PEXA is pleased to present the next release of the PEXA System, Release 6.0.1, scheduled for business go live Monday 12 June 2017. In this release, PEXA introduces a new National Mortgage form in Victoria.
VIC National Mortgage
From the 12th June 2017, a new National Mortgage document will be available to be used by Subscribers in the role of Incoming Mortgagee in Victoria. This is an additional document that can be created and lodged within a PEXA workspace.
Why a National Mortgage?
Having all states aligned behind a National Mortgage provides greater consistency between jurisdictions. Following this first release in Victoria, all states currently operating on the PEXA platform are moving towards the common National Mortgage document. Wherever possible, consistency in data capture and formats have been implemented.
National Mortgage overview:
Address for Mortgagee is now included
Mortgage Reference is not required
Mortgage Date is not required
Mortgage Covenants heading is now Terms and Conditions
Document Reference (previously MCP Reference) can be “Other” which allows for free text entry
Additional covenants heading is now Additional Terms and Conditions
Set of Operative Words is not displayed in data entry screen
Additional Terms and Conditions text increased to 4000 characters
When should I use the National Mortgage vs the existing mortgage?
There is a transition period until 31 December 2017. During this time, you can use either the old Mortgage form or the National Mortgage form. National Mortgage should only be used if the signed paper mortgage is also in the National Mortgage format. If you have identified a signed paper national mortgage, selecting the new type of mortgage document is a simple process in a PEXA workspace.
How do I get the National Mortgage?
From the Documents screen, select Create Document > Mortgage.
Review the dialogue box that now appears. This dialogue box asks you to select the appropriate mortgage based on the mortgage signed by the client.
Based on your selection, the appropriate Mortgage screen is displayed.
Note: All the other steps for processing a mortgage remain the same.