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Excellent idea. ... View more

Hi @Ames, thanks for responding.   The issue is that Vendors, in general, will not hand over the Bankers Guarantee until they have received their funds. This is understandable. The Incoming Mortgagee will not provide the funds unless they have their Bankers Guarantee returned. This is also understandable.   So, these two actions (return of Bankers Guarantee & sale/purchase settlement) must be simultaneous. Neither action can occur prior to the other action. This cannot occur as both physical & electronic and still be simultaneous.   It is easy to say that the Purchaser must arrange an alternate solution, to enable hand over of the Bankers Guarantee, prior to the financial settlement. But in practice, the Bankers Guarantee exists because the Purchaser does not have an alternate solution.   If we are forced to have a separate physical settlement for the Bankers Guarantee, why does this not fall under the acceptable exemption category of being linked to a non-PEXA settlement?     ... View more

Hi @Accounts   As an Incoming Mortgagee, will you release your funds before you hold your original Bankers Guarantee? In your example (simultaneous physical & PEXA settlements) will you sign the FSS before the physical settlement is completed? Or, will the Vendor hand over the Bankers Guarantee before they receive their funds (PEXA Disbursement complete).   I understand that the Bankers Guarantee is not an LTO concern. PEXA/LTO need to understand that sometimes settlements involve more than just the registrable documents and the sale/purchase funds. To expect Participants to have to perform two settlements for the one sale/purchase seems ludicrous. Especially when that arrangement is likely to lead to, by design, failed settlements.   ... View more

Great question. I tried to explain this dilemma on these boards once before but I don't think PEXA really understand the problem. I can't find that post now. From memory they said this was no a valid exclusion reason.   Basically: Incoming Mortgagee will not hand over funds unless they have their Bank Guarantee handed back. Vendor will not hand back the Bank Guarantee without their settlement funds. This cannot be accommodated electronically.   ... View more

Oh @TJ, I think your are sure. ... View more

Hi @Clara,   Nomination is the Victorian equivalent of the NSW Consent that the CT Controller has to prepare in the workspace. The only real difference is that a VIC Nomination is lodged, within the same workspace, prior to the settlement. All other documents will not be "Successful" until the Nomination is lodged. VIC Nomination is only required if the CT Controller is not also lodging another document (e.g. discharge of mortgage)   The NSW Consent is lodged with all the other documents. ... View more

Re: Conversation Enhancements.   If a Participant has multiple roles in the same workspace (eg. Incoming Mortgagee & Mortgagee on Title) will they appear twice as recipient options, once for each role, or, will the Participant appear once with dual role descriptions?   If separate: Does the recipient role display as selected on the recipients' Conversation Dashboard? Will the received Conversation only be visible to the correct role (usually different workgroups)? Can a multiple role subscriber send a Conversation to the other role for the same subscriber? ie, if Westpac are Mortgagee on Title, can Westpac send a Conversation to Westpac as Incoming Mortgagee? This would prevent a lot of confusion within different functions in office. If both roles are selected within the Conversation, will two Conversation notifications be received? If one selection, multiple role: Will both roles appear on the recipients' Conversation Dashboard?     ... View more

In my memory, we have only added a Destination Line item, as Incoming Mortgagee, once. It was an experiment, with the knowledge and agreement of our Customer, where we were paying their loan surplus to an account at another OFI. We had no way of validating the account details.   It failed. The amount was only small but the funds went missing at the other OFI for almost a week. The account number we had, and loaded to PEXA, was one digit short. The payment arrived at the OFI ok, so from a PEXA perspective it worked. But at the OFI end it rejected and took a few days to resolve.   To my knowledge we have never tried that again.   In general, we will always handle the loan surplus in house, outside of the PEXA workspace. I can't see that changing until/unless PEXA interface is able to perform account name  & number validation automatically, regardless of the FI, pre-settlement. ... View more

Umm @TJ   They can't create a workspace, so there is no workspace ID mate. ... View more

Hi @AmandaB   Given the recent issues involving multi user sign on, and given that your colleague will need to do this at least semi-regularly, I suggest you arrange for her own sign on certificate. If you choose to allow her to use your sign on, then I suspect you are also then responsible for her actions. I assume that your sign on does allow signing of documents/FSS? If so she will also be able to do that, if she is using your sign on. ... View more

Well done Michelle, always a promoter.   ... View more

Hi @denniswong,   I don't believe you can lodge it via PEXA. You will need to lodge physically.     ... View more

Please don't laugh, but, not all of our users have a mobile phone. ... View more

Hi @AmyRSS   If the discharging mortgagee is an FI they must lodge the discharge themselves via PEXA. Only they can do this, you cannot do this for them. You will need to contact them and arrange for them to action the discharge. They will probably want the title and discharge back before they will do it.   If the discharging mortgagee is for a private mortgage, you should be able to obtain authority to act for them, then you can create the workspace. I don't know how you go about getting the authority though. Hopefully PEXA give a response in that regard.   ... View more

Hi @Enbomb,   I am from Westpac but just to clarify what @TJ is saying.... On Community I represent myself, I just happen to work for Westpac. So my input is from MY Westpac perspective and not necessarily Westpacs official response.   Having said that, there are some Community members who do "represent" their FI.   ... View more

Hi @BelindaLeFevre   I don't believe we can link a transfer workspace with a standalone discharge workspace can we? Financial with a non-financial?   Even if we can, this does not resolve the issue from the Vendor Practioner perspective. They will not be a party to the discharge workspace so cannot view it to satisfy themselves that all is good before they sign to authorise the sale settlement. ... View more

We had a Community poster recently describe a problem they have as follows. Sale transfer workspace. Mortgagee on Title also holds a mortgage over a guarantor property (not part of the sale workspace) Mortgagee on Title will not release their guarantee until sale settlement funds are received. Vendor will not allow settlement to proceed unless the guarantee is released simultaneously. This cannot be adequately accommodated via PEXA. Is this situation grounds enough for both activities (transfer settlement & standalone discharge on guarantee property) to be processed as physical settlement/lodgement? ... View more

Hi,   It depends who has the authority to accept the surplus.   Ideally the Mortgagee on Title has authority to accept the surplus. They would load the surplus Destination line item as they can validate the account details. This would usually involve the Vendor Practitioner advising the surplus amount by a Conversation.   If the Mortgagee on Title does not hold authority to collect surplus, the Vendor Practitioner is responsible for the surplus. Unfortunately they do not have the ability to validate the account details. In this instance, provided you are both aware of the issue early, you should be able to arrange for authority for the Mortgagee on Title. ... View more

Hi,   We have a policy of not changing settlement dates for transfer workspaces. We prefer to advise the relevant Participants why we are not ready to settle and, where possible, an expected timeframe for when we will be ready. We try not to change the date ourselves but provide enough information to allow the Practitioners to assess the date themselves.   Unfortunately, there are also some Practitioners who have expressed the desire not to be advised WHY we are not ready, just THAT we are not ready. This leaves us in a position where we cannot have a meaningful dialogue with those Practitioners. Though we would still not change the settlement date, the settlement may roll out and unbook, with the Practitioner none the wiser as to why. In those instances, we will usually re-book the settlement for a day when we expect to be ready.       ... View more

It is not as simple as that @Ames.   Workspace wise, your solution is correct, but in practice, the parties involved will not allow it to proceed this way.   The Mortgagee on title (both workspaces) will not discharge their standalone mortgage until they have received their settlement funds from the other workspaces. The Vendor Practioner will not release the settlement funds, to the mortgagee on title, until the mortgagee on title has also discharged the standalone mortgage. Neither part can link the workspaces (financial and non-financial).   The Vendor Practioner is not a party to the standalone workspace, so cannot have certainty on its readiness. Even if they did have visibility, they would not have control, so may still not authorise funds transfer.   A physical settlement will provide the Vendor Practioner with control of the standalone discharge.   This is not an uncommon problem scenario which electronic settlements is yet to resolve. ... View more