About Jarrod_McAleese

PEXA NSW Bulletin – February 2021     It’s been a busy start to 2021 for PEXA’s NSW team. Sharon Ladkin and I were present at the recent AIC NSW Regional Conference – thanks to our members who came to say hello, it was lovely to see you!     We’re excited to share that over the coming months, you will notice a few little changes to the PEXA look and feel – including our logo.   You’ll see our branding refresh across all of your PEXA experiences (our website, the Exchange, social media, emails and more).   We’re excited to share this all with you in the near future! Reach out to us if you’d like to hear more.   Additionally, at this time, I’d like to remind members to remain alert to phishing scams and other cyber-attacks.   If you encounter something suspicious, contact your PEXA Partner or our Security team as soon as possible. I also encourage you to make use of PEXA Key – a free, guaranteed resource that will help safeguard your business and clients.   Our local, expert team is on hand to support you in the weeks ahead as always – please reach out if you require any assistance.   Testimonials from your colleagues     Kaylene Widderick, On Call Conveyancing Services   "On Call Conveyancing Services has decided to implement the use of PEXA Key to provide our clients with an added security measure giving them peace of mind that all best practice procedures are implemented within their conveyancing transaction."                     Renee Odell, Impact Conveyancing   "PEXA Key has become an integral part of our conveyancing process. As email communication becomes more and more untrustworthy, sharing account details via that medium puts our customers at an unnecessary and vulnerable security risk, the implementation of PEXA key was quite simply a ‘no-brainer’ for my firm."   KEY LINKS     An update from Team NSW:  PEXA Partner, Josephine Leone, shares her thoughts on the beginning of 2021 for our industry. READ     Leases enhancements: As part of Release 13.1, Leases in NSW received a significant overhaul. Check out our help-card here. GUIDE   PEXA Key and security webinar: This session will provide an important update on all things cyber: Wednesday 17 February, 1:00pm AEDT. REGISTER ... View more

Hi Community,   PEXA would like to advise that a previously identified scam, involving fraudulent WeTransfer emails, has resurfaced in the market.   In these cases, emails are sent to a practitioner, purporting to be from PEXA via   WeTransfer, asking the recipient to open/download files.   Malicious emails being sent via WeTransfer is an   ongoing cyber-threat   affecting Australian organisations.   Please note PEXA does not use WeTransfer for any email correspondence or service.   What to do   If you receive an email appearing to be sent from PEXA via WeTransfer, do not click any links and delete immediately.   As always, if you receive a similar phishing email or another communication you believe to be suspicious, please:   Do not respond Do not click links or download attachments Delete the e-mail Report it to your relevant security administrator or e-mail PEXA’s security team at   security@pexa.com.au.   PEXA will never send you an email advising you to click a link to access the PEXA Exchange, and will always direct you to login to access your account via   pexa.com.au.   Learn more about phishing e-mails   here. ... View more

PEXA would like to advise it has identified multiple instances of scam phone calls targeting members at this time.   In the reported cases, callers using international phone numbers have falsely presented themselves as being from PEXA or a survey company, seeking information on “PEXA from a user’s perspective”.   There is no such survey being conducted by PEXA or a third party with members and we will never contact you from international phone numbers. As always, it’s vital to be certain that the communication you have received is from a legitimate source and if suspicious, please exercise caution. What PEXA will never do   We’d like to remind you that PEXA will never:   Call you from unverified phone numbers. Ask for your multi-factor authentication code. Request files or information from you via a third-party service. Email you from unofficial addresses (emails that don’t end in @pexa.com.au). Send you an email advising you to click a link to log in to the platform.   Please reach out to us if you have any questions or would like any assistance: security@pexa.com.au. ... View more

The NSW Office of the Registrar General (ORG), NSW Land and Registry Services (NSW LRS) and PEXA are working together to digitise presently out of scope instruments for industry. As part of this, our ‘Residual Documents’ offering continues to expand. Residual documents in PEXA are a large collection of infrequently lodged registry documents that previously had to be lodged in paper. These can include Acts, Legislations, or other document types that don't fall into any of the main categories available in the PEXA Exchange platform. NSW ORG has advised that certain Residual Documents must be lodged electronically from 22 March 2021. These include: Transfer without Consideration Consolidation/Change of by-laws - form 15CH     Change of name of lessee, mortgagee or chargee - form 10CN     Variation of lease - form 07VL    Change of address of owners corporation - form 15CA    Change of address of association - form 21CAA   Change of address for service of notices for caveator - form 08CX              Change of name of caveator - form 08CX              Positive covenant - form 13PC    Restriction on use of land by prescribed authority - form 13RPA  Restriction on use of land vested in prescribed authority - form 13RVP   Transfer severing joint tenancy in an interest - form 01TJ              Variation of mortgage - form 05VM         Charge - form 06C           Covenant charge - form 13CVC   Discharge of charge - form 06DC              Positive covenant affecting land vested in a prescribed authority - form 13PVP        Restriction on the use of land - form 13RU           Change of name – Form 10CN    Positive Covenant (with Registered Interest Holder Consent) – Form 13PC         Restrictions on the use of land (with Registered Interest Holder Consent) – Form 13RPA Restriction on the use of land by a prescribed authority (with registered interest holder consent) – Form 13RPV            Transfer Altering Tenancy (Joint Tenants to Tenants in Common in equal shares) – Form 01JT Transfer Altering Tenancy (Tenants in Common in equal shares to Joint Tenants) - Form 01JT Transfer severing joint tenancy – 01TJ    Transfer Creating a Profit à Prende – Form 01TH Transfer Creating a Forestry Right - Form 01TH   Additionally, the Notice of Death document will also be required to be lodged electronically from 22 March 2021. If you have any questions, please reach out to us. ... View more

Cyber-security is a key priority at PEXA. In support of our members and the broader property industry, we continue to invest heavily in our infrastructure and educational resources. As we approach the busy end of year period, with a heightened volume of transactions to finalise, it's more important than ever to remain vigilant. Keeping settlements safe is a collaborative effort and our expert team is committed to supporting the network. In line with this, we're pleased to share our Security 101 resource with you. This contains an overview of the current industry security climate, how to navigate phishing scams, common scenarios identified by the community and general tips and tricks. Download this resource via the attachment below or view here: https://www.pexa.com.au/images/uploads/page_parts/Pdfs/PEXA_Security_update_December_2020.pdf   As ever, please reach out to your PEXA representative or our friendly Security team if you require further assistance. ... View more

Merry Christmas from everybody over at NAB.   As you would all know, the lead up to Christmas is always a busy time for settlements. Already NAB have a lot of customers getting ready to move into their homes prior to Christmas and we’re wanting to work together to ensure we provide the best possible experience. To do this, we’re seeking your support with the below: If not already completed, ensure that Total Funds Required / Enhanced Settlement Summary is finalised in advance of settlement date; Create Workspaces and invite NAB as early as possible; Ensure that the Transfer of Land is created well in advance to help NAB finalise our application internally; Send the Discharge Authority to Discharge.Authority@nab.com.au as soon as held. Additionally, if you are aware that NAB is expected to collect surplus on behalf of the customer for an outgoing transaction, please advise us as early as possible so we can create the line item destination in PEXA.   Furthermore, if you believe a settlement scheduled during this busy period is unlikely to be ready, we ask that you considering changing the anticipated settlement date. Your support and assistance is greatly appreciated during this busy holiday period. Kind regards National Australia Bank. ... View more

Hi Community,   On Christmas Day (Friday 25 December 2020), Boxing Day (Saturday 26 December 2020) and New Year’s Day (Friday 1 January 2021), financial settlement will not be available in all states. However, lodgement will remain available in Victoria and New South Wales. A state-by-state breakdown of lodgement and settlement availability on Christmas Day and and New Year’s Day, as well as office availabilities for land registries, is provided below.   Additionally, we’d like to reminder members during this period to verbally confirm bank account details with their clients or use PEXA Key to safely exchange sensitive information.   New South Wales   Christmas Day, Boxing Day and New Year’s Day availability Lodgement is available Financial settlement is unavailable Land Registry notice NSW Land Registry Services (NSW LRS) Lodgement Office will be closed on Tuesday 29 December 2020, Wednesday 30 December and Thursday 31 December 2020. The NSW LRS offices will also be closed on the public holidays of Friday 25 December 2020, Monday 28 December 2020 and Friday 1 January 2021.   Victoria   Christmas Day, Boxing Day and New Year’s Day availability Lodgement is available Financial settlement is unavailable Land Registry notice Registration and call centre services will be unavailable during the end of year holiday period, from 4.00pm on Thursday 24 December 2020 to 8.30am on Monday 4 January 2021.   Queensland   Christmas Day, Boxing Day and New Year’s Day availability Lodgement is unavailable Financial settlement is unavailable Land Registry notice The Department of Natural Resources, Mines and Energy (DNMRE) and subsequently, the Queensland Land Registry, has confirmed its holiday closure period as Friday 25 December 2020 to Sunday 3 January 2021, inclusive.   We’re pleased to share with members that settlement will remain available during this period.   It’s important to note however that while settlement will proceed, lodgement and registration will not be confirmed until the Land Registry’s return date of Monday 4 January 2021.   From this point, the Land Registry will begin to work through the backlog of matters accumulated during its shutdown.   South Australia   Christmas Day, Boxing Day and New Year’s Day availability Lodgement is unavailable Financial settlement is unavailable Land Registry notice TBC.   Western Australia   Christmas Day, Boxing Day and New Year’s Day availability Lodgement is unavailable Financial settlement is unavailable Land Registry notice Lodgement will remain available throughout the holiday period, excluding public holidays.   If you need assistance with your online lodgement or settlement over the Christmas period, PEXA’s Support centre is still available, except for public holidays – Christmas Day, Boxing Day and New Year’s Day 2020. You can contact our friendly support staff between 8:30am – 8:00pm AEDT at support@pexa.com.au or 1300 084 515.   ... View more

Hi there,   We’re approaching the traditionally busy end of year period for our industry and we know it’s likely you have a high number of transactions to be settled before you spend time with your loved ones these holidays).   As we prepare to navigate the coming weeks, we’d encourage you to keep three key things in mind:   Be Early   Where possible, we recommend you progress your Workspaces as early as possible. This includes:   Sending Workspace invitations early, at least 10+ days out from settlement Finalising the source funds required for settlement 5+ days out, ensuring they are cleared 3+ days out if using the PEXA Source Account Finalising Payment Directions at least 24 hours prior to settlement Tip: 12pm and 2pm AEDT are popular time slots for settlement – consider selecting a different time.   Be Safe   Please remain vigilant at this time. Our Security team has provided the below guidance:   PEXA will only ever contact you from email addresses ending in "@pexa.com.au" Avoid email for the exchange of sensitive information Use   PEXA Key  to securely transfer trust and bank account details Be Kind   It’s been a challenging year, but we’re nearing the finish line. It’s important to remember we’re all working towards the same goal – supporting buyers and sellers, so I encourage you to be supportive of your Workspace colleagues and the PEXA Support Centre team.   Keep an eye out for a notice about holiday period operating hours from industry bodies across the states later this month. If you require any assistance, please reach out to your PEXA representative. ... View more

Dentons has provided the following information and tips when completing a transfer as vendor or purchaser in matters it is representing:   ING Bank Macquarie Teachers Mutual Bank Qudos Bank Bendigo and Adelaide Bank   Transfer - Sale (Mortgagee on Title)   How to initiate a Sale Request   Dentons requests that the practitioner sends the Discharge Authority directly to the Lender. Note that the Lender is not part of the PEXA Workspace when Dentons is acting on their behalf.     Lender Contact Details:    ING (T) 133 464 (E) mortgage.discharges@ing.com.au Macquarie Bank (T) 1800 007 722 (E) clientservices@mortgageinfo.com.au Bendigo and Adelaide Bank (T) 1300 236 344 Please return the signed and completed Discharge Authority to your local Bendigo Bank branch Qudos Bank (T) 1300 747 747 (E) loandischarge@qudosbank.com.au   PEXA Invitation Request   Please send as early as possible or at least 10-15 days prior to settlement Settlement days set shorter than 15 days may impact settlement times  Requested information to include in the PEXA invitation:    Denton’s Reference (if available)    z Lender Reference   (loan number) Mortgagor Names    Address of property   Preferred Settlement times: (AEST/AEDT) Dentons preferred settlement time is 12pm onwards Settlement Date Acceptance   The requested settlement date will not be accepted until Dentons have received instructions and the security packet from the Lender. Please note: attaching the discharge authority to the workspace does not allow Dentons to formally accept the date unless instructions have been received. Where security documents have not been received within 5 business days of settlement, Dentons may need to push the settlement date out. DENTONS Payout Process   Dentons does not receive Indicative payout figures. Final Payout Figures are confirmed on the morning of settlement by 11:30am Please do not escalate unless final payouts are not in the PEXA workspace post 11:30am the day of settlement Surplus Funds   Dentons preference is for the practitioner to manage any surplus funds in PEXA Surplus funds can only be accepted if the Lender agrees to accept surplus funds ING –matter by matter basis Transfer - Purchase (Incoming Mortgagee)   How to initiate a Purchase request:     Dentons will accept a workspace invitation once the lenders instructions have been confirmed.   Dentons cannot accept settlement date and time until all loan and mortgage documents have been received from the Borrower and all the Lender’s requirements have been met.  When all documents have been received by Dentons, we require four business days to book in the settlement date and time. Dentons requests the following details on the PEXA invitation: Dentons Reference (if available) Lender name Loan number/ Application number Full name of the borrower Security Address Preferred Settlement Times (AEST/AEDT) Dentons preferred settlement time is 3pm onwards. Please note: On settlement day, Dentons requires lender funds to be cleared in their trust account to be able to verify for funds for settlement. Transfer of Land (TOL)   Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement. Please notify Dentons if the TOL is changed, as we will need to seek clarification from the Lender prior to proceeding to settlement. Funds Available for Settlement The source funds are uploaded to the PEXA workspace when all relevant loan documents have been signed, completed and returned to Dentons; together with all pre-settlement conditions being met. Requirements before Booking Settlements    All loan and mortgage documents must have been received from the Borrower and all the Lender’s requirements met before booking a settlement. Please refer to your individual initial letter for the Lenders settlement requirements.    Once the loan and mortgage documents and requirements are received – they will be processed by Dentons within 48 hours.    Total Funds Required for Settlement  Please provide total funds required for settlement as soon as possible or ideally 2 days prior to settlement If the Lender has the capability to provide Borrower Funds for settlement and the Borrower has provided the required authority to debited the account, the account details will be updated in PEXA on the settlement date Dentons provide the total funds for settlement. PEXA Update December 2020: If a workspace is settling using the new Enhanced Settlement Summary (currently being rolled out via a phased deployment) TFRS will not be required. The alternative requirements are to agree funds due for settlement and select ready for shortfall or surplus. More details are available here: community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Summary/ba-p/20957. Dentons will be updating this checklist to reflect the new ESS process in early 2021. Settlement Date Acceptance  Dentons will accept the settlement date and time when all pre-settlement conditions have been met.   Dentons require at least four business days' notice to book a settlement. Failure to meet this timeframe may impact Dentons’s ability to settle on the preferred settlement date and time.     Loan Proceeds Loan Proceeds will be finalised and confirmed by Dentons at least 1hr prior to the scheduled settlement time unless otherwise indicated. Note: Late receipt of documents, pre-settlement conditions and funds can impact this timeframe. Shortfall of Funds Dentons may not hold authority to debit a borrowers account for shortfalls of funds required for settlement.    If the borrower holds an existing account with the Lender, please contact their broker/Lender to discuss further options and/or provide the required completed and signed authority to Dentons.   Day of Settlement Please have your documents and your adjustments on the financial settlement schedule finalised prior to 10am on the day of settlement. Any amendments made to the financial settlement schedule (post Dentons or practitioner adjustments being signed off) will result in Dentons needing to re-confirm loan proceeds available which could cause settlement delays. The financial settlement schedule in the workspace will only be verified and signed once funds have been received (usually after 1:30pm) from the Lender.      Please leave a comment or question below if you have found this useful, or if you would like further information.     ... View more

PEXA would like to advise members that it has identified phishing attacks directly targeting buyers and sellers. In these instances, automated or “robo” calls are being made to consumers, with the aim of extracting information relating to settlement.   In some cases, these parties are falsely presenting as PEXA. Scammers can often obtain client information through publicly available sources or  intercepted/compromised email accounts.   PEXA will never contact your clients directly – and we recommend you reinforce this message at this time.   We suggest that members take steps to ensure communication with your clients is secure.   We encourage you to make use of PEXA Key for the exchange of account details. Additionally, please refrain from using email to distribute sensitive information.   Please reach out to us if you have any questions or would like any assistance:  security@pexa.com.au . @DavidWillett  ... View more

Hi Community,   The NSW Office of the Registrar General (ORG), NSW Land and Registry Services (NSW LRS) and PEXA are continuing to expand the number of instruments that can be lodged electronically.   As part of PEXA’s Release 13, scheduled for go-live on Monday 9 November 2020, 24 new Residual Documents will be released – which can be created and lodged in PEXA. The full list is outlined below:   Application for Preparation of Lapsing Notice by a Registered Interest Holder – form 08LX Application for Preparation of Lapsing Notice by a Registered Proprietor – form 08LX Application for Preparation of Lapsing Notice by an Applicant – form 08LX Application for Preparation of Partial Lapsing Notice by a Registered Interest Holder – form 08LX Application for Preparation of Partial Lapsing Notice by a Registered Proprietor – form 08LX Application to Record Writ – form 09W Bankruptcy Application – form 04BAP Cancel Recording of Writ – form 09WW Cancellation of Easement – form 20ECE Determination of Lease by Re-entry – form 11R Extinguishment of Easement – form 20ECE Extinguishment of Positive Covenant – form 13PRE Extinguishment of Restriction on the Use of Land – form 13RRE Modification of Positive Covenant – form 13PVM Modification of Restriction on the Use of Land – 13RVM Notice of Proposed Acquisition – form 11R Release of Positive Covenant – form 13PRE Release of Restriction on the Use of Land – Form 13RRE Removal of Expired Lease – form 11R Transfer Granting Easement etc Over Own Land – form 01TO Transfer Granting Easement in Gross – form 01TY Transfer Granting Easement – form 01TG Variation of Positive Covenant – form 13PVM Variation of Restriction on the Use of Land – 13RVM Supporting resources PEXA: more information on lodging Residual Documents is available here. NSW ORG: an updated Schedule of eDealings is available here. NSW LRS: an announcement on the change is available here. If you have any questions regarding this, please reach out to us. ... View more

Digital property settlement is one of Australia’s most innovative success stories. As the first country globally to digitise its property exchange process, we’ve been able to deliver Australians a fast, safe and more efficient property settlement experience. From a standing start, today more than 70% of all land transactions are completed electronically. PEXA is proud to be helping more than 20,000 families a week settle safely on their homes, in partnership with our members. The fact that we’re beginning to see new ELNOs emerge within our industry is a strong reflection of the progress that’s been made nationally in transitioning to a digital environment. The essence of competition is to promote positive consumer outcomes, particularly regarding price, innovation and service. This is completely aligned with our values at PEXA and we’re fully supportive of any market structure that encourages this. Government and industry stakeholders are currently evaluating next steps in relation to proposed reforms that would require ELNOs to make their systems interoperate with one another in an attempt to promote further competition in the ELNO market. Below you’ll find some FAQs regarding potential future interoperability within our industry.   How would interoperability work? Interoperability is an umbrella term for various proposed technical solutions that would link ELNOs’ systems, enabling the preparation and settlement of transactions across multiple platforms. Proponents of interoperability advocate that it would enable competition by allowing Subscribers (conveyancers, lawyers, or financial institutions) of one ELNO to complete transactions with Subscribers of another ELNO, without having to subscribe to both. Does PEXA support interoperability? PEXA supports competition and will support any reforms that foster a competitive dynamic between ELNOs so long as it doesn’t introduce additional risk, cost or complexity for our members and their clients. Having collaborated with industry for a decade to make e-Conveyancing a reality, we know that our members want to build upon the greater security, efficiency and resilience that digital property settlements enable, and which Australian consumers have come to expect. We must also ensure that e-Conveyancing continues to have national application, nurtures competition beyond entrenching a duopoly and provides the flexibility for ELNOs to continue innovating and delivering value back to the Australian community. PEXA is actively participating in industry forums to help inform these discussions and we continue to advocate for a national solution – and an outcome that is best for you. If it is determined that interoperability is the right solution, without disadvantaging industry members or consumers, PEXA will fully support it. Is there a timeline for interoperability? In a Ministerial direction published in September 2020, all states and territories indicated support in principle of a roadmap to introduce interoperability by the end of 2021. There is still significant regulatory and technical progress to be made before interoperability can be introduced, with more work required to develop the technical models under consideration, the frameworks required to manage any increased risk and associated liability issues that will be introduced and the regulatory amendments that will enable reform. PEXA will continue to advocate for an outcome that is in the best interests of our members and Australian consumers and will keep members up to date with the latest developments. How can I find out more about interoperability? Reach out to us at industry@pexa.com.au and we’ll get back to you as soon as possible. We’ll continue to communicate with members as new developments arise – we should be able to provide a more detailed update in the near future. Until then, keep an eye on this page and reach out to us if you have any questions. ... View more

PEXA is uniquely placed to provide timely insights into property and mortgage trends, drawing on data from initial search to final settlement.    By combining timely data on property transactions in the jurisdictions PEXA operates with data and statistics from external sources, we’ve produced our first PEXA Property and Mortgage Insights (PMI) report, covering January to September 2020.   This report can be downloaded from our new hub for property settlement insights and content, PEXA Insights (www.pexa.com.au/insights).     Interested in more from PEXA Insights? Our Pre-Settlement Indicator is a weekly report, outlining trends in imminent sales and refinance settlements. Click here to subscribe to receive this in your inbox, every Monday. ... View more

Hi Community,   The following documentation has been updated by PEXA:   Participation Agreement PEXA Subscriber Security policy PEXA Service Charter Standard Operating Environment requirements Clean and marked up versions of these documents are available below.   Regards, Jarrod ... View more

Transfer - Sale (Mortgagee on Title)   How to initiate a Sale Request   Please provide or advise the client to complete and send the completed Discharge Authority to BOQ. Via email:  BCSC.PEXAIncomingSetts@boq.com.au. Attach a copy of the Discharge Authority into the PEXA Workspace when invitation is sent or as soon as possible   Note: Please advise your customers to contact their respective BOQ banker/relationship person to initiate the Release request. The Discharge Authority form must be completed in full and executed correctly.   PEXA Invitation Request   Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement with Discharge Authority uploaded into PEXA. Settlement days set shorter than 15 days may impact settlement time.   Accepting Settlement Date/Time   The requested settlement date will not be accepted until the discharge authority has been received and all pre-settlement conditions have been met.   Where documents or pre-settlement conditions have not been received before 5 business days of settlement, BOQ may push the settlement date out.   If the Discharge Authority (DA) is not received by BOQ >5 days out from proposed Settlement, then BOQ will be moved out by another 5 days to allow time for receipt and processing of the request. If the Discharge Authority (DA) is received earlier and wish to move the date forward, this is to be agreed by both parties.    BOQ Payout Process   Indicative payout figures are provided by BOQ banker/relationship person. Final Payout Figures are confirmed on the morning of settlement after 10:30am. Please do not escalate unless final payouts are not in the PEXA workspace post 10:30am the day of settlement.   Surplus Funds BOQ preference is for the practitioner to manage any surplus funds in PEXA Transfer - Purchase (Incoming Mortgagee)   How to initiate a Purchase request:   To avoid settlement delays please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant customer information is provided up front.   Information required on a PEXA invitation: When sending an invitation please include as much information about the customer/transaction as possible and as a minimum include the following: Full name of the customer Address of property Application number/reference number Note: BOQ will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.   Accepting Settlement Date/Time    Spread equally across the day.   Transfer of Land (TOL)   Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement and must be satisfactory to progress to booking stage.    Funds Available for Settlement    On day of Settlement BOQ will load funds available that BOQ hold to balance against the required Destinations. This amount will include all financed fees applicable to the transaction.    Shortfall of Funds   Shortfall position should be based on funds available vs funds required. Should there be a shortfall or discrepancy the standard shortfall email will be issued to the corresponding BOQ branches.   Settlement Date Acceptance   The requested settlement date will not be accepted until all customer documents have been returned and all pre-settlement conditions have been met.  2 clear business days’ notice required from when workflow is received.     ... View more

A data breach is a security incident in which information, such as usernames, email addresses and passwords, is accessed by unauthorised parties.   The average cost of a data breach to an Australian business is estimated at $3 million, as of 2018-19, per research sponsored by IBM Security and conducted by the Ponemon Institute.   Australia’s leading agency on national cyber security, the Australian Cyber Security Centre (ACSC), says credentials (usernames and passwords) are typically stolen when:   A user is tricked into entering their credentials into a page that mimics the legitimate site A brute-force (automated trial-and-error) attack on username and password combinations is performed against a service, if it doesn’t prevent such activity A service is compromised, and credentials are stolen and used to access the system or tested against other sites such as social media and email A user’s system is compromised by malware designed to steal credentials Steps to take   It’s important to remain vigilant of potential threats to your data, namely email phishing attempts.   Additionally, we recommend you conduct routine maintenance of your credentials. This includes:   Keeping your passwords and pin codes safe – use a password manager e.g. LastPass and 1Password to ensure you have unique passwords for all your different accounts. This ensures that if one of your accounts is compromised, the others are protected, and the impact is minimised. Periodically changing your passwords. Checking the security and privacy settings of all your essential services and make sure they have 2FA/MFA available. This provides an additional layer of security when accessing accounts. Being aware of the ongoing scams so you know when something is not right (Scam Watch has a great list of ongoing scams in Australia and regularly updated). How to check your data   https://haveibeenpwned.com/ is an excellent free resource which enables you to check if you have an email account that has been compromised in a data breach of an external party.   The tool will provide background on the details of any previous incident implicating your details. If a case is identified, considering reviewing your various login credentials and updating where possible   As always, if you have any questions, please reach out to myself or one of the PEXA Security team. Additionally, you can now subscribe to updates from PEXA Security. Visit https://community.pexa.com.au/t5/Security/ct-p/Security and click the options button in the top right corner.       ... View more

Hi Community,   At PEXA, we endeavour to provide you with the latest cyber-security updates and guidance. PEXA’s Security team is home to industry experts with more than 50 years of combined experience, committed to the security of property transactions facilitated by our members.    Generally, our advice is focused on what you should or shouldn’t do in certain scenarios, such as when encountering attempted email phishing, maintaining your technology and more.   But what about PEXA and what we do and don’t do? Cyber-criminals are using sophisticated means to target members and clients – sometimes falsely presenting as PEXA to extract information or facilitate malicious activity.   To help you combat this threat, re five things PEXA will never do, regarding you and your security.   PEXA will never email you from unofficial addresses   Whether it’s a message from our Support Centre, a PEXA Direct Specialist/Partner or another member of our team, our official correspondence will only ever be delivered from email addresses ending in “@pexa.com.au”.   If you receive an email you believe to be suspicious, please:   Do not respond Do not click links or download attachments Delete the email Report it to your relevant security administrator or reach out to PEXA’s Security team.   PEXA will never send you an email advising you to click a link to log in to the platform   If you receive an email with a link prompting you to login to PEXA, please disregard. After your initial PEXA account creation, we will never directly email you with a link to our login page or request your login credentials. PEXA will never request files or information from you via a third-party service   Recently, we’ve observed malicious emails being sent to practitioners, purporting to be from PEXA via third-party file services, asking the recipient to open/download files.   Such scams are an ongoing cyber-threat affecting Australian organisations. Please note, PEXA does not use third parties to source files or information from you.   PEXA will never ask for your MFA code   If you receive a text message, phone call or email requesting your MFA code, please ignore this. Never share your MFA code with anyone – and we’ll never ask for it.   PEXA will never call you from unverified phone numbers   Please be mindful of taking phone calls related to Workspaces from unknown sources.   For those with an account manager, their contact should be saved in your records.                      ... View more

Hi Community, Over the past 12 months, PEXA has been developing new functionality to help streamline the completion of financial settlement in the platform. Since April, banks and practitioners have piloted a new Enhanced Settlement Summary (ESS) – and we’re now excited to be proceeding with a phased deployment of this functionality. Phase 1: From 12 October 2020 the new ESS will be live in selected Workspaces: where Workspaces are created in relation to a South Australian property, or; where the Subscriber has selected to have the new ESS switched on regardless of jurisdiction. What changes will Phase 1 include for Financial Institutions? Workspaces with the new ESS switched on, as per the above conditions, will have: The ability to indicate Yes/No if your organisation is collecting Surplus funds (instead of a conversation and similar to the current indicator for providing Shortfall). If providing Shortfall or collecting Surplus funds, the ability to access these amounts as calculated by the system and confirmed by the Practitioners (instead of the current "Total Funds Required to Settle" (TFRS) and Conversations). Phase 2: Deployment to all Workspaces (targeting Feb 2021, with more information to follow when available) Support To help ensure a smooth transition, we’re providing a number of resources to support financial institutions and your operational teams. Attached, you’ll find: An Incoming Mortgagee help card A Mortgagee on Title help card FI webinar   Below you can watch our ESS webinar, run by our Training team.     Please also see below and attached FAQs.   Q: Would the Financial Institution receive a notification via email when practitioners hit the "Ready for shortfall" button? A: The notification is currently generated on the new task within the Workspace. Email notifications are targeted for a November release.   Q: Will ‘Ready for Shortfall’ and ‘Ready for Surplus’ be included in PEXA Planner? A: PEXA Planner’s ‘Get to Ready’ dashboard will have additional filters to manage the Ready for Shortfall/Surplus. Date to be confirmed.   Q: Will practitioners be trained to use ‘Ready for Shortfall’ and ‘Ready for Surplus’ buttons and will there be a time frame that they will need to notify Financial Institutions that they are ready for shortfall? A: There is no set time frame, however, training campaigns including webinars, help cards, PEXA community posts, specifically related to confirmation of shortfall/surplus and timeframes have and will continue to be socialised with the practitioner market. PEXA is also including interactive help in the workspace for all Subscribers. This will include various pop ups and banners prompting actions to confirm ready for shortfall/surplus prior to day of settlement when possible.   Q: Can the Incoming Mortgagee still load a source line for Lodgement Fees? A: There is no change to the ability to add any source line items required.   Q: If ‘funds required’ is being auto calculated from figures input, do we anticipate seeing confirmation of shortfall/surplus happening later in the workspace? Currently practitioners can know the total funds, however, may not have the individual figures to auto-calculate (e.g. stamp duty not assessed). Total funds required to settle can still be manually input. A: PEXA will monitor this carefully and can make necessary changes if this becomes a new trend of late confirmations. One of the issues right now is the TFRS tends to get changed a few times leading up to settlement. The ESS was designed to provide greater accuracy and confidence in the figures confirmed.   Q: If the practitioner has marked ‘Ready for Shortfall’ or ‘Ready for Surplus’ and not all documents are created, i.e. Mortgage or Discharge, will the shortfall or surplus will not yet be finalised? A: Correct. This process remains the same. If documents are not created and the lodgement verifications has not run, the fees will not be generated and included in the confirmed amount.   Q: Will loan documents received, be automatically updated when Incoming Mortgagee creates a Mortgage? A: Correct, there is no change to existing functionality. The loan documents received tick box will be selected once the mortgage has been created.   Q: Is the last 4 digits of the account number shown to all participants in the workspace? A: The last 4 digits of the account will be displayed and seen by all participants.   Q: On 12 October, will all work in progress in SA workspaces have the Enhanced Settlement Summary (ESS) feature? From the 12 of October new workspaces in SA will be using the new ESS. Inflight workspaces settling on or after 26 October will also be transitioned to the ESS. Inflight workspaces settling between 12 Oct and 26 Oct will remain on the current view.   Q: If there is a shortfall for MOT, will this also be actioned in the same way that surplus is?                                                                                                   A: If there is a Vendor shortfall i.e. purchase price is less than loan pay out, the ESS calculations will highlight a shortfall.   ... View more

Hi Community,   Please note the following lodgement and settlement availability for all states on Monday 5 October, with public holidays in New South Wales (Labour Day), South Australia (Labour Day) and Queensland (Queen’s Birthday):  Western Australia Financial Settlement is available until 1pm AWST Lodgement is available New South Wales Financial Settlement is available until 4pm AEDT Lodgement is available  Victoria Financial Settlement is available until 4pm AEDT Lodgement is available  South Australia Financial Settlement and lodgement are unavailable  Queensland Financial Settlement and lodgement are unavailable ... View more

Got a minute or two? NSW Land Registry Services is seeking your expert views on the use and lodgement of Priority Notices in NSW.   Your feedback is key – and we invite you to complete their quick survey: start here.   Your insights and experiences are important and we look forward to continuing to work with you, our industry partners.   The survey closes at midnight on Tuesday 29 September.   Find out more about Priority Notices here. ... View more

Hi Community,   Daylight savings time will resume in New South Wales, Victoria, South Australia and Tasmania from Sunday 4 October 2020.   The following changes will be effective from Tuesday 6 October 2020 until Friday 2 April 2021.   For members in NSW, two additional settlement slots will be made available: 6.00pm and 6.30pm AEDT. Settlements after 5.00pm AEDT will not roll and will need to be re-booked for these times.   In Western Australia, settlement rebooking cut-off time will be at 1.00pm AWST.   Please also be mindful of the 4.00pm cut-off time in Queensland, with the jurisdiction not observing daylight savings time.   If you have any questions, please reach out.   Cheers, Jarrod ... View more

    UPDATE R13.1.1 Upcoming changes Please note, this section provides a high-level description of upcoming changes and will be finalised on release date. New setting to indicate if transaction is a Sale or Purchase To change this setting, open up a Workspace then navigate to Workspace Settings > Transaction Settings then click Edit.   Ability for Mortgagee on Title to assign surplus handing Set up surplus handling Navigate to Administration Tools > Manage Subscriber Details. Scroll down to the Surplus Handling section and select one option: Field Description Allow me to handle surplus using the “Assign to me” option The Mortgagee on Title selects this option when they want the ‘assign to me’ feature available for all Workspaces. (Click image to enlarge) Display a message to other subscribers that I do not normally handle surplus, but retain the option to “Assign to me” The Mortgagee on Title selects this option when they do not normally handle surplus, however, they may want the option to overwrite this in the Workspace. I do not wish to handle surplus. Display a message to other subscribers , and remove the option to “Assign to me” The Mortgagee on Title selects this option when they do not handle surplus in any Workspace. Choosing this option displays the below banner. (Click image to enlarge) Save the changes.     One of the most critical steps in the settlement process is ensuring the Financial Settlement Schedule (FSS) is balanced and correct, ahead of time. This is one of the biggest contributing factors to a successful on-time settlement.   Leading up to settlement, late adjustments, unbalanced figures and last-minute Workspace conversations can all impact member experience – on both sides of the transaction.   In response to member feedback, we have developed an Enhanced Settlement Summary (ESS) that will provide a more intuitive experience for practitioners and financial institutions. The Financial Settlement Summary will still exist, but a new Summary will assist with the calculations to populate it.   To facilitate a smooth transition, this will be rolled out in stages nationally, across three phases, with the first of these set for a business go-live of Monday 12 October 2020 in South Australia.   Part 1 (South Australia: 12 October 2020 and National: February 2021 – TBC): Launching a new transfer indicator panel, providing improved transparency of key responsibilities in the Workspace for all parties. In addition, the enhancements will deliver a streamlined approach to calculating both Vendor Surplus and Shortfall for the Total Funds Required to settle. Part 2 (National: TBC): Delivering functionality enabling the Proprietor on Title representative to finalise their entries in the FSS, including the Vendor Surplus, without waiting for the Mortgagee on Title to finalise their loan payout figure. Part 3 (National: TBC): Providing more clarity regarding purchaser shortfall required for settlement – in matters where the financial institution is responsible. Below you'll find an overview of the new functionality. Financial institutions, we've curated a support page for you here: https://community.pexa.com.au/t5/Help-Centre/Enhanced-Settlement-Summary-Support-for-banks/ba-p/21168     Functionality overview Introducing the Enhanced Settlement Summary The Enhanced Settlement Summary tab has been redesigned to reduce friction so that you can experience a simpler, more streamlined way to completing the financial settlement schedule. As part of the redesign, you’ll notice a revamped interface that includes new features and panels. We have also introduced some calculations enabling practitioners and financial institutions to easily enter funds and complete the financial settlement schedule with more accuracy and less dependency. Key summary of changes A complete view of settlement funds New Transfer Indicators panel Balance due to Vendor System calculations Other improvements A complete view of settlement funds One of the notable improvements in the Enhanced Settlement Summary tab is the way the funds are displayed and laid out. There is a clear, side-by-side categorisation and itemised view of funds for both the incoming and outgoing parties, which replicates a balance sheet. The Enhanced Settlement Summary gives you a complete picture of the purchaser’s and vendor’s funds, all on a single screen. The specific breakdown of funds in each category for each party gives everyone in the Workspace greater transparency on the settlement funds. Information that is specific to your role will be automatically expanded, whilst items that belong to the other party will be automatically collapsed. To view or hide the itemised funds, you can expand or collapse the panels.     New Transfer Indicators panel A new Transfer Indicators panel provides a summary view of all key tasks that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace parties. The two new features in this panel include the ability to: View who will be directing the vendor’s surplus funds. Either the Proprietor on Title or Mortgagee on Title can assign responsibility for this task to themselves. View if the Balance due to Vendor* amount has been agreed by participants in the role of Incoming Proprietor and Proprietor on Title.   * Note: In this release notes, we’re referencing this amount as the ‘Balance due to Vendor’; however, the terminology differs in each jurisdiction: NSW—Amount due on Settlement VIC—Balance due to Vendor QLD—Balance due to Vendor SA—Balance due to Vendor by Purchaser WA—Balance due to effect Settlement ACT—Amount due to Seller     Balance due to Vendor New to the Enhanced Settlement Summary tab is the mandatory Balance due to Vendor* amount. This is calculated by the purchase price, minus deposit paid, plus/minus net adjustments. This figure is agreed by both the Proprietor on Title and Incoming Proprietor outside of the PEXA Workspace. Either participant will have the ability to enter this amount into the PEXA Workspace. Providing the Balance due to Vendor into the Workspace provides PEXA the ability to: Clearly indicate to all participants the amount of funds available for the Vendor to disburse, and Use this figure to drive the Purchaser Funds Required to Settlement calculation (previously the Total Funds Required to Settle).   * Note: In this release notes, we’re referencing this amount as the ‘Balance due to Vendor’; however, the terminology differs in each jurisdiction: NSW—Amount due on Settlement ACT—Amount due to Seller VIC—Balance due to Vendor QLD—Balance due to Vendor SA—Balance due to Vendor by Purchaser WA—Balance due to effect Settlement System calculations As part of the Enhanced Settlement Summary, PEXA will calculate the vendor’s surplus, purchaser’s shortfall, and purchaser funds required to settle based on the line items entered by all participants and the Balance due to Vendor. These calculated figures result in a more streamlined experience by providing a consistent way of calculating the vendor’s surplus funds and the funds required to settle by the purchaser. Vendor’s funds: Previously, the  Mortgagee on Title  and  Proprietor on Title  would initiate a Workspace Conversation where the outgoing Financial Institution was to collect all funds from settlement to confirm the amount to be disbursed. In the Enhanced Settlement Summary, the surplus amount is calculated by the system and agreed by the Practitioner, and the  Mortgagee on Title  is prompted to add the surplus amount into the Financial Settlement Schedule. . With the Enhanced Settlement Summary, the Unallocated Funds amount represents the remaining funds available to be disbursed to the Vendor. When the Proprietor on Title has completed entry of the Vendor’s line items, the Unallocated Funds calculation provides the Mortgagee on Title a clear indication of the remaining funds available. Once the Mortgagee on Title creates the loan payout(s) required, then the Unallocated Funds will be the amount required to be disbursed to the Vendor’s nominated account. Purchaser funds required to settle: Previously, the Incoming Proprietor had to manually calculate the Total Funds Required to Settle and enter this value into the PEXA Workspace. With the Enhanced Settlement Summary, the Purchaser Funds Required to Settle (previously Total Funds Required to Settle) amount is now calculated by the system as the sum of the Balance Due to Vendor amount + Purchaser Payment Directions amount. When the Incoming Proprietor has completed entry of the Purchaser’s line items, the Purchaser funds required to settle will be the amount required by the Incoming Mortgagee. Note: The system calculations are only available where there is a single Transfer, no more than one Discharge, and/or no more than one Mortgage in the Lodgement Case. In scenarios where there is more than one Transfer, Discharge, or Mortgage document within the same Workspace, PEXA is unable to determine the nature of the transaction. Therefore, the Incoming Proprietor is required to manually calculate and enter the Total Funds Required to Settlement amount into the Workspace.   Other improvements Signing Status The improved Settlement Signing Status panel now clearly shows the signing status of each participant in the Workspace.​ Adding the signing status provides more meaningful context where dual signatures are required (visible only to the Subscriber who has dual signing enabled). ​ Completing line items Participants in the role of Incoming Proprietor are required to click the Ready for shortfall button (where the Incoming Mortgagee is handling shortfall) after they have completed entering their line items. This notifies the Incoming Mortgagee via a task and an on-screen button that they may now enter or update the shortfall amount. Participants in the role of Proprietor on Title are required to click the Ready for surplus button (where the Mortgagee on Title is handling surplus) after they have completed entering their line items. This notifies the Mortgagee on Title via a task and an on-screen button that they may now enter or update the surplus amount.   Entering shortfall amount If the Incoming Proprietor is responsible for providing shortfall funds, a button will appear on the Purchaser Funds panel, enabling them to either: Add as shortfall where the Purchaser’s Equity line item has not been created, or Update shortfall where an existing Purchaser’s Equity line item already exists. When they click this button, they’ll be directed to the Add/Edit source line item entry screen with the shortfall amount pre-populated based on the new calculations built by PEXA. Similarly, if the Incoming Mortgagee is handling shortfall, they will be presented with a task and either button above, after the Incoming Proprietor has clicked Ready for shortfall.   Entering surplus amount If the Proprietor on Title is responsible for directing the vendor surplus funds, a button will appear on the Vendor Funds panel, enabling them to either: Add as vendor surplus where the Vendor’s Funds line item has not been created, or Update vendor surplus where an existing Vendor’s Funds line item already exists. When they click this button, they’ll be directed to the Add/Edit Destination line item entry screen with the surplus amount pre-populated based on the new calculations built by PEXA. Similarly, if the Mortgagee on Title is handling surplus funds, they will be presented with a task and either button above, after the Proprietor on Title has clicked Ready for surplus.   More details   will   come over the coming   days , but in the meantime , please   visit   the  E nhanced Settlement Summary   site   to learn more   about this feature   or join the pilot group .   Enhanced Settlement Summary workflow   View instructions Navigating the Enhanced Settlement Summary tab The Enhanced Settlement Summary tab has been redesigned to reduce friction so that you can experience a simpler, more streamlined way to completing the financial settlement schedule. As part of the redesign, you’ll notice a revamped interface that includes new features and panels. We have also introduced some calculations enabling practitioners and financial institutions to easily enter funds and complete the financial settlement schedule with more accuracy and less dependency.   Here's a closer look: New icons have been added  to make it easier for you to  visually  ascertain the status of the financial settlement schedule.    Information that is specific to your role is automatically expanded, whilst items that belong to the other party are automatically collapsed so you can focus on your tasks.   Tasks that are applicable to your role are highlighted in yellow to draw attention to what's relevant to you.           1. Funds balance bar A new bar with a visual indicator enabling you to quickly see if the purchaser’s and vendor’s funds are balanced. 2. Transfer Indicators panel A new panel showing a summary of key indicators that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace participants. 3. Purchaser summary column A new column showing the amounts payable by the purchaser. It shows all purchaser related line items on one screen and comprises of two panels: 3a—Purchaser Funds : Shows a high-level breakdown of funds required from the purchaser to settle the transaction. 3b—Purchaser Line Items : Shows a detailed breakdown of the purchaser’s funds.   4. Vendor summary column A new column showing the amounts payable by the vendor. It shows all vendor related line items on one screen and comprises of two panels: 4a—Vendor Funds : Shows a high-level breakdown of funds required from the vendor to settle the transaction. 4b—Vendor Line Items : Shows a detailed breakdown of the vendor’s funds.   5. Stamp Duty panel The Stamp Duty panel (or Transfer Duty panel in QLD and WA) shows the stamp duty status within the Workspace. Note: This panel does not display in an ACT Workspace as Stamp Duty is not applicable in ACT. 6. Settlement Signing Status An improved settlement signing panel that incorporates new icons to show the signing status of each participant in the Workspace. FUNDS BALANCE bar A new bar giving you a quick visual indicator of the purchaser’s and vendor’s balance of funds.     Funds balance bar These figures in this bar represent the sum of the Sources and the Payment Directions, based on the line items entered for Sources and Destinations/Adjustments and Payments. When the funds are balanced, the bar will turn green.   Print function (NEW) A new function enabling you to conveniently print the settlement summary so you can share it with your client as a document. Details such as key Workspace data and an outline of the purchaser and vendor funds are included in the document; whilst the Stamp Duty and Settlement Signing Status panels are excluded from the printed document.   TRANSFER INDICATORS PANEL This new panel shows key indicators that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace participants.     a. Indicates if loan documents have been received The Incoming Mortgagee indicates if they have received the loan documents. b. Identifies who is providing the shortfall The Incoming Mortgagee selects who will be responsible for providing the shortfall amount. c. Displays the last four digits of the purchaser's account As an identifier, the last four digits of the purchaser’s account is displayed. Entering the last four digits is optional and the FSS can be saved without this information. d. Indicates if discharge authority has been received The Mortgagee on Title indicates if they have received the discharge authority. e. Identifies who is directing the vendor surplus (NEW) The Mortgagee on Title or Proprietor on Title assigns responsibility for who will be directing the vendor surplus. Either participant can assign responsibility of this task to themselves. f. Displays the Balance due to Vendor status (NEW) Shows the status of the Balance due to Vendor* amount. Pending – No amount has been entered (default status). Pending Others – An amount has been entered by the Incoming Proprietors or Proprietors on Title in the Workspace but has not been confirmed by all Incoming Proprietors and Proprietors on Title. Note: This status is displayed to participants in the role of Incoming Mortgagee or Mortgagee on Title as they are not required to action this task. Agreed – The amount entered has been confirmed by all Incoming Proprietor and Proprietor on Title participants either via a confirmation dialog in the Workspace or by signing the financial settlement schedule.   *This terminology differs based on your jurisdiction: NSW—Amount due on Settlement VIC—Balance due to Vendor QLD—Balance due to Vendor SA—Balance due to Vendor by Purchaser WA—Balance due to effect Settlement ACT—Amount due to Seller PURCHASER summary column The Purchaser Summary column is new to the Enhanced Settlement Summary and shows the amounts payable by the purchaser; as line items are added or edited and saved, this panel is updated upon refreshing the page. This column consists of two panels: Purchaser Funds and Purchaser Line Items, and will auto-expand for participants in the role of Incoming Proprietor or Incoming Mortgagee.   Purchaser Summary column Purchaser Funds Displays a high-level breakdown of funds required from the purchaser to settle the transaction. These amounts are calculated based on the line items and the Balance due to vendor entered. Balance due to Vendor An agreed amount (between the Proprietor on Title and Incoming Proprietor) that the vendor will receive from the purchaser. This is calculated by purchase price, minus deposit paid, plus/minus net adjustments. This amount is entered by either the Proprietor on Title or Incoming Proprietor. Purchaser Payment Directions This amount represents the sum of destinations/disbursements. Purchaser funds required to settle The amount required by the Incoming Mortgagee for settlement. Previously known as the ‘Total funds required to settle’, this amount is now calculated by the system as a sum of the Balance due to Vendor amount + Purchaser Payment Directions amount. Incoming Mortgagee Sources The funds disbursed by the Incoming Mortgagee, such as a loan proceeds. Purchaser Line Items Displays a detailed breakdown of the purchaser’s funds, as per line items entered in the Sources and Destinations/Payments and Adjustments tabs.     Buttons on the purchaser's panels Depending on who is assigned responsibility for providing the shortfall funds, the buttons available on these panels will vary according to your role.   Incoming Proprietor is responsible for providing shortfall This view displays to participants in the role of Incoming Proprietor if they are responsible for providing the shortfall. In this scenario, the Incoming Proprietor: Clicks Mark as Complete (1) after they have completed entering all their line items. Clicks on Add as shortfall (2) and they will be directed to the Add/Edit Source line item entry screen with the shortfall amount pre-populated based on the new calculations built by PEXA. Note: I f the  Incoming Proprietor   has previously entered a shortfall amount and source amounts changes, they will see an  Update shortfall  button here instead.         Incoming Mortgagee is responsible for providing shortfall This view displays to participants in the role of Incoming Proprietor if the Incoming Mortgagee is responsible for providing the shortfall. In this scenario, the Incoming Proprietor clicks the Ready for shortfall button  to finalise entering their line items. This notifies the  Incoming Mortgagee  that they may now enter or update the shortfall amount.           Incoming Mortgagee is responsible for providing shortfall This view displays to participants in the role of Incoming Mortgagee if they are responsible for providing the shortfall. In this scenario, the Add as shortfall button displays to the Incoming Mortgagee after the Incoming Proprietor finalises their line items and has clicked Ready for Shortfall. The Incoming Mortgagee clicks the Add as shortfall button to enter or update the shortfall amount.         VENDOR summary column The Vendor Summary column is new to the Enhanced Settlement Summary and shows the amounts payable by the vendor; as line items are added or edited and saved, this panel is updated upon refreshing the page. This column consists of two panels: Vendor Funds and Vendor Line Items and will auto-expand for participants in the role of Proprietor on Title or Mortgagee on Title. Vendor Summary column Vendor Funds Displays a high-level breakdown of funds required from the vendor to settle the transaction. Balance due to Vendor An agreed amount (between the Proprietor on Title and Incoming Proprietor) that the vendor will receive from the purchaser. This is calculated by purchase price, minus deposit paid, plus/minus net adjustments. This amount is entered by either the Proprietor on Title or Incoming Proprietor. Proprietor on Title Destinations This amount represents the sum of destinations/disbursements. Mortgagee on Title Destinations This amount represents the funds disbursed by the Mortgagee on Title, such as a loan payout. Vendor Line Items Displays a detailed breakdown of the vendor's funds, as per line items entered in the Sources and Destinations/Adjustments tabs. The destination amounts here are used to calculate the Unallocated Funds on the Vendor Funds panel.     Buttons on the vendor's panels Depending on who is directing the vendor surplus, the available buttons available on these panels will vary according to your role.   Proprietor on Title is responsible for directing vendor surplus This view displays to participants in the role of  Proprietor on Title  if they are responsible for directing the vendor surplus. In this scenario, the Proprietor on Title clicks on Add as vendor surplus and they will be directed to the Add/Edit Destination line item entry screen with the surplus amount pre-populated based on the new calculations built by PEXA. NOTE: If the line items are updated and the surplus amount changes, this button changes to 'Update vendor surplus'.       Mortgagee on Title is responsible for directing vendor surplus This view displays to participants in the role of  Proprietor on Title  if the Mortgagee on Title is responsible for directing the vendor surplus. In this scenario, the Proprietor on Title clicks on Ready for surplus to finalise entering their line items. This notifies the Mortgagee on Title (via a task and an on-screen button) that they may now enter or update the surplus amount.     Mortgagee on Title is responsible for directing vendor surplus This view displays to participants in the role of  Mortgagee on Title  if they are responsible for directing the vendor surplus. In this scenario, the Add as vendor surplus button displays to the Mortgagee on Title after the Proprietor on Title has finalised their line items and clicked Ready for surplus. The Mortgagee on Title clicks the Add as vendor surplus button to enter or update the surplus amount. Note: If a surplus amount has already been entered, the Mortgagee on Title will see an Update vendor surplus button here instead.   STAMP DUTY PANEL The Stamp Duty panel (or Transfer Duty panel in QLD and WA) shows the stamp duty verification and assessment status.       The Stamp Duty panel remains unchanged and displays the following information:   Document ID A unique ID generated by PEXA for the Transfer document in the Workspace. Verification Status The duty amount payable has been verified to be correct via a stamp duty verification process in PEXA. The possible statuses are Successful or Unsuccessful. OSR status advice T he status of the Stamp Duty case in the Revenue Office system.   Duty amount payable The amount of duty payable for the property. SETTLEMENT SIGNING STATUS The Settlement Statement Signing panel has been improved to include new icons to visually indicate the signing status of each participant in the Workspace. This provides more meaningful context where dual signatures are required (visible only to the Subscriber who has dual signing enabled).   New icons New icons have been added allowing you to visually ascertain a participant's signing status. When a participant successfully signs the financial settlement schedule, the icons for that participant turns green and a time stamp of when they signed will be recorded in the Date and time column.   FAQs   Why is PEXA revamping the Financial Settlement Schedule (FSS)? PEXA is committed to continuously enhancing member experience – with your feedback playing a key role in driving our technical prioritisation. Member feedback has indicated that the FSS is an area the network has wanted to see us innovate and streamline for some time now. Ultimately, by delivering an Enhanced Settlement Summary to the network, our aim is to enable you to complete your required tasks on the day of settlement, without relying on other Workspace parties to first complete theirs – eliminating interdependencies and encouraging timely settlements. Which PEXA members will see the ESS from 12 October? The Enhanced Settlement Summary will be switched on for all South Australian members on 12 October, as part of a gradual, national roll-out plan over the coming months, to help ensure a smooth transition for industry. The ESS will apply to any Workspaces opened related to a South Australian property. We have been piloting Part 1 of the new Enhanced Settlement Summary with practitioners, panel law firms and financial institutions over the last six months and have refined the functionality in line with their feedback. Feedback has been positive, with peers noting the new view assists with getting the Workspace ‘Ready Ready’ more easily. Can other members opt in? Yes, members from other jurisdictions are able to opt in to have the new view activated. Please reach out to a member of the PEXA team should you wish to do so and we’ll kindly assist. What is PEXA doing to support members through this change? We recognise this is a significant change to your PEXA experience. As such, we’ve developed an extensive suite of learning resources to help you navigate this change.  Information on the rollout can be found here: https://www.pexa.com.au/sites/ess . Full Release Notes on Part 1 can be found here: https://community.pexa.com.au/t5/PEXA-Product-Releases/PEXA-Release-12-1-2-05-October-2020/ba-p/20967#ess . Further material (help cards etc) can be found here: https://community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Schedule/ba-p/20958 . From 23 September, our Training team will hold 7 South Australian webinars for practitioners and 2 individual webinars for financial institutions on the Enhanced Settlement Summary to ensure all members have an opportunity to see a live demonstration of the functionality and ask their questions to the experts.  Sessions will continue to be delivered by the team, as well as our PEXA Partners, in the months ahead. In addition, as always, our PEXA Partner team and Member Support Centre are here to support you. Sessions will be held in the different states as we roll out ESS nationally. What are the benefits of this for practitioners? As an Incoming Proprietor representative, practitioners will benefit from not having to calculate and enter the Total Funds Required to Settle (TFRS), have better co-ordination with the Incoming Mortgagee, see a reduction in keying of data and have less reliance on conversations to clarify responsibilities.  Where the Incoming Mortgagee is responsible for providing all funds, practitioners can generate a task to the bank to finalise their source funds required for settlement when they’ve completed entry of your line items. Similarly, when acting for the Proprietor on Title, practitioners will have more visibility over key responsibilities in the Workspace and will also benefit from the system calculations for the Vendor Surplus line items. This should reduce the number of conversations with the client’s bank in the Workspace.  Where the Mortgagee on Title is responsible for the Vendor’s surplus, practitioners can generate a task to the bank to finalise the Vendor’s funds when they’ve completed entry of your line items. What are the benefits of this for financial institutions? Financial institutions will see a reduction in errors and more Workspace clarity, in addition to greater certainty over the final settlement figures, reduced reliance on conversations and greater visibility of the status of the completion of the FSS. What changes are being made? Part 1 (South Australia: 12 October 2020 and National: February 2021 – TBC): Launching a new transfer indicator panel, providing improved transparency of key responsibilities in the Workspace for all parties. In addition, the enhancements will deliver a streamlined approach to calculating both Vendor Surplus and Shortfall for the Total Funds Required to settle. Part 2 (National: February 2021 – TBC): Delivering functionality enabling the Proprietor on Title representative to finalise their entries in the FSS, including the Vendor Surplus, without waiting for the Mortgagee on Title to finalise their loan payout figure. Part 3 (TBC): Providing more clarity regarding purchaser shortfall required for settlement – in matters where the financial institution is responsible. For more detailed information and screenshots of Part 1, refer to our Release 12.1.2 notes: https://community.pexa.com.au/t5/PEXA-Product-Releases/PEXA-Release-12-1-2-05-October-2020/ba-p/20967#ess. What happens if my Workspace is uploaded via PEXA Projects? The Proprietor on Title does not need to enter or sign off on the Balance Due to Vendor.  The Incoming Proprietor will be expected to enter this figure to drive the ‘Total Funds Required to Settle’ calculation, especially where the Incoming Mortgagee is handling shortfall funds.  The ‘Ready for Surplus’ button will still be available for the Proprietor on Title to click (on a per workspace basis), however as the POT is usually in control of directing their own funds, then this shouldn’t be an issue. Why is this being delivered in stages? As with any change, we want to ensure the process causes minimal disruption to your organisation’s day-to-day operations.  By rolling this out in stages, we hope this will make the changes as seamless as possible and enable us to quickly implement additional feedback from the network.   ... View more

Hi Community,   In Victoria, Subscribers in possession of a paper Certificate of Title are required to convert this to an electronic certificate, in order to deal with it via PEXA.   Per Participation Rule 7.10 of the Participation Rules (PR), Subscribers to PEXA are required to certify that they have retrieved and either securely destroyed or made invalid duplicate paper Certificates of Title.   With Stage 4 restrictions currently in place for metropolitan Melbourne, in addition to Stage 3 restrictions in regional Victoria, some Subscribers have indicated that they or their clients are currently unable to retrieve paper certificates of title, preventing the fulfilment of their obligations.   In support of industry, the Victorian Registrar General has issued a Participation Rule waiver providing affected Subscribers with a partial waiver, which includes conditions that provide direction on navigating this issue. This is attached below. Land Use Victoria has also released a supporting Customer Information Bulletin. You can access this here.   The Registrar General advises that Subscribers should continue to provide the relevant certification within PEXA when completing a Convert pCT and Nominate to Lodgment Case, ensuring that they have fulfilled their obligations as certified prior to the waiver expiring.   If you have any questions regarding the above, please reach out to us.   ... View more

Australia’s financial institutions shoulder a significant amount of the property industry’s settlement volume. In peak periods, a single bank can process well over 1,000 transactions each day.   This places extreme demand on operational teams. To better manage their settlements, they needed a tailored solution for assessing and working through upcoming matters, to best coordinate staff and Workspaces settle on time.   This led to PEXA co-designing PEXA Planner, in collaboration with the financial institutions.   PEXA Planner is an application built for high settlement organisations, aiming to assist with the processing of Workspaces that are settling and not yet in Ready/Ready status.   It uses easy-to-read dashboards to provide greater detail on upcoming settlements, enabling users to quickly assess what actions must be taken in order to move the file to Ready/Ready status and to assist with overall task prioritisation.     Case study: ANZ   ANZ is one of the organisations nationally, that has introduced PEXA Planner to its settlement operations. Team Lead John McTiernan has been part of a unit that has utilised PEXA Planner over the last few months and he details their experiences thus far.   “ Initially, it was used so that we could see people’s workloads at different times, to assist with coordination. Additionally, it helped us follow up with team members, to say hey, do you need some help?   “But lately, we’ve been using it more intensely – we now have a dedicated PEXA Planner team. They work through each settlement time booked during the day, from start to finish. On a busy day, we’ll have up to 7 people on the PEXA Planner team – who are all working together to ensure settlements proceed on time, without rolling.   “The team divide up the times and say ok, I’ll take the 10.30am files, then they might identify that there’s a high number at 11.00am, so they’ll assign two people there. You’ll have another two people managing the 11.30am matters and so on.”   Key metrics   Since implementing PEXA Planner, ANZ has recorded Transfer Guideline adherence uplift in the below areas:   7% increase in Transfer Guideline: Invitation Response rate 6% increase in Transfer Guideline: Conversation Response rate 6% increase in settlements being completed without rolling Ascending to become the market leader among financial institutions in the % of Workspaces signed on-time Ultimately, the goal of the technology is to help financial institutions streamline operations and achieve timely settlements, something which John notes that PEXA Planner has aided.   “ There’s no way we could have done this without PEXA Planner.   “It enables us to chase our goal of getting all files signed 3 hours prior to settlement and without PEXA Planner, it would be very difficult to do.”   Navigating high volume periods   The industry has staple peak settlement times – the run-in to long weekends, end of financial year and the pre-Christmas rush are always on the radar for organisations.   But with 70% of property transactions now being completed online nationally, the ‘big days’ are more frequent. PEXA Planner, John shares, is an important tool when these occasions arise.   “PEXA Planner has already helped with getting us through those periods. We’ve had some very big days recently, we’ve had days with more than 600 settlements to work through – which is really high. Without PEXA Planner, those days would’ve been a lot harder.”   If you would like a demonstration or would like to gain access to PEXA Planner, please contact your PEXA representative or plannerinfo@pexa.com.au   If you’d like to learn more about PEXA Planner, check out our guide to the functionality here.   ... View more

Hi Community,   The NSW Office of the Registrar General (ORG), NSW Land and Registry Services (NSW LRS) and PEXA are currently providing a temporary solution to lodge presently out of scope paper documents through the PEXA Platform – the COVID-19 Residual Lodgement.   This process enables paper documents to be sent through to NSW LRS via a PEXA Workspace as a document in PDF format. The NSW LRS then treats the PDF version of the document as if it were being lodged in paper over the counter.   In line with PEXA Release 12.1.1, scheduled for go-live on Saturday 5 September 2020, 18 previously available documents within the COVID-19 Residual Lodgement process will be deactivated.   These will be replaced by 26 newly activated Residual Documents, which can be created and lodged directly via PEXA.   More information about lodging Residual Documents in PEXA can be found here. NSW LRS has also published an announcement on its website. You can read this here.   Please see below full lists.   List of deactivated COVID-19 Residual Lodgement documents:   Change of Address of Owners Corporation Change of Name Notice of Change of Address for Service of Notices or Name of Caveator Restriction on the Use of Land by a Prescribed Authority Transfer Altering Tenancy Consolidation/Change of By-Laws Positive Covenant Affecting Land Vested in a Prescribed Authority Restriction on the Use of Land Vested in a Prescribed Authority Change of Address of Association Charge Transfer Severing Joint Tenancy Positive Covenant Covenant Charge Discharge of Charge Variation of Mortgage Variation of Lease Transfer Creating a Profit a Prendre or Forestry Right Restriction on the Use of Land   List of newly activated Residual Documents:   Consolidation/Change of By-laws - s141 of the Strata Schemes Management Act 2015 Change of Name Change of Name of Lessee, Mortgagee or Chargee Variation of Lease - s55A Real Property Act 1900 Change of Address of Owners Corporation - s265 Strata Schemes Management Act 2015 Change of Address of Association - s21 Community Land Management Act 1989 Change of Address for Service of Notices of Caveator - s74N(3) Real Property Act 1900 Change of Name of Caveator - s74N(3) Real Property Act 1900 Positive Covenant - s88E(3) Conveyancing Act 1919 Positive Covenant (with Registered Interest Holder Consent) - s88E(3) Conveyancing Act 1919 Restriction on the Use of Land by a Prescribed Authority - s88E(3) Conveyancing Act 1919 Restriction on the Use of Land by a Prescribed Authority (with Registered Interest Holder Consent) - s88E(3) Conveyancing Act 1919 Restriction on the Use of Land - s88 Conveyancing Act 1919 Restriction on the Use of Land (with Registered Interest Holder Consent) - s88 Conveyancing Act 1919 Restriction on the Use of Land Vested in a Prescribed Authority - s88D(3) Conveyancing Act 1919 Transfer Severing Joint Tenancy in an Interest - s97 Real Property Act 1900 Transfer Severing Joint Tenancy - s97 Real Property Act 1900 Transfer Altering Tenancy (Joint Tenants to Tenants in Common in Equal Shares) - Real Property Act 1900 Transfer Altering Tenancy (Tenants in Common in Equal Shares to Joint Tenants) - Real Property Act 1900 Variation of Mortgage - s91 Conveyancing Act 1919 Transfer Creating a Profit a Prendre - s88AA Conveyancing Act 1919 Transfer Creating a Forestry Right - s87A Conveyancing Act 1919 Charge - s56(2) Real Property Act 1900 Covenant Charge - s88D, s88E, s88F(4)(a) Conveyancing Act 1919 Discharge of Charge Positive Covenant Affecting Land Vested in a Prescribed Authority - s88D(3) Conveyancing Act 1919   Please note than any of the 18 documents scheduled to be deactivated within the COVID-19 Residual Lodgement process that are not lodged before Friday 4 September 2020 will not be accepted by the NSW LRS.   After this date, you will be required to delete any applicable instruments and recreate them as Residual Documents for lodgement via PEXA.   If you have any questions regarding this change, please reach out to us. ... View more

PEXA is aware of a phishing email, purporting to be sent by a member of our team.     The email copied the contents of a  previous  legitimate  communication but  was sent from a fraudulent email address and contained a malicious attachment.     Please note that  legitimate  communications from our team or PEXA will be delivered from email addresses ending in “ @pexa.com.au ”.      Additionally,  PEXA will never send you an email advising you to click a link to access the PEXA Exchange and will always direct you to login to access your account via pexa.com.au.       As always, if you receive a similar phishing email or another communication you believe to be suspicious, please:     Do not respond   Do not click links or download attachments   Delete the email   Report it to your relevant security administrator or  e mail PEXA’s security team at  security@pexa.com.au .     We’d like to remind members to remain vigilant at this time and please reach out to us if you have any questions or would like any assistance.     Kind regards @DavidWillett  ... View more

NAB wishes to advise it has introduced a new online Mortgage Discharge Authority Form.   From Monday 3 August, NAB will no longer be accepting previous versions of the Discharge Authority Letter of Instruction – Discharges form.   Any forms completed, dated and signed after Friday 31 July 2020 will not be accepted and a new online Mortgage Discharge Authority Form will need to be completed.   The form can be located here: https://www.nab.com.au/content/dam/nabrwd/documents/forms/loans/nab-discharge-authority.pdf ... View more