This REALLY needs to be addressed ASAP: 1. At present, we prepare total funds required for settlement a few days before settlement as per transfer guidelines. I.e. $100,000. 2. At this point, as the incoming mortgagee has not finalised their mortgage documents and/or verifications, bank fees are not yet confirmed/added to PEXA. 3. Accordingly, on the day of settlement, incoming mortgagee finalises the mortgage and adds fee of say $200. 4. They also load $100,000 of Source Funds. 5. We then need to update the total funds required by $200 to $100,200. 6. The bank then receives a message and logs in to update the total Source Funds to $100,200. Steps 5 & 6 are inefficient and, particularly if we have 20 or so settlements on the same day, requires staff to re-check and re-input total funds unnecessarily. Solution? Our idea is that the incoming mortgagee should load Total Funds + their fees if they are adding fees. Alternatively, anything that'll skip Steps 5 & 6 that you can think of? They shouldn't be required..
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