This release of the PEXA Maintenance Release 13.1.2 will be an infrastructure release only. There are no functional changes planned as part of this release, which is scheduled for business go live 12 April 2021.
Introduced in R13.1.1, we're progressively rolling out Auto Calculation of Vendor Surplus to selected banks and panel law firms. When this feature is enabled, your vendor surplus amount is automatically calculated and adjusted in the system. Remove the rework on settlement day - no more final adjustments to vendor surplus amounts and re-signings. It will be done automatically for you.
What this means for Mortgagees on Title
Mortgagees on Title can benefit from the following:
Reduction in the number of conversations between the Proprietor on Title and the Mortgagee on Title
Improved on-time settlements for Workspaces
Automatic calculation of the vendor surplus amount (driven by the Proprietor on Title)
If you're a bank or a panel law firm and want to try this functionality, ask your Subscriber Manager to enable the feature in the Administration Tools Maintain Auto Calculation menu .
Once enabled, auto calculation is automatically activated once the Proprietor on Title has either entered or agreed to the Balance Due to Vendor, and the Mortgagee on Title has entered a Loan Payout destination line item (indicative or final) in the Workspace.
When active, the Workspace displays a green shading and final adjustments to the vendor surplus amount is automatically adjusted, even as vendor-related Destination Line Items are created in the Workspace.
For more information about auto calculation click here.
What this means for Proprietors on Title
When the Mortgagee on title has enabled the auto calculation functionality however they have not yet entered their loan payout amount then the auto calculation is set in pending status. A pending status is indicated by yellow shading on the Financial Settlement Summary and destination line item.
When the Mortgagee on Title has entered the loan payout amount auto calculation is 'active', you see the following areas of the Financial Settlement Summary and destination line item are shaded green. See example below
Fore more information about the the auto calculation function click here