on 02-05-2018 05:04 PM
The loan broker had written to us about a PEXA matter, requesting a copy of the Transfer of Land. He had also cc'd the client into his email so that we looked like we were being tardy in not providing the document. I chastised him for worrying our client unnecessarily, given that the matter is settling through PEXA, the Transfer of Land is an electronic document available to the bank's PEXA team would contact us if they have any concerns. Not happy about being told not to worry the client, the broker then sent a further email expressing his annoyance. I responded as follows:
"Not wanting to offend you Charles, but the problem we have is that loan brokers are so far behind recent changes that they tend to create worry for clients and work for us, simply because they don't communicate with their own colleagues in their PEXA departments.
Part of the problem is as you have described in your email below; the banks send out out-dated checklists, and the brokers slavishly follow the checklists and request documents that no longer even exist.
We don't want constant requests for non-existent documents, nor do we want confused clients contacting us to tell us that their broker/bank is delaying their loan application because they can't obtain the non-existent documents from us.
Perhaps you can forward this email to your PEXA team and have them update their checklists.
My advice is that you should ensure that only documents specifically requested by the PEXA team are requested, and you then obtain these direct from your borrower client after satisfying yourself that the documents are actually essential to the loan application process."
The broker then returned with a very comforting reply:
I totally understand where you are coming from and your frustration. I will actually raise this issue with our Customer Mortgage services to request that they update the Bank’s Borrower’s checklist.
Thank you for taking the time to explain this matter and the confusion ii has been causing."
Sometimes it feels as though we really are making progress!
on 02-05-2018 06:39 PM
Nice one @LawyersConveyancing,
Good to see open communication being well received and acted upon.
on 02-05-2018 07:39 PM
Well done Peter! We’ll get there eventually......
03-05-2018 09:08 AM - edited 03-05-2018 09:11 AM
Thanks @Karolidis_and_Co and @TJ. The reason I have published this exchange is to encourage other PEXA users to go to the trouble of actually taking banks and brokers to task when they ask for documents in similar circumstances.
We are regularly told by banks and brokers that they have never heard of such problems before and that our office is the only one that refers them to their PEXA department and requires all communication in PEXA matters to come through the PEXA workspace.
We all need to look after each other by making sure that everyone is on the same page. Just to confirm, the approach I take in PEXA matters is as follows:
1. As the matter is through PEXA there is no need at all for loan brokers, bank officers or law firms representing lenders to contact our office.
2. Settlement is booked with the bank as soon as the PEXA invitation has been accepted by the bank.
3. All conveyancing documents required by the bank are "private" and therefore can only be provided by the client, who retains control over their distribution.
4. We provide no documents to third parties; we only provide documents to the client, who may then deliver those documents to third parties per 3. above.
5. When we deliver documents to clients they are always in electronic format, and delivered via a secure online portal which is encrypted and maintains an audit trail.
By following these 5 protocols we keep our client cyber-safe, the client remains in control of their sensitive material (of course, the client can send their private material to anyone they please and by secure or insecure means if they wish - the choice is theirs alone), and we do not assume responsibility for bank processes and procedures. In particular, we do not become responsible for resolving issues such as lost documents, unsigned forms or incorrectly completed bank forms etc.
If PEXA is to be a time-saving/cost-saving measure we have to work to make it so!
on 03-05-2018 06:17 PM
Borrowed! Thanks for sharing Peter.
What is the name of your 'online portal' again? -we hope to use something similar.
04-05-2018 11:42 AM - edited 04-05-2018 11:49 AM
Just wondering, Is ActionStep integrated with PEXA to Application Program Interface (A.P.I.) level?
We use a local WA company 'SettsPlus by CSolutions' for our Conveyancing matters. Whom AFIAK were the first to integrate with PEXA, and love being able to open a workspace within ~22 seconds (https://www.youtube.com/watch?v=RKIWEqIQoKo).
As well as also being able to populate the F.S.S. within moments
on 04-05-2018 11:59 AM
No, it's not @DMc but I'll get onto them about it. Your SettsPlus service looks good.