PEXA is pleased to present the next release of the PEXA System, Release 6.1, scheduled for business go live Monday 24 July 2017.
In this release, PEXA introduces the ability to:
From the 24 July 2017, a new National Mortgage document will be available to be used by Subscribers in the role of Incoming Mortgagee. 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 the first release in Victoria in June, 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.
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.
National Mortgage overview:
QLD – National Mortgage
SA – National Mortgage
NSW – National Mortgage
WA – National Mortgage
From Release 6.1, PEXA allows subscribers to transfer control of their electronic CTs to other PEXA subscribers, including their panel solicitors.
Important Notes (added 28/07/17)
Transfer of CT Control screen
On successful signing, an invitation is sent to the organisation receiving the CT control.
Once the subscriber receiving CT control accepts the invitation, the documents are lodged automatically with the Land registry.
Where the control of a large number of eCTs needs to be transferred, PEXA provides a facility to load titles into a workspace using a file listing all the eCTs. This facility can be accessed through the Automation option in the toolbar:
The Transfer of CT Control – Automation screen shows you any previous uploads you’ve performed, and provides you with the ability to upload a new file.
The automation function accepts Comma Separated Value files (*.csv). In addition to listing all the land titles you wish to include in your workspace, the file will also need to specify the workspace jurisdiction, your role and your subscriber workspace reference.
For all the details, including steps and sample files, please refer to Processing a Transfer of CT Control article (in development)
Allow a workspace to be marked as being a commercial transaction. Those that are not commercial will default to Retail.
The flag is captured at a Subscriber level, on both workspace creation and invitation acceptance, where the role is Mortgagee on Title, Incoming Mortgagee, Consentor and CT Controller.
The new category is displayed as a column on the dashboard to assist financial institutions and their representatives to route and complete work relevant to their business unit.
This change will directly assist with routing of invitations and also distinguishing workspaces for specific business units within a financial institution, assisting in prioritisation and allocation of work. This will assist all members of the network in ensuring that the work is managed by the correct teams and processed as quickly as possible.
Note: Importantly, this is for your reference purposes, similar to your workspace reference, to help you allocate and locate the workspace within your organisation.
With Release 6.1, you can now add multiple land titles to your invitation. This helps ensure that members that receive your invitation have the full picture around your transaction.
Thank you to @DMc for recently bringing this to our attention in this feedback article. Please keep the feedback coming. We’re working hard to turn these around as soon as possible when we have the opportunity.
From the 24 July 2017, when a conversation is read, a flag (tick) will be placed alongside the message. This tick will help you identify whether your conversation has been received and read by other participants in the workspace.
A message is marked as read when it is either opened in the Conversations screen, or Marked as Read via the Unread Conversations screen.
Further conversations enhancements
This is the first step in a larger effort to improve the overall experience of our conversations solution. Please send through your feedback on this new functionality or any other ways to improve the conversations functionality via the Ideas and Suggestions board.
(updated 02 August)
When adding a source financial line item, and where the Transaction description was available, you are now required to enter that description. This field has changed from an optional field to a mandatory field. This is to help all our subscribers, ensuring that the Transaction description is entered and the transactions are processed through successfully. This description appears on the account statement.