The Auto Balance of Sources feature for Refinances has been enhanced. This feature now allows participants in the role of Incoming Mortgagee (IM) to sign the FSS when Ready to Book is applicable and no settlement date/time is present at the time of signing.
This will allow the IM in a Refinance workspace to perform the following actions in one session:
Enter a “Maximum Amount” for their Auto Balancing source line item,
Sign the FSS, and
Click “Ready to Book”.
When the settlement date and time is inserted into the Workspace (i.e. the MOT clicks “Ready to Book”), the IM will remain signed and not need to re-enter the Workspace when total disbursements for the Refinance are less than or equal to the Maximum Amount entered for the Auto Balanced source line item. Workspaces will then be able to progress to settlement without needing an IM to return to the Workspace once the Mortgagee on Title has completed their actions.
A new email is now sent to the Mortgagee on Title (MoT) when a Discharge Authority has been uploaded into a Workspace.
Receiving the Discharge Authority is a crucial step in the MoT's processes and a trigger to progress the transaction. This notification will save the MoT from going into the Workspace to check whether a Discharge Authority has been uploaded.
(Note: Members using PEXA integration will receive the new notification via the Notifications API from Release 16.1.0, which goes live at the start of August)