PEXA is pleased to present details of enhancements and problem fixes which will be available to your business from 6 February, 2017.
PEXA is improving the settlement completion record, alongside improvements to invitation forwarding rules and additional controls over the use of justifications when financial institutions are discharging a mortgage held in a different legal entity name.
Settlement Completion Record
The Settlement Completion Record is a very useful record of each of your successful transfer transactions. You can generate the report from the Financial Settlement screen following the completion of your transfer. The record provides a good overview of the transaction, and can be saved and stored alongside your matter files.
In this release, we have included some additional details in the report, including:
Dealing Numbers, provided by your land registry,
Gross Consideration Amount
Balance of Purchase Price
(Referencing PEXA CR760)
Invitation Forwarding rules have been improved
If you are a Principal Subscriber (Financial Institution) and wish to automatically forward workspace invitations to other (panel member) Subscribers, PEXA has enhanced this capability to allow invitations to be forwarded to more than one panel member based on invitation auto-forwarding rules that you can create.
The new rules allow your organisation to automatically forward invitations based on:
The Jurisdiction of the workspace
The role being invited to join the workspace
If Settlement is included
If it is a Transfer transaction
Note: Rules may also be created so that particular types of invitations remain with your Subscriber and are not automatically forwarded.
Manage invitation Forwarding From the Panel Member List screen (accessed from Administration Tools > Manage Subscriber Details), select the Invitation Forwarding menu item.
The Manage Invitation Forwarding screen initially displays a single default rule. This rule is a catch all for invitations which do not meet the more granular rules that you may create.
Note: You may edit the default rule to change the panel member or to set to “Do not auto-forward”, however this rule cannot be removed. If you do not create any more rules then all invitations will be forwarded based on this rule.
Adding New Rules
Additional rules can be added by clicking on the Add Rule button.
Select a panel member Subscriber to auto forward a particular type of invitation or you may select Do not auto-forwarded if this type of invitation should remain with your Subscriber.
Complete the jurisdiction role, financial settlement, transfer criteria and click Add to create a new rule.
Each rule you create will be listed on the Manage Invitation Forwarding screen.
Rules that you create may be removed by clicking the remove option from the actions cog.
(Referencing PEXA CR656)
Additional Controls for Mortgagee on Title Justifications
Principal Subscribers (Financial Institutions), when discharging a mortgage that is held in a different legal entity name, can now only do so if the legal entity name appears in the Maintain Reserved Names table under Administration Tools.
This table must be maintained by your Subscriber Managers.
This change introduces additional controls, helping ensure that only mortgages held by your organisation under your legal name or reserved legal names are discharged by your users when using PEXA.
Note: These rules will filter to panel members as appropriate.