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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