About TheDoctor

You won't be able to lodge the paper discharges at NSW LRS unless they are dated prior to mandating for lodgements. Not sure of that date but it was a few years ago now.   If the paper discharges are aged then you will need to lodge physically as I doubt CBA will entertain re-discharging via PEXA now.   ... View more

I reckon you should feature @DMc  ... View more

Ahhh excellent. Thanks Angella     ... View more

thanks @AngellaC    Will PEXA prevent settlements being booked on the 10th for WA & QLD?   ... View more

Hi @Aoife    I am hoping I have misunderstood. Are you saying that we cannot settle in WA & QLD even though they do not have a public holiday? If we must settle on the 10th, is that a sufficient Landgate reason to settle on paper?   ... View more

Hi @TammieTMB    I don't think there is any formal process specifically for Discharge Settlements. There is a guideline to use Conversation for escalations unless it is extremely urgent, in which case a phone call is warranted.   If I need to request an escalation from an MOT, in a refinance, I would send a conversation with a brief explanation why it needs escalating. I would also be fully understanding of the MOT position and possibly inability to meet the request.   We did trial an auto-escalation process with one other FI at one point. It was not PEXA initiated, just an understanding between the two FI's on refinance settlement only. It worked in general but ultimately was not adopted. ... View more

Hi all,   Just a bump  for this. Please add any more questions. We will continue to monitor this thread and attempt to answer any queries. ... View more

Hi @sarahp    Not sure about Rural Finance as Mortgagee on Title. Rural Finance as a Brand or Loan Originator are handled by Bendigo & Adelaide Bank but I believe Bendigo then shows as Mortgagee.   Sorry I can't be of more assistance.   ... View more

Hi all,   We'd love your ideas on how to improve communication between Banks & Practitioners.   We commonly use PEXA Conversations to communicate. Is this the most suitable methods, do you have any alternatives or preferences.   ... View more

Hi @Davidson    If you are wanting to lodge a document via PEXA, and need the CORD Holders consent, you create the workspace with your appropriate role. Then invite the CORD Holder as the role of "Consentor". They can then create the Consent document within the workspace and it is lodged simultaneous with your document.   If you are looking for CORD Holders consent to a non PEXA lodgement, you will need to contact them outside of PEXA. They can then create the workspace and lodge the Consent to allow your paper activity.   ... View more

Hi @karzkeenan    Guidelines say that the Incoming Mortgagee should create the workspace and invite the other participants. In reality, the Mortgagee on Title could attend to the creation and invitations, but that is rare.   As you are representing the Proprietor on Title (from a PEXA perspective) you would not be a party to the workspace. Now you just need to sort out which of the four Incoming Mortgagees wants to create the workspace. My thoughts are that it should be whoever will be ranking first mortgagee.   ... View more

 I remember gaining the moniker of TheDoctor from Princely at PEXA because I kept coming up with scenarios that had not yet been considered.   25 words is not very many, is it? ... View more

Perhaps it should read PEXA cannot accommodate a settlement date more than 6 months in the future?   ... View more

Hi @AJJones    I think PEXA is the way to go but it should be a standalone workspace with only CBA as a sole participant. CBA are the CT Controller and the Mortgagee on Title. From a PEXA workspace perspective you, as a solicitor, have no part to play.   Unfortunately, as soon as you withdraw from the workspace you will lose visibility.  If they are not responding to your Conversations, perhaps give CBA a call before you withdraw. ... View more

Hi @AnnaN    You will need two workspaces as the proprietors differ. The additional workspace will be a non-financial workspace (no settlement) so you will not be able to link the two workspaces. The Lender will need to manually coordinate it with the purchase workspace. They will probably not lodge the additional until the purchase settlement completion is confirmed.   ... View more

Hi @PeggyAve  Assuming that the additional security is also in Victoria, the only way the two properties can be in the one workspace is if the lender has one single mortgage over both properties, not separate mortgages for each property. This does not overcome the privacy issue though. The additional security is not part of the purchase, from the vendor perspective. So the vendor and vendor lender should not be privy to the additional security property. Therefore, they should not be on the same workspace.   Now, how do you manage this in the separate workspace for the additional security. In VIC & NSW the controller of the CT must be in the workspace to create the Nomination (VIC) or Consent (NSW). Either yourself (CT Controller - Vic / Consentor - NSW) or the lender can create the workspace and invite the other. Unfortunately you cannot link the two workspaces as the purchase will be a financial workspace and the additional will be a non-financial workspace (no settlement) The Lender will need to manually coordinate the settlement with their additional lodgement.   If the additional security is in any other PEXA State, the Lender creates the workspace, as the sole party, and coordinates it with the purchase.   hope this helps ... View more

 As an Incoming Mortgagee I am very conscious of the privacy of my customer. I will only send Conversations to the Representative of the Incoming Proprietor. The only exception to this is when the message is about a corrupt workspace or something non customer specific and relevant to other parties.   Unfortunately PEXA does not force us to adhere to the privacy requirements.   On numerous occasions I have entered a multi party conversation to point out the privacy impacts of the discussion and request a new Conversation string to only include those who should be privy to the topic and details. e.g. A discussion between the Vendor Bank and the Vendor solicitor should not involve the purchaser bank or purchaser solicitor. ... View more

bugga, not eleigible.   Good luck everyone. ... View more

Ahhh,  I see their dilemma. We always take one mortgage for each property so can always separate the workspaces. ... View more

Hi @DC1    There are a few aspects to this. Total Funds Required field: In my experience this figure has not been accurate in the majority of settlements. As you have indicated it can be out by a small amount or an obvious amount like an omitted rego fee. Sometimes it can be thousands out. Due to the common inaccuracy, it is often regarded as a guide only, and not an exact figure. I personally would question the figures if was out thousands. Vendor requesting an incorrect amount. Other Parties to the workspace cannot know that the figure is incorrect. This is not unique to PEXA as it also occurs for physical settlements when there is no equivalent to the PEXA Total Funds Required filed. Signing of the FSS is the confirmation that the figures are correct and final. Errors on physical bank cheques If the bank cheques are prepared in accordance with the Cheque Directions (equivalent of the PEXA FSS Destination items) then there is no bank cheque error. If it is discovered after settlement, that a cheque was requested incorrectly, all Banks have cheque repurchase & replacement processes. If the bank cheque has been prepared at odds with the cheque directions then yes, settlement can only proceed if all parties agree on a resolution or if a replacement cheque is organised.   So perhaps the real problems here are: Do all PEXA Subscribers have adequate controls in place to ensure the amounts they load to PEXA are correct? There is no resolution process, via PEXA, if Destination line items were incorrect at settlement. You can't just walk into a Bank Branch and request a replacement for a direct transfer item.     ... View more

Hi @Sonia77    RCS does not issue until after registration is complete. Registration occurs after settlement is complete (in the vast majority of cases). PEXA workspace is locked down as soon as the settlement/registration process commences. So it is not possible to attach a document post settlement/registration.     ... View more

Hi,   I would have thought there would be privacy concerns if they were on the same workspace. The mortgagee on title for the refinance probably has nothing to do with the purchase so shouldn't be a party to it.   I also would always have them in separate but linked workspaces as the Incoming Mortgagee.   ... View more

Hmm,  I guess the silence means we can't filter then? ... View more

Hi,   Is this the same for FI's?   thanks ... View more