on 23-11-2018 12:25 PM
I find it completely ludicrous that PEXA has Transfer Guidelines, presumably compiled with the input of banks, wherein we are advised to complete various tasks in various time frames, when LENDERS seem to be oblivious of time frames and oblivious to the fact that they are wasting every one else's time and money.
Three settlements this morning, chasing various banks to input source funds or destinations, two have been delayed, one still not ready. The third settlement okay. Is one out of three considered a good strike rate? This all presupposes that client's representatives have nothing better to do than continuously monitor workspaces in order that when the lenders do choose to complete their tasks we can sign fss and have the matter settle. Is the client's representative not able to leave the office, go to the toilet or attend to other work? Lenders maximising their profits at the expense of others. Is it not time that PEXA insisted on the lenders being responsible subscribers. Perhaps everyone should boycott settlements for a week and hope the hue and cry might force some action. Maybe the Royal Commission should have a new focus on lending practices and administration.
on 28-11-2018 11:26 AM
We totally agree...bring on any inquiry...we all have enough evidence to prove our point.
Since when did we agree to any bank's "unknown" and "invisible" time frames and guidelines?
We requested a copy NAB banking guidelines, told they would provide, still waiting months later.
on 28-11-2018 02:47 PM
I am attempting to settle a discharge - NAB being the discharging ... settlement is at 3pm it is now 2.46pm and they still are waiting the "updated payout figure" why is with the paper settlements final payout figures were provided the MORNING of settlement! This is just not good enough and basically you waste and entire day constantly checking PEXA just in cause you have adjust surplus funds going to your client because the Bank can't get themselves organised
on 28-11-2018 03:55 PM
Completely understand your frustration.
We don't want to jink you however, we recently had a matter with NAB Business...apparently NAB couldn't enter pay-out figure because NAB Banker had not calculated it. It gets better, NAB entered the full purchase price...no consideration to deposit, agent's commission, adjustments, PEXA fees, our fees etc. Totally bewildered our client. When we questioned NAB Banker, we were advised we entered information incorrectly on discharge authority, we caused the confusion as we did not follow bank procedure...still waiting for a copy of NAB bank's procedure!
FYI - The Discharge Authority gives you the option boxes of “sold” or “purchased” and ask $. Nowhere on the NAB Discharge Authority does it request for the estimated amount being hand over at settlement.
Good luck and we hope you are able to settle.
on 20-12-2018 01:27 PM
Well, here we go again!!! Surprise, surprise, surprise...CBA have not follow their own guideline/timeframe/checklist. We have a linked settlement due at 2:00pm and CBA are the only party who need to sign off on Consent and Discharge of Mortgage. There is no pay-out, client repaid loan years ago. What are they waiting for?
PEXA - what are you doing to address the banks...you continue to quote "pay-out figures entered 10am morning of settlement" - this is simply not true.
on 05-02-2019 10:07 AM
ANZ are the worst!
Banks requiring Transfers prior to verification or certification is annoying specially when you ask them to accept their Pexa invite and they won't until they see a Transfer document. Time wasting.....
on 01-04-2019 06:08 PM
I agree completely! .. the banks must also be consistent around their entering of information in the FSS
You know the loan proceeds amount .. load this amount -- DO NOT include the client equity in the loan proceeds amount .. it distorts the truth ... load the exact FUNDS AVAILABLE amount .. then the IP can be advised how much will come from their account .. otherwise .. who knows??
IM - DO NOT calculate funds based on 'amount to balance' - when you are ready to enter figures this does not mean that the other parties have completed their parts .. balance it against the amount that the amount the practitioner for the IP tells you .. that will be more accurate ..
Yes enter funds for Land registry fees .. but get it right .. don't just show what the workspace might show at a given time .. work it out .. you know if there is a OM and that you need to include the outgoing DM fee plus your own IM fee!! (lesson for NAB there!).
Yes enter funds for stamp duty .. you know if your own client is claiming an exemption or not .. and the duty is usually verified by the practitioners DAYS out from settlement so you will know how much this will be and it will show in the fee schedule .. don't leave this to the day of settlement and prudently change your figures!
a week ago
What on earth is going on at NAB - five files this week all with NAB all last minute and disruption.
The latest - a discharge authority sent three months ago, now one week for settlement the NAB decide to have look at this and request a new authority!
also say the date on the discharge request is too old! What difference does it make what date the client signed the request? Is in within the Bank's guidelines to look at a matter only seven days out from settlement? and what is it with them telling me to contact some one else in the Bank? Am I expected to be their unpaid employee while they sit on a throne?