About BGoodwin

Hi, Something seems to have changed with PEXA Service Fees lately. We have a refinance where all the documents are either signed or prepared, and we even have the payout figure for tomorrow and the Lodgement Fees, yet the PEXA Service Fees have yet to populate (and there is no mention in the fees tab).   Earlier today I had a TAC which I answered to proceed with settlement but then the PEXA Service Fees disappeared from the Settlement Schedule making it unbalanced. The only way we could get them back was to unsign and re-sign one of our documents.   I always understood the PEXA Service and Lodgement Fees populated when ALL documents attain a prepared status?   Baz ... View more

I hate the way the media put a spin on events to make it more newsworthy. Obviously the Conveyancer was not diligent in signing off the settlement schedule but there are and have been enhancements made to the platform to compensate for the "human" factor. In the current circumstances - being still early days for PEXA and with the IPO looming, I think PEXA should have compensated the people firstly to be seen to do the morally right thing (but not admitting liability) and then sorted out the legalities with the Conveyancer. Kudos to the CBA for recouping a large percentage of the missing money. I'm still curious as to how the Conveyancer's new password was obtained and used, and he hadn't noticed. Does the system not get you (or the hacker) to choose a new password.  The Consumer Guarantee is a great initiative. I also like the new section to the Document Signing page - keep up the great work PEXA. ... View more

Not a question - just a commendation to the NSW Land Registry. I'm loving that PEXA lodgements are being registered on the day of settlement and we're receiving the registration confirmations that evening. Great work. ... View more

Does anyone know how to remove a CoRD Consent to a paper transaction? Cheers, Baz...   Edit: I'm just adding you in Emily because I haven't got an answer since Wednesday. Maybe I'm posting in the wrong area.  @EmilyBilling  ... View more

Hi @Marty Thanks for your work previously in cleaning up email notifications. I note we still get bombarded with emails (47 for our advances workgroup yesterday and we're only little fish). Most are legitimate but I do notice we get an email notification for every "Financial Line Item"created (e.g. 3 for a NAB refinance plus a conversation notification, and 3 emails for a CBA refinance). Can we reduce the number of Financial Line Item emails in any way? Regards Baz.... ... View more

Hi @JemmaHirst   It's been a while since we've spoken . The NSW Land Registry haven't mentioned if the National Mortgage Form will be updated to include the Change of Name (like Victorian mortgages). Do you know if they intend to update the Mortgage format? Edit: I've since emailed back and forth with Cliff Wally at NSW Land Registry and I'm still unclear if they are going to update the mortgage form. I guess we keep collecting a signed Change of Name form and related evidence, until the forms change. But it is great that we can process the change of name through PEXA. A point to note is an additional lodgement fee applies for the change of name component (unlike Victoria). Regards Baz... ... View more

Thanks Brett, It didn't really help  but I found where I need to go to remove the Frequently Used Account  and create a new one. We create the Frequently Used Direct Account  when entering the destination entry by simply ticking the box provided - but to remove an account we need to go to Administrator Tools> Manage Subscriber Details or Manage Frequently Represented Parties> then select Financial Accounts from left side menu (not an obvious path).   Cheers, Baz... ... View more

Hi @BrettCS, Frequently Used Direct Accounts: Is there a way to amend the account details or delete the entry completely? We have an account holder that has changed Banks. Regards, Baz... ... View more

@nakatos You're original post was a question of what " Total funds required to settle " means. I believe it means the final settlement amount  after adjustments to convey the property, and possibly needs to be clarified somewhere. and @LawyersConveyancing unfortunately not all incoming mortgagees (read wholesale lenders) have access to purchasers own funds, hence the need to remain flexible on who will provide the purchasers equity.   ... View more

 @nakatos & @LawyersConveyancing all of what you are discussing is in the Transfer Guidelines and available in the workspace (no allowances or buffers required).  Incoming Proprietor to enter Total Funds Required to Settle   5 days   prior to Settlement. Note: Incoming Proprietor will endeavour to calculate this figure as accurately as possible but it should be considered as indicative. Incoming Mortgagee enters Loan Proceeds in FSS at least 5 days prior to Settlement and once Loan Documents have been received and verified. Incoming Mortgagee to advise if “Authority to debit for Shortfall Held” on the FSS Summary   5 days   prior to Settlement. Answering “Yes” commits the Incoming Mortgagee to provision of all funds, answering “No” prompts Incoming Mortgagee and Incoming Proprietor to discuss and agree arrangements for  provision of Shortfall via conversation at least   5 days   prior to Settlement. Incoming Mortgagee enters Purchaser’s Equity (if applicable) in FSS 2 days prior to settlement based on the Total Funds Required to Settle (I just question if this would still be indicative at that time!  Best to double check when destination funds are signed-off)  So the conveyancer works out the settlement figures and the incoming mortgagee provides the loan funds and maybe the purchasers equity if they have authority to do so. Seems simple in my mind. Baz   ... View more

I have an idea. How about in the Funds Confirmation under the "Total Funds required to settle", we add a "Total Loan Funds available for settlement" section. Then in the " Does the Incoming Mortgagee hold Client Authority to provide shortfall?" we could show the difference e.g. "...... provide shortfall of $9,542.45?"   That will get around the Source Funder situation I mentioned earlier, in providing an indication of loan proceeds available. Funds Confirmation Total funds required to settle  Total funds required to settle $468,740.47 Last updated by:    LEGAL & CONVEYANCING LAWYERS PTY LTD 23/04/2018 14:34 AEST Does the Incoming Mortgagee hold Client Authority to provide shortfall? Does the Incoming Mortgagee hold Client Authority to provide shortfall? Set Cheers. ... View more

As a Panel Solicitor we can't easily obtain an indicative Payout figure however in most cases we have the actual payout loaded in 1-2 days prior to settlement. How do you show it's an indicative figure in any case? Indicative Payout Figure Mortgage on Title to enter indicative Payout figure into FSS   2 days   prior to Settlement Change: replaces sending a conversation with indicative Payout figure.   We have been uploading the source Loan Proceeds figures as soon as we can, but with our new Source Funder client we don't think that will be possible as the Lender enters the figures based on our Certification. I suppose if we get to the point of confirmed " Total Funds Required to Settle"  as per @JonTeh 's comment , perhaps we can Certify for funding earlier . Loan Proceeds Incoming Mortgagee enters Loan Proceeds in FSS at least   5 days   prior to Settlement and once Loan Documents have been received and verified. Note: This timeframe may be impacted by Customer’s unsecured debts. Change: Replaces conversation. Entering Purchaser’s Equity (Shortfall) Incoming Mortgagee enters Purchaser’s Equity in FSS   2 days   prior to settlement based on the Total Funds Required to Settle. Change: the TFRS is referenced from the new field, not a conversation. Cheers, Baz....   ... View more

Hey Brett @TheDoctor, are you sure the Mortgagee doesn't have to sign the corresponding "wet signature" paper Mortgage (in the jurisdictions where applicable). I note there are a number of Certifications that are signed under the Mortgagee Execution section of the paper counterpart which are probably the same as when it's signed under a digital signature in PEXA. I'm just checking that's what the Bank's legal department determined. Cheers, Baz... ... View more

Hi @Jennifer1   Have you had a look in Help-Centre - UsingPexaDayByDay . Depending on the jurisdiction, there will be slight variances in the process.   Cheers, Baz...   ... View more

I have to agree with your thoughts @kslewis. I can't see why documents cannot be "prepared" well ahead of the settlement day for sign-off. Unfortunately participants in a lot of cases won't provide and sign off settlement figures until the morning of settlement, and sometimes they change the amount or, figures are not even entered until shortly before settlement which is not good enough as we are required to continually monitor the workspace to fund and ready settlement. Mind you this also happens in the paper world too! My hope is that in time, as everyone becomes familiar with the PEXA process, it will become more efficient. It is already much more efficient than a paper settlement. Incidentally the prepared Transfer can be viewed by the incoming mortgagee.  Cheers, Baz, ... View more

Enhancements to Responsible Subscriber (Referencing PEXA AXL-753 AXL-749) A minor thing but it can be annoying. When the Responsible Subscriber changes automatically, the Client Ref in the lodgement instructions doesn't. Maybe that could also update to the Subscriber Ref for responsible subscriber. Thanks Baz ... View more