PEXA is pleased to present PEXA Major Release 16, scheduled for business go live 07 May 2022.
No outage is expected on the weekend of this release.
Highlights
- Auto balance of sources for Refinances (ALL)
- Ready to Book - pilot for Refinance workspaces extended to Panel Members and Panel Masters (Pilot)
- Automatically send a conversation from the Incoming Mortgagee to the Incoming Proprietor - (Pilot)
- Remove mobile and email validation messages on Party and Source Screens - (ALL)
- Preferred names added to your profile (ALL)
- Enhanced filter when linking workspaces (ALL)
- Update History screen when Settlement date and time is accepted (ALL)
- New Attachment Type - Letter - WA
- New Justification – No longer a minor – WA
- New Attachment Type – Statutory Declaration – QLD
- Caveator on Title & Loan Payouts - (ALL)
- Homes for Homes Enhancements - (ALL)
- GST Withholding Forms – History wording enhancements - (ALL)
- Removal of the 3pm (AEST) cut-off for Linked Settlements (ALL)
- Standalone Settlements, Linked Settlements and Linked Lodgements: Removal of 4pm Cut-Off (ALL)
- Auto balance of sources for Refinances (ALL)
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Building on the existing Auto balance of sources already available for transfer transactions, the feature is being extended to be available for Refinances in Release 16.0.
Incoming Mortgagees (IM) can now use the auto-balance feature for a Loan Proceeds or Purchaser’s Equity line items. A Maximum Amount can be entered for the auto balancing line item and the IM can sign the Financial Settlement Summary. If amounts fluctuate in the workspace, the Auto balancing line item will automatically update. If the funds required remain below the maximum entered, the workspace will proceed to settle without the Incoming Mortgagee having to revisit the workspace.
Workspaces would only need to be revisited by an IM using this feature on an exception basis when the Maximum Amount is not sufficient, and the MOT has signed their FSS. Numerous notifications, on-screen prompts and a task will inform the Incoming Mortgagee to “Review the auto balancing source amount” when this exception scenario occurs,
(Referencing PEXA AXL-2897)
- Ready to Book - pilot for Refinance workspaces extended to Panel Members and Panel Masters (Pilot)
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The Ready To Book feature is currently available through a selected pilot only. This pilot is now extended to Panel Members and Panel Masters as well.
The Ready To Book feature will be made available for Refinance Workspace (Roles of Mortgagee on Title and Incoming Mortgagee).
As a participating Panel Member in the Ready To Book pilot, you can set up your Refinance Lead Time Preferences for a Panel Master, to allow some lead time prior to PEXA automatically booking in Settlement for your Refinance Workspace. These Refinance Lead Time Preferences are configurable for both Incoming Mortgagee and Mortgagee on Title roles and are on the Manage Frequently Represented Parties screen.
For information on how to alter your Refinance Lead Time Preferences settings and other Refinance - Ready To Book features, please see the following article:
https://community.pexa.com.au/t5/Help-Centre/Ready-to-Book-Help-Centre/ba-p/24069
(Referencing PEXA EX1-18347)
- Automatically send a conversation from the Incoming Mortgagee to the Incoming Proprietor - (Pilot)
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A pilot will run to test a feature to automatically send a conversation from the Incoming Mortgagee to the Incoming Proprietor. Some banks currently manually send a conversation when they join a Workspace. This feature will look at automating this step to streamline the process.
The automated conversation outlines some actions and timelines that are required so that settlement completes on time.
(Referencing PEXAFS-10000 )
- Remove mobile and email validation messages on Party and Source Screens - (ALL)
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Some of our email and mobile validation messages on the Party screen and Sources tab have caused some confusion so we’ve decided to remove them. From R16.0.0 you will no longer see the green tick or warning icon after entering a mobile or email and we’ll only show you a message when these details can’t be verified.
Don’t worry, we are still validating in the background, but we’ll only tell you if there is a problem like in the example below.
(Referencing PEXA FS-10165)
- Preferred names added to your profile (ALL)
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We have added some additional fields to your Profile Settings screen. These include pronunciation of your first, middle or last name, your preferred name and pronoun.
(Referencing PEXA FS-10031 )
- Enhanced filter when linking workspaces (ALL)
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Improvements have been made to the filter on the ‘Link Financial Settlement’ screen to make it easier to locate the Workspace you want to link.
The new filter sits at the top of the screen and allows you to enter a Subscriber reference or Workspace ID.
(Referencing PEXA FS-9992 )
- Update History screen when Settlement date and time is accepted (ALL)
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We have updated the History screen to record when a Workspace Participant accepts the Settlement date and time.
(Referencing PEXA FS-10135 )
- New Attachment Type - Letter (WA)
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A new attachment type of Letter can now be attached to a Transfer in WA. This attachment type can be added in the role of Proprietor on Title or Incoming Proprietor.
(Referencing PEXA LST-1040)
- New Justification – No longer a minor – WA
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In WA, where a Proprietor on Title was previously registered as a minor, a new justification reason of ‘No longer a minor’ can be used where the proprietor is now of age to transact.
(Referencing PEXA LST-1132 )
- New Attachment Type – Statutory Declaration – QLD
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A new attachment type of Statutory Declaration can now be attached to a Transfer in QLD. This attachment type will allow Local Governments not transacting in a capacity to represent a purchaser in QLD.
(Referencing PEXA LST-1175)
- Caveator on Title & Loan Payouts - (ALL)
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The Caveator on Title role now has the option of selecting the payment category of "Loan Payout" with Customer Account and Frequently Used Accounts both available dropdown destination account options.
(Referencing PEXA SETT-11922 )
- Homes for Homes Enhancements - (ALL)
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When manually creating a destination line for Homes for Homes, the reference number field is the Payment Reference Number. However, when the destination line is saved, and we expand the destination tab in the FSS, the DLI shows as “Transaction Description”.
The first change is to update the wording from “Transaction Description” to “Payment Reference Number”.
The second change is when the Homes for Homes caveat exists, and the line item is being created, the workspace will auto populate the “Transaction Description” field as the “Caveat Dealing Number” rather than the “Workspace Reference”. This will help ensure the correct reference is provided when creating the Homes for Homes destination.
(Referencing PEXA SETT-11542 )
- GST Withholding Forms – History wording enhancements - (ALL)
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Based on member feedback, we’ve enhanced the messaging on the History page to clearly show which Subscriber and event caused the removal of a GST Withholding Form one and/or Form two. This also includes the removal of the corresponding auto-created destination line item (if populated).
Clearer messaging will be populated on the History page when any of the following events occur:
- Incoming Proprietor removes a party
An Incoming Proprietor or Proprietor on Title on the Workspace either:
- Withdraws from Workspace
- Abandons the Workspace
- Removes their role (when in a dual role)
(Referencing PEXA SETT-11957)
- Removal of the 3pm (AEST) cut-off for Linked Settlements (ALL)
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Linked Settlement Workspaces in a status of “Settlement Held” will no longer be cut-off at 3PM (AEST) when either an insufficient funds error or technical errors return during sourcing of funds.
This feature will be fully rolled out in June.
(Referencing PEXA SETT-9392)
- Standalone Settlements, Linked Settlements and Linked Lodgements: Removal of 4pm Cut-Off (ALL)
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Workspaces stuck in a status of either “Settling” or “Settlement Held” will no longer be cut-off at 4pm (AEST). The 4pm cut-off reduces the time workspaces have in which to settle on the day.
This change impacts all workspaces:
- Standalone workspaces
- Linked Simultaneous Settlements
- Linked Lodgements
Where PEXA cannot establish communications with the relevant Land Registry, for example the QLD Land Registry system is closed for the day to process the lodgement request, PEXA will continue with Financial Settlement. PEXA will complete the Lodgement of Registry Instruments the next business day once communications with the Land Registry are re-established.
(Referencing PEXA SETT-12246 / SETT-12276)
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