Today I found a new reason to dread PEXA settlements from 01/10/2018.
As usual the mortgagee waited until the last minute (after settlement rolling over from 12:00 to 1:30pm to 3:00pm) to sign the Lodgement Instructions. Due to overload of Lodgement Instructions being verified at the same time, settlement rolled over again to 4:30pm. The mortgagee involved is NAB. NAB advised that this is referred to as "stacking in verifying".
How will PEXA and the Titles Office cope when all matters are settling on PEXA?
When will incoming mortgagees start to show some respect for all participants and work their file before the settlement date and then just make the loan proceeds "ready" on settlement day? In this settlement today, the loan proceeds amount was not uploaded until the funds were ready. So our client did not have confirmation of the amount available until after 1:00pm.
I have wasted hours on this matter today for no good reason. Simply because NAB couldn't be bothered working their file in a timely manner.
We're sorry to hear you had this experience and appreciate you sharing this with us. We've looked into the workspace and have passed your feedback on to the NAB team to help them continue to improve their processes.