PEXA is pleased to present the next release of the PEXA System, release 3.0, on 23 November 2015.
The PEXA System has been enhanced to streamline how you process your transactions in direct response to your feedback.
For this release:
PEXA has enhanced the Party screen, assisting you in completing address details for the parties you represent.
Party Screen enhancements
New Copy Address buttons have been added to the Current Address and Future Address sections of the Party screen. For parties in the role of Incoming Proprietor or Proprietor on Title, this button allows you to copy the address of an existing party or land title address, - reducing duplicate data entry.
Party Record Address Examples
Scenario: You are representing two Parties with the same address, for instance, husband and wife. When creating -multiple party records, you can now copy the address entered for the first party (e.g. husband) across to the party record for all additional records (e.g. wife). This directly reduces the need to re-key address details.
Additionally, if the address being used is the same as the address of the title in the transaction, you can now also copy the land title address details for population in the party record. For instance, the purchaser is moving into the property (future address), or the vendor is selling their residential home (current address).
A Linked lodgement is where two or more workspaces are associated in PEXA for the purposes of lodgement, and where no linking of financial settlement is required. Linked lodgement functionality is available to subscribers operating in the role of Incoming Mortgagee.
Scenario: The linked lodgements functionality supports transactions where a financial institution provides lending to a customer across multiple transactions, such as a refinance and subsequent purchase of another property, but funds are not linked between workspaces.
For Example: Bob Smith is keen to purchase a holiday home. Bob finds a more favourable lending arrangement with another bank, Flinders Bank. In their discussions, Flinders Bank stipulates that finance for purchase of the holiday home is dependent upon successfully re-financing Bob’s family home from his current lender, Coral Bank.
In this scenario, there is no movement of funds between the refinance of the family home and purchase of the holiday home. The dependency is a result of the securitisation at Flinders Bank.
Flinders Bank creates a link between the workspace for the refinance of the family home and the workspace for purchase of the holiday home. This provides the assurance that settlement for the holiday home will only proceed if settlement for the refinance of the family home has completed successfully.
The following key rules/requirements have been applied for Linked Lodgement:
When settlement date and time is set or changed for a workspace, all participants must approve this newly scheduled date and time.
Your acceptance of these changes has been streamlined in this release.
Clearly Display Settlement Date and Time status
The status of the Settlement Date and Time Acceptance is now displayed under the Settlement Date and Time in the left navigation bar.
It is also displayed on the following screens for your reference:
The status types are:
This provides you with greater visibility to the status of the Settlement date and time for a selected workspace.
When a positive Title Activity Check (TAC) or TAC technical failure is encountered on the Final TAC, 1-hour prior to settlement, the incoming parties must re-enter the workspace to provide their agreement to proceed with settlement.
A change has been implemented to ensure that a workspace, that has encountered a positive Final TAC or Final TAC failure, will revert from Ready to Prepared.
The status of a workspace is a great indicator of any outstanding tasks that require completion. This change will subsequently assist users prepare settlements, by focusing the user’s attention on the outstanding task of providing approval to proceed.
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