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since ‎18-08-2018
‎18-03-2019
Jennifer-Vice
Jennifer-Vice
Occasional Contributor
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About Jennifer-Vice

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Latest Contributions by Jennifer-Vice
  • Topics Jennifer-Vice has Participated In
  • Latest Contributions by Jennifer-Vice

Re: Banks - Refusing a Client of their legal right...

by Jennifer-Vice in Ideas and Suggestions
‎12-12-2018 04:06 PM
‎12-12-2018 04:06 PM
No I wasn't responding to your reply.  Thank you for your support!  It is just so frustrating how the banks are making everything so difficult and time consuming!!   I actually have it in writing on this workspace from ANZ that they purposely intend to only advise funds available figure on the day of settlement and they will not respond to any request to do it earlier KNOWING that my client needs to transfer funds of her own to complete settlement and they know settlement will be delayed and my client will incur penalties.  I have this in writing from ANZ...I actually cannot believe that they are intentionally causing penalties for my client and that I have it in writing from them that is what they are doing! ... View more

Re: Banks - Refusing a Client of their legal right...

by Jennifer-Vice in Ideas and Suggestions
‎12-12-2018 02:44 PM
‎12-12-2018 02:44 PM
I dont think you are understanding the situation.  I am not talking about refinances where the client is simply changing banks.   Your quite right there, they are relatively simple and also It has nothing to do with us if the client doesn't engage us.  And that is completely fine.  Those types of transactions are not the issue and those types of refinances are not the ones Im talking about because i don't do those refinances.   IN the last 4 weeks Ive had three refinances were the client is refinancing to fund their purchase.  They are the only types of refinances I do.  They are the only types of refinances I am concerned about. And they are the only types of refinances where banks refuse a clients legal and constitutional right to have legal representation.  These are the only types of refinances where banks do not take their instructions from the client, do not look at the DA, do not care that we are listed as the authorised representative, and refuse to invite us to the workspace.   These are transactions Im concerned about.     Most of my purchase files are attached to refinances and I am meant to be involved in both.  The client has authorised us on the DA as her representation.  We even mention on the DA that there is a refinance.  WE ARE MEANT TO BE A PART OF BOTH THE REFINANCE AND PURCHASE SETTLEMENT.  We need to coordinate it, we need to advise our client well in advance of funds they need to contribute to the purchase, we need to fully account to our client of all settlement monies, loan advances and payout figures prior to settlement taking place.      I dont know what type of transaction you are talking about it because it has no similarity to my current one.  As you advised you need to be part of both transactions and your not.  The bank hasn't been given authority by the client to distribute the loan advance to pay for her purchase settlement.  You are not authorised to manage any link to any other workspace.     But in any event, we need to invited to all refinances that are attached to a purchase regardless of who links what, as how on earth can we advised our client of funds they need to contribute for settlement?  How do we account to our client prior to settlement with a break down of settlement proceeds?  How do we obtain their authority as to the distribution of funds within the workspace?  Its a legal requirement and our PI Insurance wont cover any error in the distribution of funds if we fail to obtain our client's authority in relation to figures.  There are so many complications, legalities and issues that arise from this view you are taking.  Its extremely high risk and forces us into a position where we are unable to comply with our obligations as a conveyancer under the Act.   As previously advised, you always receive the appropriate documentation and authorisation from us.  That is not the issue and when i call the banks to request an invite to the workspace, they all agree and say, yes yes we can see you on the DA but we still can't invite you to the workspace.   The issue is not with us and its not with us incorrectly filling out the DA.   ... View more

Re: Banks - Refusing a Client of their legal right...

by Jennifer-Vice in Ideas and Suggestions
‎12-12-2018 01:03 PM
1 like
‎12-12-2018 01:03 PM
1 like
I am well aware of what a refinance is.   If you flashback to pre 1 October 2018, the Legal Practitioner/Conveyancer was ALWAYS involved.   We were required to complete the Transfers, the SRO duties forms, acquisition notices and attend settlement.  A refinance could not occur and the bank would not verify a file until the legal practitioner/conveyancer had provided all the necessary documents to the banks.    I am not too sure where you got your information that the majority of refinances occur without a client's representation, but it is incorrect.  I do know that some refinances occur inhouse between the banks and thats usually when the client initiate the refinance themselves and that type of transaction isn't the same as mine.   In my case, both banks were instructed that I was acting on behalf of the client and that a workspace was required to be linked as the funds being advanced are to be used for a purchase which will be a clear title.   A majority of refinances come about so that the client can use one property as equity to purchase another and with the roll out of PEXA and the mandatory requirement for settlements to occur through PEXA, the only way these types of transactions can occur is if the banks look at not only the discharge authority and their client's instructions but also to their own requirements and conditions of the loan that all properties must settle simultaneously.  The banks are refusing to let us comply with the conditions the banks set themselves.   Furthermore, if a client wants legal representation, they are entitled to legal representation.  Its a constitutional right. Its not up to PEXA or the mortgagee to decide whats best for the client and whether they are or are not allowed to have legal representation.   Also, Im not sure what DA your talking about but if we are noted on the DA as the agent representing the client, the client is authorizing the bank to deal with us and we need to be involved and the banks need to communication with us on behalf of the client instead of communicating between the banks and leaving both the client and their representation out without any involvement.   I didn't just simply send the DA from my email and expect to be included in the transaction.  Thats almost insulting that you would suggest that I am that ignorant.   WE ARE NOTED ON THE DA AS THE AGENT FOR THE CLIENT.     My last three refinances all ran into the same issue with the banks and we were, have and always will be noted and authorised by the client on the DA as acting on behalf of the client when we send through a Discharge Authority.  That just goes without saying. ... View more

Banks - Refusing a Client of their legal right to ...

by Jennifer-Vice in Ideas and Suggestions
‎10-12-2018 04:00 PM
4 Likes
‎10-12-2018 04:00 PM
4 Likes
After sending off a DA to St George Bank for a refinance which is to occur simultaneously with my client's purchase, I have been refused by both ANZ and St George to be a part of the workspace as I "dont have anything to do with it".  I need to link the refinance to the purchase workspace as the purchase is not being held as security and I also need to advise my client of the funds she needs to contribute.  In any event, as the DA has our details on it as representation on behalf of the client St George needs to communicate through myself.  The fact that they have accepted the ANZ workspace invite when they have not been advised who the client has is refinancing with is obviously a cause for concern.  I telephoned PEXA for some assistance and they also told me they can't help me and that conveyancers dont have anything to do with refinances essentially saying that our clients are not entitled to representation for refinances.   I have just replied to PEXA as follows:   "Ive just been told by PEXA support that they could not help me and that my broker would need to advise the mortgagee on their PEXA obligations.  I disagree.  Brokers do not know how to use PEXA nor do they have anything to do with PEXA.   It appears that its PEXA's responsibility to ensure that all parties to a transaction are complying with their obligations and know how to use it.   I was also told conveyancers do not have anything to do with a refinance and we don’t have to be invited.  I don’t believe there has been any change in legislation saying that a registered proprietor is not entitled to representation when refinancing their property.  I  believe everybody, no matter what the circumstances, are entitled to representation.   Not only is it financial institutions taking away a client’s right to representation, PEXA also believes that there is no issue refusing a person of their right to representation.  Somehow seems highly illegal to me, also would void any mortgage documents if challenged.   Might want to rethink your policies and better educate the financial institutions on their responsibilities, also how to use your product and provide them with relevant legislation.  Everyone seems to throw about “the privacy law act” but nobody seems to abide by it given they are happy to refinance properties without speaking to their client, accepting a discharge authority from the client’s conveyancer but refusing to allow the conveyancer to be a part of the transaction.  My client has not even spoken to her bank, I never advised them that she would be refinancing with ANZ yet they have happily accepted the workspace without any authorisation from the client or her conveyancer.   Very dangerous procedure going on there."   Lets see what they come back with. ... View more
Category:
  • Banks and Financial Institutions
  • Financial Settlement
  • Training

Banks - They need to life their game

by Jennifer-Vice in Ideas and Suggestions
‎29-10-2018 02:15 PM
6 Likes
‎29-10-2018 02:15 PM
6 Likes
PEXA - you are going to have to do something to get the banks to lift their game.  They are taking full advantage of the PEXA platform and ruining it for the rest of us.  I have never spent so much time on the one file chasing banks as I have with a paper settlement.  They are lazy, slack, lack communication, request unnecessary documents and leave everything to the last minute including signing off on the workspace.  The majority of settlements are delayed and its costing our client's more money and its us as their representatives more money.   They are absolutely hopeless and its becoming unbearable to work with.  Something needs to be done because they cannot continue. ... View more
  • Tags:
  • Life happens
  • push a button for Lift
Category:
  • Banks and Financial Institutions

Banks lazier than ever - Something needs to be don...

by Jennifer-Vice in Ask the PEXA Community
‎26-10-2018 10:59 AM
8 Likes
‎26-10-2018 10:59 AM
8 Likes
This is not really a question, more constructive feedback in the hope that PEXA can implement something to ensure the Banks stop delaying settlements and leaving everything to last minute and just now, not signing off on the workspace even though the workspace was ready to settle.   PEXA was meant to make things easier and more efficient and in some respect, it has. But unfortunately, due to banks we are spending way more time on the one workspace than we would on a paper settlement due to the inefficiency of banks.  I have had more settlements fall over with PEXA in the last few months than I have had in paper over the last 16 years.  Yes, the majority settle on they day but the roll over numerous times, meanwhile the clients are paying for removalist trucks to sit there in wait.  I had a 10.30 am settlement the other week which didn't settle until 5.30pm due to the bank.  This is not good enough and this system cannot run efficiently or effectively unless the Banks are forced to adhere to certain guidelines.   Banks need to stop worrying about every one else in the workspace and what they are doing first.  Im sick of receiving conversations from Banks saying the file is pended due to the title not being nominated yet or there are errors with the lodging instructions.  The idea of the workspace is that every one does their own part in the workspace to ensure it is ready on the day settlement.  By using the attitude "im not doing my part until they do theirs" just increasing the risk of a delayed settlement.   Uploading source fund amounts or payout figures 10 minutes before settlement needs to stop.  How can we account to our client prior to settlement?  How will we know if our client is required to contribute funds?  How do we know if there is enough to pay out the mortgage in time before settlement?  This is unacceptable and means we are rushed to finalise figures increasing the chance of errors with a high risk of settlement be delayed.   Banks ignoring any conversation sent.  Just yesterday, I had an issue where I was sending conversations to a bank over the past 2 weeks.  Not one reply.  Then they had the audacity to call me yesterday and tell me to stop sending them conversations as it just delays them even more.  Banks have their own agenda and they don't care about anyone elses.  The only way of effectively settling on time is to respond to communication in a timely manner and for everyone to work together.  Ignoring conversations just means more work for the conveyancer.   Banks never sign off in time.  We are constantly chasing banks for them to sign off before cut off and most of the time they never do.  For what reason, I have no idea.  Why do they purposely delay settlement by not signing off when the workspace is ready to go?   I am so sick of Banks!!!  They are taking advantage of the PEXA platform it has just made an already difficult process with Banks a thousand times worse.  This cannot go on and something needs to be done.     ... View more
  • Tags:
  • Banks
  • I miss penalty on delaying and roll-over settlements
  • latesettlement
  • Mortgagee
  • mortgagor
  • pleasefixthis
  • settlement
  • useless
  • Workspace
Category:
  • Banks and Financial Institutions
Latest Tags
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  • latesettlement
  • Mortgagee
  • mortgagor
  • pleasefixthis
  • settlement
  • useless
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