About Kate_Camilleri

  Hi Allan,    General information about second mortgages and duplicate CT's is available in this post:  https://community.pexa.com.au/t5/Frequently-Asked-Questions/How-do-second-mortgages-work-in-PEXA/ba-p/729 But please direct message me with further details of the settlement so we can help get it resolved with the Banks involved,    Thanks,  Kate.  ... View more

  We understand your frustrations in relation to tasks not being completed in time for settlements to take place at the date and time agreed by all Parties.   Industry Transfer Guidelines require all Parties to meet timeframes in relation to completion of workspace tasks. Banks are required to enter indicative Payout figures 2 days before settlement and Loan Proceeds 5 days from Settlement. Banks are provided with regular reporting on their adherence to these and other Industry Guidelines and have used, and continue to use this information to drive improvements in their processes, systems and training.   Practitioners are encouraged to provide feedback on Bank performance in specific workspaces via the workspace survey and using the Feedback tool in the workspace. This feedback is received by Banks and an increasing number of Banks are reaching out to Practitioners to follow-up.   Recognising that a standard transfer requires timely completion by all four parties of time-critical, interdependent tasks, PEXA is working with the major banks to roll out new tools to assist with workflow management and is introducing a new FSS Summary that assists with orchestration of the tasks required to effect financial settlement. Further work is planned to build guidelines into the workspace to provide greater transparency for all Parties to see what needs to be done when, to meet settlement.   So please keep the feedback in workspaces coming as the Banks do receive and use it, please know that performance is monitored and guideline adherence is taken very seriously and look for more information posted here on Community about new system functionality designed to improve the settlement experience for all Parties.   Thanks,    Kate.    ... View more

Hi @Larkin  thanks for your post. Here’s a link to the Consent process in our help centre: https://community.pexa.com.au/t5/forums/replypage/board-id/Ask_A_Question/message-id/6406   If you do a search on “NSW Consent” you can find lots of further information.    I hope that’s helpful, post again if you have any further questions.    Thanks,   Kate.  ... View more

Morning @EricF and @PrueHUTCHINSON    You are right @PrueHUTCHINSON   you can use the same workspace to represent the same party, in this case the Vendor (PoT) and the Incoming Mortagee.  CT will be issued to the Incoming Mortgagee via their Representative.    Please feel free to direct message me if you'd like to talk through any further aspects of these settlements.  ... View more

  Yes @AaronG and @JoyD, the Banks are currently revising their Refinance Guidelines, but some guidelines around Consents will be coming soon. It would be great if you could post some suggestions below for what Consent Guidelines might include. E.g Invitation acceptance timeframe, additional information to include in the invitation, Practitioner and Bank tasks and timeframes.  ... View more

Hi @LWeal and @lornafoley , thanks for raising this, we're working on a solution that is likely to cater for this scenario. I will provide more d etails as soon as I can.  ... View more

Hi @karzkeenan    Yes Refinances with these additional requirements are routinely done on PEXA. The PPSR release is uploaded into the workspace prior to settlement, and the Bank Guarantee is swapped before or after Settlement, sometimes with support of the industry undertaking available here under Electronic Conveyancing – Significant commercial refinance transactions https://www.ausbanking.org.au/banks-in-australia/industry-standards/   Please feel free to direct message me to discuss these options in more detail.  thanks   Kate.  ... View more

  Thanks Caz, other Lenders have expressed interest in this enhancement so we will add it to the list for consideration.  Kate.    @Beck  ... View more

  Thanks Vanessa.    We are always keen to get suggestions on how to make the Refinance process more efficient.  Can you provide some more information, perhaps an example, of the current issue?  I understand it as: A new Lender provides finance on the condition that specific existing loans are paid out. Currently, all the new Lender can see in the FSS is loan payout amount/s, but no details as to the accounts to which the funds will be directed. Therefore, they can't ensure the conditions of the loan have been met.  There maybe some privacy issues in relation to making account details from an OFI visible to a new Lender in a workspace, but with your confirmation that I have understood the requirement/scenario, we'll provide feedback on feasibility of the change you've suggested.  @IsaacK  @AvinaAl  Thanks,  Kate.  ... View more

Hi @JulesM,  LRS have recently published this guide advising how to process old discharges of mortgage:  http://www.nswlrs.com.au/?a=223657 Let me know if you need any further information.  Kate.  ... View more

  Hi Dalton,  The  Guidelines are structured to drive (encourage) the completion of tasks as early as possible, and with the exception of FSS tasks, do not specify "no later than" timeframes. It might be timely to reconsider this, and the best forum is the fortnightly Banking Operations teleconference. Let me know if you need details.  Thanks,  Kate.  ... View more

Hi @Dalton1,  Here is the industry guideline for PEXA transactions:  10. DOCUMENT COMPLETION AND SIGNING Task: Where there is a mortgage on the title, the   Mortgagee on Title     also creates and signs the Consent document for both an electronic and paper Certificate of Title. Timing: Once the Discharge Authority has been received.  Thanks,  Kate. ... View more

Hi @sjdlaw I appreciate the frustration, sometimes this occurs when a transaction moves between the paper and electronic pathway, can you please direct message me the details and I will follow-up.  Thanks,  Kate.  ... View more

Hi @MARS We understand your frustration. The industry transfer guidelines are available here and they are an invaluable tool for parties to understand what needs to be done in the workspace and when. There is no provision for documents to be printed from a workspace. Please direct message me so we can follow up.  Thanks, Kate.  ... View more

Currently for a Refinance transaction where a Bank Guarantee is involved and it can not be swapped prior to settlement, Land Use Victoria will accept this transaction in paper providing the cover sheet stating the reason is provided with the paper documents. This process/cover sheet is currently under review in the industry working group for applicability to the transfer mandate on 1 October. More information will be posted soon.  ... View more

  Hi Dom,   Thanks for your post, we are working on new functionality for Brokers. In the meantime, check with your Lenders as to what alerts and notifications they have made available for digital transactions.    Kate.  ... View more

Great suggestion Nicola, we'll let the community know when this is done.  ... View more

Hi @sjdlaw   We're sorry you've had this problem, can you please private message me the workspace ID so I can follow-up?    thanks,    Kate.  ... View more

  You're right @MaddieT, if the instrument can be auto-registered it will be completed very soon after lodgement in all states except SA which registers manually generally within 3 business days.  ... View more

  Hi Jenny,    Can you direct message me your contact details and I'll call to work this through with you.    Thanks,  Kate.  ... View more

If you can private message me the details of the workspace, we'll provide this feedback to the Bank.  ... View more

Thanks for your post @catemccubbincomau, I’m sorry you’ve had a frustrating experience dealing with some Banks in PEXA workspaces.  As per the Industry Transfer Guidelines, Source Funds (Loan Proceeds) should be entered into the PEXA Workspace by the Incoming Mortgagee well in advance of settlement date and last minute entry should be avoided. Sometimes, the scenario you have described above happens when dependent tasks such as the receipt of the loan document are delayed. When Guidelines are followed, and information is received, processed and entered into the workspace in a timely manner, everyone benefits. The Banks are very focused on meeting Guidelines and we’re working closely with them to monitor and improve their processes. ... View more

  Thanks for listening in to the webinar @DMc, some Banks have indicated a preference to enter amounts for Loan Proceeds and Loan Payouts in the workspace, with the Practitioner subsequently entering any Surplus or Shortfall as required. However, it is important to note that the Guidelines allow for either Party to enter Surplus and Shortfall. We are looking at ways to make this process more efficient for Banks and Practitioners, and your suggestion of an auto-calculate functionality is a great one.    Thanks,    Kate.  ... View more

Thanks for  your post.    A standalone discharge of mortgage signed in August 2017 in the jurisdiction of NSW is required to be processed electronically by the mortgagee on title or their representative, so yes, NAB will need to be contacted to complete the discharge you hold in PEXA.  See post with similar information here.   Thanks,   Kate.  ... View more