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since ‎27-11-2017
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Jarrod_McAleese
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  • Latest Contributions by Jarrod_McAleese

Beware of scams during EOFY

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎08-06-2022 02:30 PM
‎08-06-2022 02:30 PM
As we approach the busy end of financial year period, it's more important than ever to remain wary of cyber-attacks – notably, phishing and payment redirection scams.   Phishing refers to any fraudulent attempt to obtain sensitive information or data, such as usernames, passwords and credit card details, by disguising oneself as a trustworthy entity in an electronic communication.   Phishing can be conducted via email, text message, phone call and other digital means.   Additionally, a typical payment redirection scam involves scammers impersonating a business or its employees via email or other channels and requesting an upcoming payment be redirected to a fraudulent account. This is commonly referred to as Business Email Compromise (BEC).   What to do   As always, the use of email is strongly discouraged for exchanging bank account details – this is NOT a safe channel for the communication of sensitive information and is highly susceptible to BEC scams.   Instructing your client to provide their bank account details via email directly places you and your firm at significant risk of a cyber-attack. Subscribers are urged to verbally confirm bank account details with clients before entering them into the PEXA workspace.   PEXA Key   We also highly recommend you make use of PEXA Key. This free app has been specifically built for industry to eliminate the risk of email phishing and enables your clients to provide their bank account details to their legal representative safely.   All data is encrypted and automatically transferred into the PEXA platform, mitigating any risk of interception.   If you suspect you’ve been targeted by a phishing attack or scam, it’s important to inform your relevant security contacts immediately. Acting fast ensures the best chance of recovery. There’s no need to fear speaking up – we’re all human, honest mistakes can happen and we’re here to help. ... View more

Quick reference guide to settling on time

by Moderator Jarrod_McAleese Moderator in PEXA Community Blog
‎26-05-2022 10:31 AM
3 Likes
‎26-05-2022 10:31 AM
3 Likes
The number one priority for all settlement parties; practitioners, banks and indeed PEXA, is to help ensure consumers benefit from a seamless experience when buying and selling property.   That’s been the basis of a research initiative we’ve been undertaking throughout 2022 – specifically, we’ve been working with members to identify key pain points and gather insights from your industry peers on best practice.   As part of this project, with EOFY around the corner, we’ve developed a Quick Reference Guide to settling on time, for all roles in a workspace.   The steps within have been crafted from feedback provided by your peers. It’s our members who are the industry experts – and we hope this resource assists you with the upcoming peak period and beyond.   You can download this PDF below.   We also recommend you consult the individual Bank Transfer Checklists (keep an eye out for updated versions in the very near future) and our Transfer   for more information.   As always, we’d love to hear your thoughts – please reach out to practitioner@pexa.com.au or your PEXA Partner. ... View more

P&N Bank Transfer Checklist | Help Centre

by Moderator Jarrod_McAleese Moderator in Ask the PEXA Community
‎04-05-2022 10:28 AM
‎04-05-2022 10:28 AM
Transfer - Purchase (Incoming Mortgagee)   How to initiate a Purchase request   P&N Bank Limited (P&N) request an invitation is sent as soon as possible and at least 10 business days prior to settlement to avoid settlement delays, please ensure all the relevant customer information is provided up front.   When sending an invitation please include; P&N application number shown on the approval letter 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 10 business days prior to settlement and must be satisfactory to progress to booking stage.  Please do not sent an email copy of the TOL or settlement statement   Accepting Settlement Date/Time   P&N will accept settlement date and time once all loan documentation has been received, checked and correct.   P&N will require notice of 1 business day prior to settlement to accept a booking and check loan documentation prior to accepting settlement date and time.  Any incomplete items could cause settlement delays.   Day of Settlement   Please have your adjustments on the financial settlement schedule finalised and Balanced at least 4 hours prior to the scheduled settlement time; Any amendments made to the financial settlement schedule (post P&N sign off or practitioner adjustments being Balanced) will result in P&N needing to re-confirm loan proceeds available which could cause settlement delays. Late receipt of documents, pre-settlement conditions and member contribution can impact the settlement timeframe.   Failure to meet the above timeframes may impact P&N’s ability to settle on the preferred settlement date and time.   On day of settlement P&N will need to have satisfied all internal approvals prior to workspace sign off.   Conversations   Please use PEXA conversation tools to contact us if there is an issue with a digital settlement.   Please do not respond to a conversation requesting completion of a task if the task is completed and visible in the workspace.    Please do not send a conversation requesting sign off. ... View more

PingID patches

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎06-04-2022 10:57 AM
2 Likes
‎06-04-2022 10:57 AM
2 Likes
PingID has released an update to its mobile and desktop applications, addressing potential security vulnerabilities which have been identified.   We request that members download these updates as soon as possible.   Within the PingID app, you can check for updates as per below:     If you have automatic updates switched on, this new release will already have been installed on your device.   Please reach out to our Security team if you have any questions. ... View more

Increased cyber risk in light of Ukraine situation

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎25-02-2022 03:44 PM
‎25-02-2022 03:44 PM
PEXA works closely with the Australian Cyber Security Centre (ACSC) to ensure our systems and most importantly, our members, are protected from cyber-crime – this remains of the utmost importance to us.   The ACSC has published an alert to organisations regarding the current situation unfolding in Ukraine. Within, it’s noted that there has been a historical pattern of cyber-attacks against Ukraine that have had international consequences.   The alert further explains that malicious cyber activity could impact Australian organisations through unintended disruption or uncontained malicious cyber activities.   A link to the alert can be found here: Australian organisations encouraged to urgently adopt an enhanced cyber security posture.   Whilst the alert does not identify any current increase in attacks targeting Australian businesses, it is strongly urged that all organisations evaluate and reinforce their cyber-security at this time.   PEXA recommends that organisations review the ACSC’s latest advice, continue to remain vigilant and ensure you maintain a robust, multi-layered cyber-defence structure.   As always, our team are available to assist with any queries or concerns you may have – please reach out to us at security@pexa.com.au. ... View more

Re: Lodgement Verification prior to Stamp Duty Ver...

by rukshanas Star Employee in Queensland
‎21-02-2022 04:06 PM
1 like
‎21-02-2022 04:06 PM
1 like
Great to hear your feedback @MatthewRay     Here's to more collaboration with our members ! ... View more

Workspace alerts in South Australia

by Moderator Jarrod_McAleese Moderator in Ask the PEXA Community
‎24-11-2021 09:20 AM
1 like
‎24-11-2021 09:20 AM
1 like
We understand that settlement certainty is of the utmost importance to both our members and their clients.   One of our key priorities at this time is collaborating with all parties to ensure we’re continuously enhancing this experience.   In line with this work, we’ve recently introduced new workspace features, including:   Lodgement verification being completed prior to SDV Auto-calculation of vendor surplus for MoT and now PoT, which is also being trialled for the IM Due dates attached to tasks in the WS   Our latest data indicates that two common causes of delays to settlement are:   Ready for Shortfall indicated by the IP to the IM Returning of correct/complete loan documentation   To assist with this, we are introducing new workspace alerts to highlight to the IP when these items remain outstanding in the final days before settlement is scheduled. To monitor if these alerts are helping improve settlement certainty, approximately half of our SA members will start to see these alerts on their Dashboard from 7 December. We hope that this information will provide you some visible prompts as to where to follow up items, or perhaps assess the possibility of rescheduling the settlement date, if at all possible.     We’re running an initial trial of this in South Australia – and we’d love your feedback to help us continue to refine this new initiative.   If you have any questions or thoughts, please share them below. ... View more

Be cyber-secure during this end of year period

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎11-11-2021 08:26 PM
3 Likes
‎11-11-2021 08:26 PM
3 Likes
As we approach the busy end of year period, with an exceptionally high volume of settlements set to be processed, it's more important than ever to remain wary of email phishing and cyber-attacks.   In the weeks ahead, we encourage you to ensure you have cyber-secure steps built into your settlement process. These measures are no longer ‘nice-to-haves’ – they must be implemented to ensure your transactions remain safe.   As always, the use of email is strongly discouraged for exchanging bank account details – this is NOT a safe channel for the communication of sensitive information.   Instructing your client to provide their bank account details via email directly places you and your firm at significant risk of a cyber-attack. Subscribers are urged to verbally confirm bank account details with clients before entering them into the PEXA workspace.   We highly recommend you make use of secure, encrypted applications, such as PEXA Key, to communicate sensitive information with your clients.   If you suspect you’ve been targeted by a phishing attack or scam, it’s important to inform your relevant security contacts immediately. Acting fast ensures the best chance of recovery. There’s no need to fear speaking up – we’re all human, honest mistakes can happen and we’re here to help. ... View more

PEXA Plus | Disbursement Report

by Moderator Jarrod_McAleese Moderator in Ask the PEXA Community
‎03-11-2021 03:55 PM
2 Likes
‎03-11-2021 03:55 PM
2 Likes
Hi Community, We’re excited to share our new Disbursement Report feature in PEXA Plus. The Disbursement Report provides a summary of all search and contract costs for your matter in a PDF and CSV format.   To access the Disbursement Report, simply click on the CSV or PDF icon in the Total Disbursements Tile in your Matter Summary.   FAQs   How do I download the report?  On your Matter Summary, click on the CSV or PDF icon on the Total Disbursements Tile Is this a Tax Invoice? No, this is not a tax invoice. Your tax invoice will be sent separately to your finance contact How am I billed for Marketplace product? Marketplace products are billed on completion. You will receive an invoice on the 1 st of the month and direct debited from your fee paying account on the 15 th of the month. Example notification below:     ... View more

Re: Adjustments and Payments screen | Share your f...

by mark1209 in PEXA Community Blog
‎08-09-2021 06:55 PM
‎08-09-2021 06:55 PM
Really enjoying the new layout in SA. ... View more

Re: Introducing PEXA Planner

by Saysa in Help Centre
‎03-03-2021 09:15 AM
1 like
‎03-03-2021 09:15 AM
1 like
PEXA Planner Release 4.1   PEXA is pleased to present PEXA Planner Release 4.1, scheduled for business go-live on 4 March 2021. In this release, we have made several enhancements to the Get to Ready, Daily Settlements and Daily Settlements Detail dashboards for all Workspaces that have the new ESS enabled.   Feature updates New ‘Shortfall/Surplus Ready’ action to the Actions Panel New ‘Shortfall/Surplus Ready’ column added to the Daily Settlements Detail page New filter for MOT to Add Vendor Surplus New filter for IM to Add Purchasers Equity   New ‘Shortfall/Surplus Ready’ action to the Actions Panel We’ve added a new action to help you further understand what work is outstanding in your settlement. Shortfall/Surplus Ready: Displays Workspaces that are ready for you to enter shortfall or surplus.     New ‘Shortfall/Surplus Ready’ column added to the Daily Settlements Detail page We’ve added a new column to the Daily Settlements Detail page. This will assist you to visualise what tasks that are outstanding. This column is available to financial institutions only. Shortfall/Surplus Ready : Displays Workspaces that are ready for you to enter shortfall or surplus.   New filter for MOT to Add Vendor Surplus On the Get to Ready dashboard, we have added a new filter relevant for a Mortgagee on Title (MOT). The new Add vendor surplus task is now available.    Action Workspace conditions Add vendor surplus The Proprietor on Title has indicated through the ESS that the vendor surplus is required and is ready to be entered by the Mortgagee on Title.     New filter for IM to Add Purchasers Equity On the Get to Ready dashboard, we have added a new filter relevant for an Incoming Mortgagee (IM). The new Add Purchasers Equity task is now available.     Action Workspace conditions Add purchaser's equity The Incoming Proprietor has indicated through the ESS that purchaser’s equity is required and that it is ready to be entered by the Incoming Mortgagee.       ... View more

Re: Five things PEXA will never do | Cyber-securit...

by DMc Community Superuser in Raise a Security Concern
‎15-02-2021 03:49 PM
‎15-02-2021 03:49 PM
Errm so why did I just receive an email to click on a link? Never say never- Rule no. 2 Broken-Opps! ... View more

Security Alert | WeTransfer Email Phishing

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎10-02-2021 12:50 PM
3 Likes
‎10-02-2021 12:50 PM
3 Likes
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

Security alert | Scam calls being made to members

by Moderator Jarrod_McAleese Moderator in Security Updates
‎29-01-2021 03:54 PM
3 Likes
‎29-01-2021 03:54 PM
3 Likes
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

Stay safe during the holiday period with our best-...

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎17-12-2020 01:48 PM
1 like
‎17-12-2020 01:48 PM
1 like
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

Leading up to Christmas with NAB

by Moderator Jarrod_McAleese Moderator in PEXA Community Blog
‎16-12-2020 09:16 AM
2 Likes
‎16-12-2020 09:16 AM
2 Likes
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

Navigating the end of year rush

by Moderator Jarrod_McAleese Moderator in PEXA Community Blog
‎03-12-2020 10:11 AM
6 Likes
‎03-12-2020 10:11 AM
6 Likes
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 Transfer Checklist | Help Centre

by Moderator Jarrod_McAleese Moderator in Help Centre
‎11-11-2020 01:57 PM
2 Likes
‎11-11-2020 01:57 PM
2 Likes
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
Category:
  • checklist

Security alert | Automated or "robo" calls to clie...

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎06-11-2020 04:47 PM
1 like
‎06-11-2020 04:47 PM
1 like
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

Interoperability overview and FAQs

by Moderator Jarrod_McAleese Moderator in Interoperability
‎26-10-2020 09:47 AM
3 Likes
‎26-10-2020 09:47 AM
3 Likes
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

Bank of Queensland | Transfer Checklist

by Moderator Jarrod_McAleese Moderator in Help Centre
‎13-10-2020 03:36 PM
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‎13-10-2020 03:36 PM
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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
Category:
  • Bank Transfer Tips

Data and data breaches | What you need to know

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎13-10-2020 12:41 PM
‎13-10-2020 12:41 PM
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

Re: PEXA's Enhanced Settlement Summary

by DMc Community Superuser in Help Centre
‎09-10-2020 08:38 PM
‎09-10-2020 08:38 PM
@Jarrod_McAleese I would suggest for the sake of clarity at least for WA terminology... #WATranslation ;) @Jarrod_McAleese wrote: * 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   WA previously used the same terminology as SA i.e. Vendor (for POT) & Purchaser (for IP), but now refer to Seller (for POT) & Buyer (for IP) so most likely use either; WA —'Balance of Purchase Price' -per 2018 REIWA Joint Form of General Conditions cl. 3.6 or WA — Balance due to Seller(POT) by Buyer(IP) to Seller Settlement Agent (SSA) Since the 'Balance due to effect settlement' would be different based on if you are talking to Buyer, Seller, or the Other Settlement Agent.   Cheers for the video. :) ... View more

Enhanced Settlement Summary | Support for banks

by Moderator Jarrod_McAleese Moderator in Help Centre
‎29-09-2020 05:13 PM
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‎29-09-2020 05:13 PM
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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
Category:
  • ess

In focus with ANZ: PEXA Planner case study

by Moderator Jarrod_McAleese Moderator in PEXA Community Blog
‎02-09-2020 02:22 PM
3 Likes
‎02-09-2020 02:22 PM
3 Likes
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

Security alert | Email phishing communication

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎27-08-2020 05:28 PM
‎27-08-2020 05:28 PM
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

Re: FAQs | Microsoft to cease Windows 7 support by...

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎11-08-2020 06:47 PM
‎11-08-2020 06:47 PM
Hi @James2020,   Please check your private messages - have already messaged you. ... View more

NAB Mortgage Discharge Authority form

by Moderator Jarrod_McAleese Moderator in PEXA Community Blog
‎05-08-2020 11:59 AM
‎05-08-2020 11:59 AM
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

UPDATED: ACT welcoming digital property settlement...

by Moderator Jarrod_McAleese Moderator in PEXA Community Blog
‎04-08-2020 02:21 PM
1 like
‎04-08-2020 02:21 PM
1 like
Hi Community,   As previously shared, the ACT Government has passed legislation enabling the introduction of digital property transactions in the Territory.   Ahead of a planned September go-live for industry, PEXA is inviting members to register their interest in being activated for the jurisdiction. For more information on eligibility to transact in the ACT, please refer to this page of the ARNECC website.   If you'd like to register, please complete this form and return it to registration@pexa.com.au.   Additionally, you may wish to join an upcoming training webinar, run by PEXA:   Tuesday 1 September, 2.00pm AEST: This webinar will cover all of the applicable steps required when representing the Proprietor on Title (Seller), as well as important Jurisdictional differences. https://us02web.zoom.us/webinar/register/WN_FE94nUvnSu2XFrl0_Fjecw   Thursday 3 September, 2.00pm AEST: This webinar will cover all of the applicable steps required when representing the Incoming Proprietor (Buyer) in the ACT via PEXA. https://us02web.zoom.us/webinar/register/WN_0CE7m9UpR9q0R72ENd6_rw   Kind regards, Jarrod ... View more

Security checklists for safe browsing

by Moderator Jarrod_McAleese Moderator in Raise a Security Concern
‎08-07-2020 03:13 PM
2 Likes
‎08-07-2020 03:13 PM
2 Likes
  Hi Community,   While businesses are doing their best to adapt to COVID-19, scammers are looking for opportunities to exploit the current climate. As we previously shared, t he global COVID-19 pandemic has sparked a surge of phishing attempts on unsuspecting individuals. One such attack used the logo of the CDC Health Alert Network claiming to provide a list of local active infections, before stealing confidential information from the unprepared victims.   It's important we remain vigilant at this time and our  Head of IT Security,  @DavidWillett has put together the below quick checklists to ensure you're browsing safely while working and at your leisure.   How to keep safe while working online:  Ensure the device you are using has security software installed (either work supplied or your own) to protect you from ransomware, malware, and other threats Use a VPN (either company-provided or your own) when connecting to your work network to keep your data safe Only use WiFi you trust to reduce the risk of being hacked Make sure you have a backup solution in place such as a USB or the cloud in case something goes wrong Watch out for scams and fake news around COVID-19. Only trust reputable sources   How to keep the family safe online: Keep your operating system and applications (software updates) up to date to protect yourself from being hacked Make sure all the devices in your home (phones, tablets, PCs) have security software installed to keep you safe from online threats and risks Schedule screen time for kids and their device. You can do this by drawing up a timetable or using parental controls features of your security software Set ground rules by having a conversation on what they can do online Discuss the importance of online safety with your kids. You can read more here: https://www.trendmicro.com/en_au/initiative-education/internet-safety-kids-families.html Keep an eye out for more security tips and tricks from our team here at PEXA. If you have any questions, please leave them below.   ... View more
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