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4 weeks ago
1 like
Two settlements today (one was meant to settle yesterday but the bank was not ready) both with the same bank, both resulting in me having to back to the purchaser to ask for more money because the "Loan Amount" included fees the bank were going to be taking out at settlement, like a title search and the loan fee. But the information was provided to the customer in their loan approval letter - that's great but guess what? The customer didn't tell me this information. I am loving the new FSS, takes a little getting used to, but can we also have a section where the bank can upload the loan amount that is going to be applied TO THE LOAN (including stamp duty, LRS fees LUV fees, etc because we all account for these in adjustments) BUT NOT THEIR INTERNAL BANK FEES THAT NO ONE ELSE IS AWARE OF. It makes me look incompetent going back to the purchaser asking for more money. I am so over being made to look stupid by banks. I am lucky most times to receive any kind of confirmation from the banks of the amount they are providing. There has to be a simpler solution. $xxxxxxxx AMOUNT PROVIDED BY LENDER (INCLUDING STAMP DUTY AND GOVERNMENT CHARGES, NOT BANK FEES) Clear enough - can we have this in the PEXA workspace please?
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30-04-2021
01:57 PM
1 like
Wow, I am having exactly the same interaction with the CBA on a settlement today and am currently into my third go at getting through to their 1300 number (sitting at 48 minutes). My client, the vendor, was told that the CBA "does not like to talk to the conveyancer". We sent in the DA early last month, updated it more than two weeks ago and have sent conversations in PEXA asking what else they required to accept the settlement date and time - heard NOTHING. Today when I put in PEXA conversations my attempts to contact them I receive a generic response that it's with the some team. They call my client today and ask how she would like the funds disbursed (that's when they told her they don't like to talk to the conveyancer). She has had to call them back several times to try to get this matter happening because every means I have is met with RADIO SILENCE. I am getting sick of this treatment by the bank. I would love to know where I can make a complaint. I have used the Feedback tab and taken screenshots of my messages ... we are now two and a half hours past the due settlement time and the purchaser is waiting with a truck full of furniture to move in. I have asked them in PEXA to sign off or to give me a reason why we are not settling today. I have spent the whole day on this and if I hear another "we are currently experiencing long delays ... please stay on the line where our team will be able to assist you". I simply don't have the time nor the inclination CBA - just do your job.
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11-02-2021
10:11 AM
1 like
Would it at all be possible for the banks to agree to a uniform discharge authority that could be accessed by vendor solicitors in the PEXA workspace, downloaded as a PDF so we can fill our details and the property details in and then forward to the vendor to complete details such as bank account, is the facility closing, etc? It is impossible to complete these online forms as a practitioner because you don't have, and don't want to have, all the client's bank details or arrangements with their lender. Is is possible for the bank to take the initiative and follow up with the vendor when the uniform DA is received - after all they can see all the banking facility on their system. Solicitors like to oversee the DA process so we know 1. that our firm details are correct or the bank won't talk to us; 2. the property details, such as title reference, is entered correctly, so that bank knows which property is being discharged; and 3. so we know it is being lodged and not relying on the vendor to go to their bank website and fill in a form that they won't understand half of what is being asked of them. This would certainly make life a lot easier. Perhaps the Uniform DA could trigger within the bank an email to the client to provide those other details such as bank account, closing facility or reduce by how much? Or is this simply too much to ask?
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27-03-2020
10:16 AM
Do I pay the estate agent using the Third Party Beneficiary category in the destination line items? Thanks.
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19-03-2020
03:41 PM
Just a thought. Is there any way possible the banks could offer solicitors and conveyancers a portal by which they can check the progress of their client's finance application? It wouldn't need to divulge any details other than "approval pending/waiting for valuation" "unconditional approval given, click link for approval letter" or "loan documents signed". Whether this is accessed from the bank website or PEXA, I don't know. Also, it would be handy too if banks would also advise whether the funds provided for settlement included an amount for mortgagee insurance so we didn't get to the day of settlement and discover the amount the bank is providing is now a few thousand short?
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29-11-2019
11:31 AM
1 like
Can you please advise how you verify the source line item which is the linked financial settlement funds in the trailing workspace or does this happen automatically when the preceding workspace is ready ready? Thanks
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28-11-2019
02:48 PM
2 Likes
I am utterly frustrated by the practice of some banks - one in particular - of not dealing with a work space until the day of settlement. I've had a matter delayed because the bank realised on the day of settlement that the incorrect mortgage documents had been signed by the other side (purchaser) and the purchaser had to resign which tool several days of delay. Too bad if this was a linked financial settlement for my vendor client. Conversations are not being read prior to the day of settlement in the PEXA work space and when they are read on the day there is no response to urgent requests for them to do things. YOU THEN SPEND THE REST OF THE DAY TRYING TO GET THE MATTER TO BALANCE AND THE BANK TO SIGN OFF. This is not saving any time, rather wasting my time and increasing my blood pressure. PEXA, where do we go to complain about the bank's lack of urgency? I have used the feedback button in the work space a couple of times and get nothing. NO ONE SEEMS TO BE ACCOUNTABLE, meanwhile I am becoming increasingly distressed about the failure to have matter ready ready before the settlement time. If the banks could provide an indication of funds available or required to settle a week out from settlement, we understand there may be a slight variation to the day of settlement, this would make life so much easier and less stressful. As one person stated above, this was done for paper settlements, why has it changed to the day of? I am a sole practitioner and on settlement day I am beginning to feel very isolated because the banks don't communicate. There is no feedback, it's like trying to deal with a brick wall. I've tried ringing the hotline only to be on hold for an hour and a half - watching the settlement time roll over. You begin to feel rather manic repeatedly typing messages into the conversation panel which are not being read and aren't being acknowledged. It's just not good enough. If someone has some suggestions for dealing with this lack of communication I would love to hear it. Also, has anyone else been caught out by the bank including Mortgage Insurance in the approval figure? I had one bank provide a figure in the confirmation of finance letter and nothing was mentioned (until the day of settlement when the client had a shortfall) that this was suppose to include an amount for mortgage insurance (which we don't normally deal with or know anything about) so we ended up being short. Can the banks provide a breakdown of where the funds are to go if they are not going to be made available for settlement? Rant over ... but I could go on unfortunately.
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22-10-2019
03:22 PM
3 Likes
How can a bank get to the day of settlement and ask their client to resign mortgage documents or that the client hasn't got enough funds in their authorised account for settlement. We are at the day of settlement, should not the documents have been checked before now and the funds for settlement checked on? This is simply not good enough. It really does feel as though the banks just don't care. You bust your gut getting organised for settlement, making sure everything is good to go for the client and the first sign of an issue is the settlement rolling over and the bank NOT even reading, let alone responding, to your urgent requests for information about why settlement has been delayed.
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08-10-2019
10:25 AM
2 Likes
The conversation button in PEXA does not work because the banks don't appear to be monitoring work spaces even though it is settlement day. A hotline number where you remain on hold for an eternity is also not good enough when the settlement time slot keeps rolling over. Imagine if we did not accept the settlement date until one hour after the proposed settlement time? We would be called negligent, incompetent and irresponsible. It's simply not good enough. In this day and age why is it so hard for banks to do what they need to do so the system can work smoothly. If they don't have enough staff, well employ some. I am wasting my valuable time chasing up banks to do what they are suppose to do and the clients get cranky with me because I can't give them an explanation as to why their matter has not settled because there's nothing coming back from the banks. Maybe there should be a penalty imposed on the banks when they don't meet their own targets, ie $20 paid to the customer every time settlement is delayed because the bank is not being proactive or, if they are being proactive, failing to communicate this with the other party.
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