Digital Processing of Conveyancing Transactions As part of the digital transformation of the conveyancing industry, reforms announced by Land and Property Information (LPI) in New South Wales will impact how Financial Institutions and their Representatives lodge certain registry instruments in New South Wales from March 2017. These changes align with reforms introduced by Land Victoria and Landgate (WA) in 2016. LPI Changes 1 March 2017 Where the mortgagee is an ADI: a discharge of mortgage signed on or after 1 March 2017 must be lodged using an ELN, except where the discharge of mortgage is to be lodged with any other dealing affecting the same folio(s) of the Register; and a mortgage to which the National Credit Code applies signed on or after 1 March 2017 must be lodged using an ELN, except where the mortgage is to be lodged with any other dealing affecting the same folio(s) of the Register. Full provisions available at http://www.lpi.nsw.gov.au/__data/assets/pdf_file/0016/215116/Conveyancing_Rules_October_2016.pdf Access to PEXA can take place in a number of different ways; financial institutions can subscribe to PEXA and perform their own transactions, or use a representative to carry out transactions on their behalf. As a Financial Institution choosing a Representative Subscriber to transact on your behalf in PEXA in New South Wales, you will need to ensure that the following are in place for each of your Representative Subscribers well in advance of 1 March 2017: your nominated Representative Subscriber is a PEXA Subscriber a Client Authorisation Form (CAF) signed between you and your Representative Subscriber authorising them to electronically lodge standalone mortgages and discharges of mortgage on your behalf in PEXA. If you have a Non-Transacting Panel Master Agreement (NTPMA) or Participation Agreement (PA) with PEXA: you have set up your Representative Subscriber as a Panel Member in PEXA your mortgage reference data (e.g. covenants, operative words) has been uploaded to PEXA so it does not need to be entered manually for each new mortgage created in PEXA by your Representative Subscriber. As a Representative Subscriber already participating in the PEXA Network, you will need to ensure that the following are in place for each of your Financial Institution clients transacting in New South Wales well in advance of 1 March 2017: a Client Authorisation Form (CAF) signed between you and your Client authorising you to electronically lodge standalone mortgages and discharges of mortgage on their behalf in PEXA you have taken reasonable steps to verify the identity of your Client. If your Client has a Non-Transacting Panel Master Agreement (NTPMA) or Participation Agreement (PA) with PEXA: your Client’s mortgage reference data (e.g. covenants, operative words) for New South Wales has been uploaded to PEXA so it does not need to be entered manually for each new mortgage created in PEXA your Client has set you up as a Panel Member in PEXA. As a Financial Institution wishing to register in PEXA to transact on your own behalf, please contact your PEXA account manager or email us: transformation@pexa.com.au
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