are responsible for providing the shortfall.

In this scenario, the Incoming Proprietor:

  1. Clicks on Add as shortfall (1) and they will be directed to the Add/Edit Source line item entry screen with the shortfall amount pre-populated based on the new calculations built by PEXA.
    Note: If the Incoming Proprietor has previously entered a shortfall amount and source amounts changes, they will see an Update shortfall button here instead.
  2. Clicks Mark as Complete (2) after they have completed entering all their line items.

 2550 Purchaser's panels – IP view  IP handling shortfall.png

 

 

Incoming Mortgagee is responsible for providing shortfall

This view displays to participants in the role of Incoming Proprietor if the Incoming Mortgagee is responsible for providing the shortfall.

In this scenario, the Incoming Proprietor clicks the Ready for shortfall button to finalise entering their line items. This notifies the Incoming Mortgagee that they may now enter or update the shortfall amount.


2550 Purchaser's panels - IP view  IM handling shortfall.png

 

 

 

 

 

Incoming Mortgagee is responsible for providing shortfall

This view displays to participants in the role of Incoming Mortgagee if they are responsible for providing the shortfall.

In this scenario, the Add as shortfall button displays to the Incoming Mortgagee after the Incoming Proprietor finalises their line items and has clicked Ready for Shortfall. The Incoming Mortgagee clicks the Add as shortfall button to enter or update the shortfall amount.

 

2550 Purchaser's panels – IM view  IM handling shortfall.png

 

 

 

VENDOR summary column

The Vendor Summary column is new to the Enhanced Settlement Summary and shows the amounts payable by the vendor; as line items are added or edited and saved, this panel is updated upon refreshing the page. This column consists of two panels: Vendor Funds and Vendor Line Items and will auto-expand for participants in the role of Proprietor on Title or Mortgagee on Title.

Vendor Summary column

Vendor Funds

Displays a high-level breakdown of funds required from the vendor to settle the transaction.


    • Balance due to Vendor
      An agreed amount (between the Proprietor on Title and Incoming Proprietor) that the vendor will receive from the purchaser. This is calculated by purchase price, minus deposit paid, plus/minus net adjustments. This amount is entered by either the Proprietor on Title or Incoming Proprietor.

    • Proprietor on Title Destinations
      This amount represents the sum of destinations/disbursements.

    • Mortgagee on Title Destinations
      This amount represents the funds disbursed by the Mortgagee on Title, such as a loan payout.

Vendor Line Items

Displays a detailed breakdown of the vendor's funds, as per line items entered in the Sources and Destinations/Adjustments tabs. The destination amounts here are used to calculate the Unallocated Funds on the Vendor Funds panel.

 

zoom Vendor column.png

 

Buttons on the vendor's panels

Depending on who is directing the vendor surplus, the available buttons available on these panels will vary according to your role.

 

Proprietor on Title is responsible for directing vendor surplus

This view displays to participants in the role of Proprietor on Title if they are responsible for directing the vendor surplus.

In this scenario, the Proprietor on Title clicks on Add as vendor surplus and they will be directed to the Add/Edit Destination line item entry screen with the surplus amount pre-populated based on the new calculations built by PEXA.

NOTE: If the line items are updated and the surplus amount changes, this button changes to 'Update vendor surplus'.

2550 Vendor's panels – POT view  POT handling surplus.png

 

 

 

Mortgagee on Title is responsible for directing vendor surplus

This view displays to participants in the role of Proprietor on Title if the Mortgagee on Title is responsible for directing the vendor surplus.

In this scenario, the Proprietor on Title clicks on Ready for surplus to finalise entering their line items. This notifies the Mortgagee on Title (via a task and an on-screen button) that they may now enter or update the surplus amount.

2550 Vendor's panels – POT view  MOT handling surplus.png

 

 

Mortgagee on Title is responsible for directing vendor surplus

This view displays to participants in the role of Mortgagee on Title if they are responsible for directing the vendor surplus.

In this scenario, the Add as vendor surplus button displays to the Mortgagee on Title after the Proprietor on Title has finalised their line items and clicked Ready for surplus. The Mortgagee on Title clicks the Add as vendor surplus button to enter or update the surplus amount.

Note: If a surplus amount has already been entered, the Mortgagee on Title will see an Update vendor surplus button here instead.

2550 Vendor's panels – POT view  POT handling surplus – 1.png

 

STAMP DUTY PANEL

The Stamp Duty panel (or Transfer Duty panel in QLD and WA) shows the stamp duty verification and assessment status.

 

2550 Stamp Duty panels.png

 

 

The Stamp Duty panel remains unchanged and displays the following information:

 

Document ID

A unique ID generated by PEXA for the Transfer document in the Workspace.


Verification Status

The duty amount payable has been verified to be correct via a stamp duty verification process in PEXA. The possible statuses are Successful or Unsuccessful.


OSR status advice

The status of the Stamp Duty case in the Revenue Office system.

 

Duty amount payable

The amount of duty payable for the property.

SETTLEMENT SIGNING STATUS

The Settlement Statement Signing panel has been improved to include new icons to visually indicate the signing status of each participant in the Workspace. This provides more meaningful context where dual signatures are required (visible only to the Subscriber who has dual signing enabled).

 

2550 Settlement Signing Status.png

New icons

New icons have been added allowing you to visually ascertain a participant's signing status. When a participant successfully signs the financial settlement schedule, the icons for that participant turns green and a time stamp of when they signed will be recorded in the Date and time column.

 

FAQs

 

Why is PEXA revamping the Financial Settlement Schedule (FSS)?
PEXA is committed to continuously enhancing member experience – with your feedback playing a key role in driving our technical prioritisation.
Member feedback has indicated that the FSS is an area the network has wanted to see us innovate and streamline for some time now.
Ultimately, by delivering an Enhanced Settlement Summary to the network, our aim is to enable you to complete your required tasks on the day of settlement, without relying on other Workspace parties to first complete theirs – eliminating interdependencies and encouraging timely settlements.
Which PEXA members will see the ESS from 12 October?
The Enhanced Settlement Summary will be switched on for all South Australian members on 12 October, as part of a gradual, national roll-out plan over the coming months, to help ensure a smooth transition for industry.
The ESS will apply to any Workspaces opened related to a South Australian property.
We have been piloting Part 1 of the new Enhanced Settlement Summary with practitioners, panel law firms and financial institutions over the last six months and have refined the functionality in line with their feedback.
Feedback has been positive, with peers noting the new view assists with getting the Workspace ‘Ready Ready’ more easily.
Can other members opt in?
Yes, members from other jurisdictions are able to opt in to have the new view activated. Please reach out to a member of the PEXA team should you wish to do so and we’ll kindly assist.
What is PEXA doing to support members through this change?
We recognise this is a significant change to your PEXA experience. As such, we’ve developed an extensive suite of learning resources to help you navigate this change. Information on the rollout can be found here: https://www.pexa.com.au/sites/ess.
Full Release Notes on Part 1 can be found here:
https://community.pexa.com.au/t5/PEXA-Product-Releases/PEXA-Release-12-1-2-05-October-2020/ba-p/2096....
Further material (help cards etc) can be found here:
https://community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Schedule/ba-p/20958.
From 23 September, our Training team will hold
7 South Australian webinars for practitioners and 2 individual webinars for financial institutions on the Enhanced Settlement Summary to ensure all members have an opportunity to see a live demonstration of the functionality and ask their questions to the experts. 
Sessions will continue to be delivered by the team, as well as our PEXA Partners, in the months ahead.
In addition, as always, our PEXA Partner team and Member Support Centre are here to support you.
Sessions will be held in the different states as we roll out ESS nationally.
What are the benefits of this for practitioners?
As an Incoming Proprietor representative, practitioners will benefit from not having to calculate and enter the Total Funds Required to Settle (TFRS), have better co-ordination with the Incoming Mortgagee, see a reduction in keying of data and have less reliance on conversations to clarify responsibilities. 
Where the Incoming Mortgagee is responsible for providing all funds, practitioners can generate a task to the bank to finalise their source funds required for settlement when they’ve completed entry of your line items.
Similarly, when acting for the Proprietor on Title, practitioners will have more visibility over key responsibilities in the Workspace and will also benefit from the system calculations for the Vendor Surplus line items. This should reduce the number of conversations with the client’s bank in the Workspace. 
Where the Mortgagee on Title is responsible for the Vendor’s surplus, practitioners can generate a task to the bank to finalise the Vendor’s funds when they’ve completed entry of your line items.
What are the benefits of this for financial institutions?
Financial institutions will see a reduction in errors and more Workspace clarity, in addition to greater certainty over the final settlement figures, reduced reliance on conversations and greater visibility of the status of the completion of the FSS.
What changes are being made?
  • Part 1 (South Australia: 12 October 2020 and National: February 2021 – TBC): Launching a new transfer indicator panel, providing improved transparency of key responsibilities in the Workspace for all parties. In addition, the enhancements will deliver a streamlined approach to calculating both Vendor Surplus and Shortfall for the Total Funds Required to settle.
  • Part 2 (National: February 2021 – TBC): Delivering functionality enabling the Proprietor on Title representative to finalise their entries in the FSS, including the Vendor Surplus, without waiting for the Mortgagee on Title to finalise their loan payout figure.
  • Part 3 (TBC): Providing more clarity regarding purchaser shortfall required for settlement – in matters where the financial institution is responsible.
  • For more detailed information and screenshots of Part 1, refer to our Release 12.1.2 notes: https://community.pexa.com.au/t5/PEXA-Product-Releases/PEXA-Release-12-1-2-05-October-2020/ba-p/2096....
What happens if my Workspace is uploaded via PEXA Projects?
The Proprietor on Title does not need to enter or sign off on the Balance Due to Vendor. The Incoming Proprietor will be expected to enter this figure to drive the ‘Total Funds Required to Settle’ calculation, especially where the Incoming Mortgagee is handling shortfall funds. The ‘Ready for Surplus’ button will still be available for the Proprietor on Title to click (on a per workspace basis), however as the POT is usually in control of directing their own funds, then this shouldn’t be an issue.
Why is this being delivered in stages?
As with any change, we want to ensure the process causes minimal disruption to your organisation’s day-to-day operations. By rolling this out in stages, we hope this will make the changes as seamless as possible and enable us to quickly implement additional feedback from the network.
 

3 Likes
Donna_Rogers
Moderator Donna_Rogers Moderator ‎11-12-2019 12:17 PM
4178 Views
3 Comments

Ensure you’re well prepared for the upcoming holidays

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Read more...

  • Tags:
  • Christmas and New Years BUSY Holiday season
5 Likes
Aoife
Moderator Aoife Moderator ‎20-12-2019 11:30 AM
1513 Views
3 Comments

5 in 5 with HWL Ebsworth and Goldfields Group

Michael Mammen, Partner at HWL Ebsworth takes Marcus' place in this month's 5 in 5, speaking with one of his most valued developer clients, Marco Gattino, Managing Director at Goldfields Group.

 

Marco shares the developer’s view on PEXA, national consistency and the benefits both developers and their clients experience from digital settlements.

 

 

 

 

 

Previous episodes 2019

  • Episode One: Nick Karolidis and Marcus discuss common themes raised through PEXA’s in-platform feedb....
  • Episode Two: Sarah Rizk, Partner at Thomson Geer speaks with Marcus and PEXA Project’s expert, @Josh....
  • Episode Three: 5 in 5 with Jyh Gusew, Community Superuser and Marcus Price, PEXA CEO
  • Episode Four: 5 in 5 with Hunt & Hunt Lawyers featuring NAB and Gadens
  • Episode Five: 5 in 5 with Shane Jacob, AIC National President and Marcus Price, PEXA CEO
  • Episode Six: 5 in 5 with B.O.S.S Conveyancing and Sally's experience with PEXA Key

  • Tags:
  • e-contacts
6 Likes
Aoife
Moderator Aoife Moderator ‎08-10-2019 11:24 AM
907 Views
2 Comments

Can you guess what they're talking about in our next 5 in 5?

Coming soon, the next episode of 5 in 5. Hosted by Michael Mammen, Partner at HWL Ebsworth who discusses digital conveyancing on a local and national scale from a developer's perspective with one of his most valued clients, Marco Gattino, Director at Goldfields Group.

 

Can you guess what they're talking about?

 

Post your guesses below...


Michael Mammen, HWL Ebsworth and Marco Gattino, Goldfields GroupMichael Mammen, HWL Ebsworth and Marco Gattino, Goldfields Group

 

 

 

@DMc @Josh @Karen @katewilliamson 

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HeatherC
HeatherC Gold Star Employee ‎08-10-2019 11:10 AM
872 Views
0 Comments

Dress your firm for success with PEXA

We know that change can sometimes be a difficult thing to embrace, and the more prepared you are, the higher the likelihood of you feeling comfortable with a new process. Therefore, when your firm decides to embark on the digital settlement journey with PEXA, it’s important that it is set up for success. Done correctly, your firm will be more able to smoothly adapt to changes that come with adopting a new process. Below, you’ll find a handy guide to help those new to PEXA that experts may also refer to as a checkpoint.

 

1. Setting up user profiles

  • The first and only user PEXA will set up for your organisation’s profile is a Subscriber Manager. Subscriber Managers have the highest level of access in PEXA, and the Participation Agreement provides that every Subscriber must have at least one.
  • There are two other user types in PEXA – 1) Subscriber Administrators, who have certain administrative rights below the Subscriber Manager, e.g. can add or remove Users; and 2) Users/Signers – the latter having signing rights. Access more information here about these user types. These will be set up by the Subscriber Manager.
  • When a User first accesses PEXA, they will be required to set up both their password (we recommend a minimum of ten characters, and a mix of upper and lower case letters, numbers, and special characters) and two security questions. These security questions will be used by our Member Support Team to authenticate users when they call requesting assistance. It is important that neither one’s password nor the answers to their security questions are shared.
  • Every person in an organisation who is required to access PEXA must do so via their own User profile. Sharing of User profiles is prohibited by the e-conveyancing legal framework.
  • Unless an exemption applies, only ‘natural persons’ may have a User profile, which means that teams, divisions, and those who ‘job share’ cannot share a User profile.
  • Note that Users must regularly log in to PEXA to maintain their profiles. Users who do not log in to PEXA for 100 days will be considered ‘inactive,’ and will have their profiles suspended. Should this occur, Subscriber Managers may reinstate their access. Access frequently asked questions on inactive Users here.

 

2. Securing your access with Multi-Factor Authentication

  • Following the establishment of their profile, a User will be required to set up multi-factor authentication (MFA) using their mobile phone. Further information about MFA can be found here.
  • When logging in to PEXA, Users will be required to enter a one-time passcode following their password. This password can be received via SMS or a smartphone app.
  • For Users who intend on accessing PEXA via multiple devices (for example, both an office and home computer), or will be using PEXA whilst abroad, it may be preferable to use the smartphone app. More information here.

 

3. Digital Certificates

  • A firm can have as many Signers as required, subject to regulatory requirements and the firm’s internal policies.
  • Every User who has authority to sign in PEXA must have their own Digital Certificate and PIN. Sharing of Digital Certificates is prohibited by the e-conveyancing legal framework.
  • The following signing activities occur in PEXA, and should be considered when planning who in an organisation requires a Digital Certificate (ensuring that there are a sufficient number of persons with signing capability in place for employee leave, etc) –
    • Signing of land registry instruments – this permission should only be assigned to people who are permitted to sign land registry instruments (please note, each jurisdiction has different rules governing this, more information here)
    • Signing of the Financial Settlement Schedule (by all parties/Subscribers to the transaction)
    • Authorising the use of trust money – this permission may only be assigned to someone who is on record with a Subscriber’s bank as being a trust signatory, and their name in PEXA must perfectly match the name recorded by the bank
    • Activating new Users after they have been created
    • Authorising corrective payments, in circumstances where incorrect account information has been entered into PEXA and a settlement payment rejected

 

4. Standard Operating Environment

  • Information about minimum system requirements and supported browsers may be found in PEXA’s standard operating environment here.
  • For the best and most effective access to PEXA, it is recommended these requirements be followed.

 

 

3 Likes
Aoife
Moderator Aoife Moderator ‎24-10-2019 11:37 AM
913 Views
2 Comments

NEW VIDEO!: A minute with SA's industry leaders

Kristie from Think Pink Conveyancing shares her experience transacting on PEXA and how it helps her as a stay at home Mom.

 

 

Emma (@EMNX ) speaks to Dan about her experience with PEXA's Support Centre and the benefits she enjoys when transacting online.

 

 

Mark Berry from Four Points Conveyancing speaks to PEXA's Dan Roesler about why he loves being a conveyancer and what PEXA does for his business.

 

 

Industry leader, Michelle Lihou from Goolwa Conveyancing sits down with PEXA's Dan Roesler to discuss her favourite things about transacting online in South Australia.

 

 

@goolwaconveyancing 

  • Tags:
  • Listening Post-feedback welcomed
  • South Australia
4 Likes
Aoife
Moderator Aoife Moderator ‎17-10-2019 11:47 AM
841 Views
0 Comments

5 in 5 | B.O.S.S Conveyancing tells us about its customers' experience with PEXA Key

PEXA CEO, Marcus Price discusses PEXA Key with B.O.S.S Conveyancing's Director Sally Nguyen and Krystle Kocik, PEXA's EGM of Product.

 

Sally and her team piloted PEXA Key and is actively using it today, in her firm and with her clients. Hear how her homebuyers found it and what this critical layer of security means for her business.

 

 

Read more about PEXA Key here or on Community.

 

PEXA Key Media

 

Previous episodes 2019

  • Episode One: Nick Karolidis and Marcus discuss common themes raised through PEXA’s in-platform feedb....
  • Episode Two: Sarah Rizk, Partner at Thomson Geer speaks with Marcus and PEXA Project’s expert, @Josh....
  • Episode Three: 5 in 5 with Jyh Gusew, Community Superuser and Marcus Price, PEXA CEO
  • Episode Four: 5 in 5 with Hunt & Hunt Lawyers featuring NAB and Gadens
  • Episode Five: 5 in 5 with Shane Jacob, AIC National President and Marcus Price, PEXA CEO

 

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