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2 weeks ago
My suggestion which has fallen on deaf ears is a simple yet I believe would be effective. I asked PEXA to grey out the workspace - kind of like when you are too late to renew your licence and you literally cannot enter the information or process it. The banks should have a time limit like everyone else in the world. The payout figure/loan advance should be completed the day before just like it used to be with paper. You sent off the cheques the day before, there was no stressful last minute rubbish happening. PEXA seem to be able to grey out conversations with the other bank, we are now not allowed to converse with them but for some reason they cannot grey out and impose time limits on the banks. There is no accountability and enforcing the accountability is not happening either - bottom line, banks own most of PEXA therefore have a monopoly when deciding how it works.
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13-06-2019
04:22 PM
I'll give it a go!
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13-06-2019
11:21 AM
Hi all, I have a matter which is settling and the name of the Deed is incorrect and does not match our discharging client. When registration occurs I'm guessing that the PEXA system will notice that the names do not match and therefore an error will be produced. I have no problem uploading the Stat Dec, however, just want to know how it will register? Will someone at LRS physically check the Stat Dec and authorise it to register? Or do I need to contact someone to ask for this to happen??
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- Tags:
- DavidMcDowell-NSWORG
Category:
10-12-2018
12:08 PM
Is this still the same? or has this changed?
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25-10-2018
11:41 AM
1 like
Yes, it is very frustrating. I copied the link and sent it via email to settlements. Perhaps if we all do this when encountering this issue the banks will change their attitude. The only thing I would suggest with PEXA is to provide more training to the banks.
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22-10-2018
01:43 PM
3 Likes
I followed this up with our PEXA specialist who advises as follows:- "I just spoke to Cliff Wally in regards to the below, we are in fact correct in thinking that when a matter is in PEXA no cord consent document is to be manually prepared" Here is the link for the future. http://rg-guidelines.nswlrs.com.au/e-dealings/faqs/control_of_the_right_to_deal_and_eCT/how_does_the_mortgagee_produce_a_ct_when_there_is_an_ect
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19-10-2018
02:28 PM
2 Likes
I have done a few settlements on PEXA now (around 50) and this firm has done over 200. I just had an issue where the bank didn't prepare the CORD consent and settlement was delayed because of this. The bank has blamed us - saying that we needed to email a "request to prepare CORD". This was NOT a paper settlement. All parties were on PEXA and settlement was taking place on PEXA. Has anyone come across this issue? Is this a new rule that we now need to send a request? Even though all details are on PEXA?
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17-09-2018
02:55 PM
But its already been converted so its not "prior to". We hold the Deed and Discharge - do we lodge these now at LRS before we actually go to settlement or can we hand these over even though the Deed is a ECT.
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17-09-2018
02:39 PM
FAQ 2 says before 1st March 2017 and is lodged as a standalone (Not applicable) before 1st August, 2017 and is lodged as part of a refinance transaction (this is also not applicable) before 1 July, 2018 and is lodged as part of a refinance transaction (this is also not applicable) It is a sale.....
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17-09-2018
02:21 PM
Thankyou David. It still doesn't answer my question as our discharge of mortgage is dated after 1st March 2017 (its dated 19 April, 2017). What do we do please?
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17-09-2018
12:49 PM
We hold quite of few paper Certificates of Title with Paper discharges.
Commonwealth bank has converted a Certificate of Title to an ECT even though we hold the original Certificate of Title and paper discharge.
I thought that in order to create a CORD consent to enable a CT to become and ECT you have to HOLD the original?
What do I do now that the client has sold?
@DavidMcDowell - Could you please assist?
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- Tags:
- DavidMcDowell-NSWORG
23-08-2018
01:09 PM
My thoughts are that there needs to be something to verify the Power of Attorney. Especially when acting for a purchaser.
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23-08-2018
12:28 PM
Another additional cost to our clients.
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23-08-2018
10:50 AM
1 like
So if we are subjected to a subscriber audit and there is a Power of Attorney which is on the file and is found to be fraudulent - who is responsible considering we don't have access to LRS to check the validity?
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23-08-2018
09:57 AM
So the responsibility comes back to the solicitor/conveyancer?
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- Tags:
- sad and angry face
23-06-2018
09:47 AM
1 like
I’ve experienced this also. Banks can have access to change whatever they want whenever they want and it’s causing huge issues for conveyancers! i feel like the complaints are falling on deaf ears. The banks own Pexa - they are not going to be held accountable and will not do anything to help because to them “their parts done”!
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12-06-2018
11:29 AM
4 Likes
So this morning - 2 matters have been a problem - where client's are yelling down the phone at us. The bank changed the payout figure 1 hour prior to settlement on one of mine by $900.00 so our client who was working on the figure given on Friday and who lives week to week was not happy with our firm. The second one - the bank uploaded the incorrect amount available so multiple phone calls, emails, conversations had to be made to make it happen. Again the client is unhappy with our firm. Why are PEXA ignoring our concerns. PEXA are making changes constantly to their system but cut off times for banks are being ignored? This needs to be dealt with urgently.
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07-06-2018
10:58 AM
@asundin wrote: Hi Belinda - do we need to do anything more in the PEXA workspace if it is a Transfer under POA or just proceed as normal? (My POA is registered and have Client Auth and VOI from the attorney). Thanks @DavidMcDowell-NSWORG - are you able to reply also please?
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05-06-2018
09:43 AM
I spoke to NSWLRS who have advised that the Power of Attorney is still required to be registered for PEXA transactions, even though there is no provision for a Power of Attorney to sign under the PEXA system.
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01-06-2018
01:07 PM
2 Likes
I agree - there are cut off times in relation to submitting anything to a bank but not when it comes to the banks uploading proper information in time.
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01-06-2018
12:47 PM
Can you sign under POA on PEXA now? (NSW) and considering that the Transfer is signed off by the Solicitor acting - I assume it still needs to be registered with Land Titles? Even though the POA clause won't be stipulated?
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23-04-2018
11:31 AM
I am attempting to lodge a second mortgage on title. The first mortgagee has produced the title using PEXA and we are now ready to lodge. I proposed a settlement time and place because I thought that this is how the lodgement would "settle". In doing this I have made my settlement "financial". How do I change this back to "non financial". Will the mortgage lodgement occur once I have signed off?
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