PEXA is pleased to present the next release of the PEXA System, Release 6.0.1, scheduled for business go live Monday 12 June 2017. In this release, PEXA introduces a new National Mortgage form in Victoria.   VIC National Mortgage From the 12 th June 2017, a new National Mortgage document will be available to be used by Subscribers in the role of Incoming Mortgagee in Victoria. This is an additional document that can be created and lodged within a PEXA workspace.   Why a National Mortgage? Having all states aligned behind a National Mortgage provides greater consistency between jurisdictions. Following this first release in Victoria, all states currently operating on the PEXA platform are moving towards the common National Mortgage document. Wherever possible, consistency in data capture and formats have been implemented. National Mortgage overview: Address for Mortgagee is now included Mortgage Reference is not required Mortgage Date is not required Mortgage Covenants heading is now Terms and Conditions Document Reference (previously MCP Reference) can be “Other” which allows for free text entry Additional covenants heading is now Additional Terms and Conditions Set of Operative Words is not displayed in data entry screen Additional Terms and Conditions text increased to 4000 characters   When should I use the National Mortgage vs the existing mortgage? There is a transition period until 31 December 2017. During this time, you can use either the old Mortgage form or the National Mortgage form. National Mortgage should only be used if the signed paper mortgage is also in the National Mortgage format. If you have identified a signed paper national mortgage, selecting the new type of mortgage document is a simple process in a PEXA workspace. How do I get the National Mortgage? From the Documents screen, select Create Document > Mortgage. Review the dialogue box that now appears. This dialogue box asks you to select the appropriate mortgage based on the mortgage signed by the client. Based on your selection, the appropriate Mortgage screen is displayed. Note: All the other steps for processing a mortgage remain the same.   New National Mortgage screen   New National Mortgage Rendered document   ... View more

PEXA is pleased to present the next release of the PEXA System, Release 6, scheduled for business go live Monday 29 May 2017. In this release, PEXA introduces: Improvements to Subscriber Search Source Funder New certification statements Linked simultaneous lodgements Improvements to unread conversations screen The “User’s Signing Role” option which is to be added to the user records in VIC and QLD Authorised settling acccount File Upload improvements An expansion to the VIC Folio Types eligible for electronic lodgement (added to notes on May 23) Auto Balance   Subscriber Search Improvements We have made it easier to locate the Subscriber you’re looking for. When searching for a Subscriber, via Subscriber search or when looking to send an invitation to a Subscriber, we have improved our search by now catering for small variances in company names.  Our Subscriber Search now handles: Spaces (e.g. CBA vs. C B A ) Full stops (e.g. T. S. Elliot Conveyancing vs. T S Elliot Conveyancing) Interchangeable symbols (e.g. & vs. + vs. and vs) Special characters (e.g. '@$#%()+&,-)     New role of Source Funder, allowing a financial institution to be invited to a Workspace, even if they are only providing funds to settlement With Release 6, PEXA is now allowing financial institution Subscribers to provide source funds in a Workspace, even though they aren't a party to the property transaction. The new Source Funder role is restricted to Financial Institutions (Subscriber type) that are able to provide source funds. Importantly, this role is restricted to providing source funds for the transaction. In the role of Source Funder, the Subscriber will not be able to: Create Workspaces Create, edit, delete or view any documents Add or delete Land Titles Create, edit or delete any parties Create, edit or delete any destination line items Inviting a Source Funder to your Workspace Subscribers wishing to provide funds in a Workspace, but not participate in any documents, must be invited into a Workspace in the role of Source Funder. To invite a Source funder to your Workspace, navigate to the Participants screen, select Participant > Invite Participant   On the Invite Participants screen, search for and select the Participant and then select the role of Source Funder. Click Send Invitations. Acting in the role of Source Funder For participants accepting an invitation to provide funds to a transaction, you enter the Workspace with the primary role of entering a source financial line item.   Providing Source Funds Navigate to the Financial settlement screen and select the Sources tab Click Add Source button Add source line item Select the Source Fund Category. When in the role of the Source Funder, the available categories are: Purchaser's Equity Loan Proceeds Other Verifying and signing rules are as per a normal transaction and the funds must be verified and signed. Certifications New certification statements have been added for all jurisdictions and documents. The Certification statements, visible in the Signing screen, reads: The Certifier has taken reasonable steps to verify the identity of the [transferor/transferee/ mortgagee/ mortgagor/caveator/applicant]. The Certifier holds a properly completed Client Authorisation for the Conveyancing Transaction including this Registry Instrument or Document. The Certifier has retained the evidence supporting this Registry Instrument or Document. The Certifier has taken reasonable steps to ensure that this Registry Instrument or Document is correct and compliant with relevant legislation and any Prescribed Requirement. The Certifier, or the Certifier 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 this Registry Instrument or Document. The Certifier has: (a) retrieved; and (b) either securely destroyed or made invalid the (duplicate) certificate(s) of title for the folio(s) of the Register listed in this Registry Instrument or Document. Note: The term Subscriber has been replaced with the term Certifier.     Update maximum number of linked simultaneous lodgements to 6 Workspaces With this release, Subscribers can now successfully link 6 Workspaces for simultaneous lodgement. Please review the linked lodgements article for more details.   Improve the Unread Conversations screen We have added some additional details to the Unread Conversations screen to assist you in assessing the conversation. We have added: Settlement date and time Transfer/non-transfer indicator These new fields will help you allocate your time to the most appropriate outstanding messages based on the type of transaction and the settlement date and time.     Note: Please apply a filter to the Settlement date and time and the Transaction type columns if you wish to show conversations around transfers with the closest settlement date and time. These filters will be applied as long as you stay on the screen. While still on the screen, you can also use the refresh button to refresh to the table.    QLD and VIC: For users granted signing permissions in QLD and VIC, a new question has been added to your User record to ensure that the signer is authorised to sign Registry Instruments Upon Release 6, when a subscriber creates a user who has signing rights to Land Registry Documents, the Subscriber Manager will be required to specify the user’s Signing Role. A Signing Role is a category that has been defined by the Land Registries. Based on Subscriber type, Signing Roles have been categorised as follows:   Subscriber Type ‘Solicitor’ AUSTRALIAN LEGAL PRACTITIONER LAW PRACTICE (Eg: Anyone else from the practice that is not a Legal Practitioner) Note: For existing Subscribers that have a Subscriber Type of ‘Solicitor’, you would be familiar with the question “Is this user an Australian Legal Practitioner?” The change is to capture this same information, but align it with a suitable phrase for all Subscriber types.   Subscriber Type ‘Conveyancer’ LICENSED CONVEYANCER CONVEYANCING PRACTICE (Eg: Anyone else from the practice that is not a Licensed Conveyancer) All other Subscriber Types (Eg: Financial Institutions/Government Departments) AUTHORISED SIGNATORY User Details screen Subscriber Managers can locate the Permissions settings and the new question “What is the user’s signing role?” via the Administration Tools > Manage Users screen.   Existing Users For existing Subscribers that have users with Signing Rights to Land Registry documents, a conversion will be run to set the ‘Signing Role’ as follows: SOLICITORS - Convert all existing users that has answered YES to “Is Signer an Australian Legal Practitioner?” to “AUSTRALIAN LEGAL PRACTITIONER”. Otherwise set to “LAW PRACTICE”. CONVEYANCERS - Convert all existing users with signing rights for documents to “CONVEYANCING PRACTICE”. ALL OTHERS - Convert all existing users with signing rights for documents to “AUTHORISED SIGNATORY”. When the user signs, the Signing Role will render to the relevant Land Registry document in the jurisdictions of QLD and VIC.  Note: This change has been introduced to support the implementation of National Mortgage. PEXA is advised by the Land Registries that Signing Role is for Document template rendering only and will have no impact on a user’s ability to sign.   A new account type of Authorised Settling Account has been created A new account type of Authorised Settling account has been created for financial institutions to allow non ADIs and Tier 2 financial institutions banking to provide source funds to settlement. The key goal of implementing this change is to allow tier 2 financial institutions and non-ADIs the ability to settle on PEXA where their transaction FI requires only a known, specific set of users to have the ability to authorise the transaction for the purposes of the property settlement. The authorised users attached to the account will mirror the signatory list against the account held at the transaction FI. The feature will be available as a new account type to subscribers that are Financial Institutions with either an ‘Integrated Indirect’ or ‘Non-Integrated Indirect’ settler type. The Subscriber Manager will verify the Authorised Settling Account in their Financial Accounts profile to ensure that the account details have been correctly entered. Financial Institutions must then assign authorised users to the account in order for source financial line items to be authorised. Once the account has been verified, the Subscriber Manager will have the ability to add authorisation permissions for each individual user.   Authorise Funds   Once a source line item has been included in a workspace, these funds must be authorised. Please refer to the Authorised Settlement account  (to be created) article for more details.     File Upload Improvements   As part of our continual improvement of the new Files Upload functionality, we are making a few updates in this release, including: Informing subscribers that a file has been shared with them, via an email notification Tracking of file activity against the Workspace’s history. We now track and display on the History screen, activities of when a file have been shared with participants   An expansion to the VIC Folio Types eligible for electronic lodgement (added to notes on May 23) Titles with the following additional Victorian Estate Types will be able to be transacted in PEXA:  Leashold Life Estate Remainder Expectant. The following documents may be created for these titles: Nomination Withdrawal of Nomination Discharge Mortgage Caveat and Withdrawal of Caveat.   Pilot: Auto Balancing of Vendor’s Surplus Funds The auto balance vendor’s funds financial line item feature will allow a practitioner that is representing the Proprietor on Title (vendor) to enter an estimated amount for the vendor’s surplus funds. The auto balance feature balances the net vendor amount between loan payout and vendor surplus. Once this value is captured, the user enters a minimum and maximum threshold that represents the lowest and highest amounts that can be received as vendor’s surplus funds. The Vendor surplus funds are only calculated after the Mortgagee on Title (outgoing mortgagee) has entered their loan payout figure(s) and signed their financial settlement schedule.   Prior to adding the vendor’s funds destination financial line item, the proprietor on title has to have already completed the following steps: Agreed with the Incoming Proprietor all outgoings and third party payments required for the property settlement, Created all outgoings and third party payments into the PEXA financial settlement schedule, and Created any other related destination financial line items related to the settlement (e.g. professional fees for the proprietor on title) The amount remaining is the “net vendor amount” which is the amount due to Vendor after deducting outgoings, third party payments and professional fees.   Add Destination Financial Line Item – Vendor’s Funds       Benefits This is the first step in improving the user experience for the all parties on the day of settlement by removing the dependency on the Mortgagee on Title to enter final loan payout figure(s) on the morning of financial settlement. This increases the chance that the transaction will settle on time and reduces the burden on the Proprietor on Title to constantly monitor the Workspace in anticipation for the Mortgagee on Title entering the loan payout figure(s).   How can I get this feature? PEXA has the capability to turn on/off this feature for any given subscriber. By default, the feature will be switched off while we run a pilot to gain feedback and to improve the solution before releasing to everyone. If you are interested, please contact your PEXA Direct Specialist to get involved in the initial pilot and have the feature switched on.   Instructions Once you are included in the pilot program via your PEXA Direct Specialist, please navigate to the pilot group for more details on Auto Balancing functionality.   Feedback If you have any feedback on this functionality, and possible improvements, please post on our eConveyancing community feedback forum. ... View more

PEXA is pleased to present the next release of the PEXA System, Release 5.1.1, scheduled for business go live Monday 3 April 2017. In this release, PEXA introduces: Upload and share files in a PEXA workspace Improve visibility of lodgement verification results on the Document List Screen Frequently used direct accounts Checklist – Discharge Authority   Upload and Share files A new menu item on the left hand side of a workspace called Files will now be present. From the Files screen, you can upload files (documents) which are related to a workspace. This directly helps you and your organisation keep documents in one place, avoiding the process of emailing or faxing documents between the participants of a workspace. The upload and share functionality allows for the sharing of documents within an electronic environment which might otherwise be exchanged as part of manual settlement (e.g. PPS Release) Important note: The first phase of our file upload does not allow for uploaded documents to be sent to the Land Registry or State Revenue Office.   The Files screen displays all files that have been: Uploaded by you in your current role Uploaded by another Participant and shared with you Uploaded by another Participant but not shared with you Note: The title of any file that has been uploaded by another Participant, but not shared with you, will be displayed but you cannot view the file.   Uploading a new file   The Upload File dialogue box displays once you click the Upload File button. Select Browse file button and locate the file from your computer. When uploading a new file, a File Description must be selected. This helps describe the type of document being uploaded.   Additional notes can be added once you have selected a file description type which will be displayed if the file is shared. You will be presented with three options to share the file:     Share with no one (keep within the Subscriber role) share with selected participants share with all participants (including those which may join the workspace later) Once uploaded, the user may view the document or if required, delete the document. Participants who have had documents shared with them can view these documents within the workspace.   Improved visibility of lodgement verification results on the Document Screen When lodgement verification is performed, the results are displayed alongside your documents in the Documents screen. We provide you with a status of either Successful or Unsuccessful. When a warning or additional information is provided by the Land Registry, you will now be able to readily see these through the introduction of message icons and text messages, calling out the importance of the notification. Details remain available to expand in your document list.     Frequently Used Direct Accounts This change is only applicable to conveyancers and solicitors   When creating disbursements to external accounts, the account details, including account name, BSB, and account number are all entered. In some cases, the same account details maybe referenced many times across a large number of transactions. This means that the details may have to be rekeyed multiple times.   With this release, we are enabling the ability for you to define Frequently Used Accounts, which can then be used when creating disbursements, removing the need to manually enter account details and reducing the chance of error.   Frequently Used Accounts can be added to your profile directly from the Destination Line Item screen in the workspace or via the Financial Accounts screen in the Administration section. Note: These accounts are separate to Trust accounts and Office accounts.   Checklist – Discharge Authority You’ll be pleased to know checklists will be available in PEXA, helping you with the completion of common tasks, e.g., executing a Discharge Authority. The Checklists will include all steps in the process - even those that may reside outside of the core PEXA platform – ensuring the successful completion of your transaction. The example below showcases the checklist panel for a new Discharge Authority. You’ll note the Checklist appears on the Workspace Summary screen. It will be displayed in instances where a Financial Institution in the role of Mortgagee on Title has:     Created a Workspace with financial settlement, or Accepted an invitation to join a Workspace which includes financial settlement.      In this instance, there are two checklist items that will appear: Discharge Authority sent to <Subscriber Organisation Name> Discharge Authority received by <Subscriber Organisation Name> Note: Subscriber Organisation Name refers to the Financial Institution acting in the role of Mortgagee on Title.   Why does a Discharge Authority require a Checklist? Many Subscribers have indicated that there are too many conversations on the same topic per workspace and they find it difficult to scroll through conversations to try and find the status of the Discharge Authority. The Checklist provides the relevant information for you at a glance. Rules While there are no system rules as to who can check the checkbox, the Subscriber Organisation name, date and time will be recorded next to the Checklist item in the following format: checked by: <Subscriber Organisation Name> DD/MM/YYYY HH:MM AEST> If the checkbox is unselected then the timestamp is removed. Please note, the checklist does not impact the PEXAs rules in progressing a workspace.   Feedback If you have any feedback on this functionality, and possible improvements, please post on our eConveyancing community feedback forum. ... View more

PEXA is pleased to present the next release of the PEXA System, Release 5.1, scheduled for business go live 6 March, 2017. In this minor release, PEXA introduces: Changes to settlement resilience and defaulting lodgement override; VIC – Notice of Acquisition Regulatory Change (part 2); Notification emails – Merging of Workspace Completion emails; Notification emails – Lodgement Case Examination Completion emails; Invitations – update of declining reasons; Invitations – addition of optional field to include customer/loan number Nominations - Re-wording of VIC Nomination question.   Settlement Resilience Change – Default Override As part of this release, PEXA will automatically invoke the Lodgement Override functionality in the event that a Lodgement technical exception is encountered. Therefore, users will no longer need to opt into Lodgement Override for any new PEXA workspaces created. As Lodgement Override functionality will be defaulted to always 'On', users will no longer have the option to select 'Lodgement Override' or 'Remove Lodgement Override' in the Financial Settlement Schedule. Furthermore, the option to always default Lodgement Override to 'On' within a Subscriber's profile will be removed, as this question has become redundant as a result of this release.     VIC – Notice of Acquisition Regulatory Change (part 2) The Notice of Acquisition for has been updated to align to the paper Notice of Acquisition. Additional fields include updates to ‘Primary Land Use’ values, option to add transferors contact details; option to add contact details for transferors and transferees and option to add ‘Name Title’ for transferors and transferees in the Participant screen. (Referencing PEXA CR622)   Invitations – update of declining reasons The reasons available for selection when declining a Workspace invitation will be refined to improve the clarity of the invitation decline reasons. (Referencing PEXA AXL-417)   Invitations – additional of optional field list to include customer/loan number When inviting mortgagees into a PEXA Workspace, there is now an additional field 'Customer Account/Loan Number' added to the invitation. This increases the likelihood of the mortgagee being able to identify the customer and accept the invitation. The new invitation screen:   How the new invitation acceptance screen looks:   (Referencing PEXA CR590)     Workspace Completion emails To reduce the number of emails you receive from PEXA, we have consolidated a number of them into one workspace completion email. This consolidated email will inform you that settlement has completed and list all the documents in the workspace, their statuses and dealing numbers. (Referencing PEXA AXL-456 and AXL-478)   Re-wording of VIC Nomination question: The 'control of title' question on the Nominations Screen for Victoria has been improved. The questions now refers specifically to electronic control, so there is no confusion between paper and electronic control of titles after a transaction is completed. Specific Question Change: FROM “Do you wish to retain control of the title after the transaction” To “Do you wish to retain eCT/electronic control of the title after the transaction”           ... View more