We act for a private lender/mortgagee. The borrower/mortgagor is unrepresented. We have a paper mortgage physically signed by both the mortgagor and mortgagee. We understand that to lodge the Mortgage, we then must create a separate electronic mortgage on PEXA. According to NSW LRS, the usual process for banks is that the bank signs the mortgage document in PEXA and certifies that they hold a paper counterpart of the mortgage document that is wet signed by the customer (http://rg-guidelines.nswlrs.com.au/e-dealings/elodgment/elodgment_requirements/signing_electronic_documents ). Similarly, on Page 6 of ARNECC’s National Mortgage Form Design Specification v1.5 it specifies that a ‘certification is added to [the electronic] Mortgage that the mortgagee holds a mortgage granted by the mortgagor on the same terms as the electronically lodged mortgage.’ Please confirm that the the borrower/mortgagor does not need to sign the electronic Mortgage on PEXA and as such that the mortgagor does not need to be represented. Please confirm that only we, as the legal representative of the mortgagee, are required to sign the electronic Mortgage and that our signature merely certifies the following: The Subscriber has retained evidence supporting the Mortgage document; The Subscriber has taken reasonable steps to ensure that the Mortgage is correct and compliant with relevant legislation and any Prescribed requirement; The Subscriber, or the Subscriber is reasonably satisfied that the mortgagee it represents: (a) has taken reasonable steps to verify the identity of the mortgagor; and (b) holds a mortgage granted by the mortgagor on the same terms as the [electronic] Mortgage. Please confirm that only we, as the legal representative of the mortgagee, are required to sign the CoRD Holder Consent and that our signature merely certifies the following: The Subscriber has retained evidence supporting the Consent The Subscriber has taken reasonable steps to ensure that the Consent is correct and compliant with relevant legislation and any Prescribed Requirement Thank you.
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