Ready to Book | Help Centre

Saysa · ‎28-02-2022

Published: 28 February 2022
Jurisdiction: All
Resources: TBC

R15.1.1 NOTE
This feature is available as a pilot release to select members.

Roles: Incoming Mortgagee, Mortgagee on Title

Transaction type: Refinance

Overview

Simplify the Settlement booking process by using Ready to Book.

Available in all Refinance Workspaces, the Ready to Book process reduces manual handling by automating the settlement booking process. Instead of users manually coordinating and accepting the settlement date and time, PEXA will schedule the earliest Settlement Date and Time for everyone, after they've indicated that they're Ready to Book.

Key benefits:

Improves settlement certainty and efficiency
Removes delays
Minimises data entry
Minimises rework

How does the Ready to Book process work

View details

STEP 01.

Set your lead time preferences

Set the number of days you need between specifying you're ready to book to Settlement itself. So you have enough time to prepare the Workspace for Settlement.

STEP 02.

Create a Ready to Book Refinance Workspace

Create a Refinance Workspace with the Ready to Book option selected.

STEP 03.

Specify you’re Ready to Book

It's up to you to decide when you're Ready to Book. For better settlement certainty, read our Ready to Book guidelines.

Once everyone in the Workspace specifies that they’re Ready to Book, PEXA will schedule the earliest Settlement Date and Time for everyone, based on the lead time preferences they’ve set.

STEP 04.

Notify Participants that you’re Ready to Book

Once you have specified that you're Ready to Book, notify the other participants in the Workspace that you're ready by using the Conversations tool.

STEP 05.

Prepare for Settlement

Now that PEXA has booked a Settlement Date and Time, you can focus on getting the Workspace ready for Settlement.

Activities performed during this stage typically include:

Calculating and entering payout figures
Verifying funds
Signing off so that the Workspace moves to Ready/Ready status

STEP 06.

Settle

Once the Workspace moves to a Ready/Ready status, the Refinance Workspace will settle at the scheduled time.

Although PEXA has scheduled the Settlement, you still have complete control of the booking process, and you can change the Settlement Date and Time if required.

Example – How PEXA books a settlement date and time

PEXA uses the following information when booking a settlement date and time:

The date the participants specified they're Ready to Book.
The lead time preferences (set by each participant).

In this example, both Workspace participants have set the lead time preferences and have specified that they're Ready to Book.

Lead time considerations:

The Incoming Mortgagee needs 1 day lead time and cannot settle on Fridays.
The Mortgagee on Title needs 2 days lead time and can settle on any business day.

Ready to book date:

The Incoming Mortgagee was ready to book on Monday at 11am.
The Mortgagee on Title was ready to book on Tuesday at 3pm.

Based on the date the participants specified that they're ready to book and their lead time preferences, PEXA determines that the earliest possible Settlement Date and Time suitable for everyone is Thursday 3pm.

Per-user feedback, we've assigned dedicated periods during the day that Ready to Book refinances will be scheduled for. To allow panel firms' funds to clear and prevent refinances clashing with popular transfer settlement times, PEXA will schedule refinances into settlement timeslots between 2:30pm AEST and 4:00pm AEST.

Steps

Process

1. Setting the lead time preferences

1. Setting lead time preferences

Setting the lead time lets you define the number of days you need to prepare the Workspace for Settlement and specify which business days you're available for Settlement.

The default lead time for booking Settlement is 3 days and any business day. However, you can set your parameters for your subscriber profile:

Set the lead time for each role you assume in the Workspace: Incoming Mortgagee and Mortgagee on Title.
Set the Subscriber lead time and/or Panel Master lead time for each role you represent.

Lead time preferences – Subscribers

Whether you take on the Workspace Role of an Incoming Mortgagee or Mortgagee on Title, you can set a lead time for that Workspace Role.

To set the lead time preferences for your subscriber profile, do the following:

Navigate to Administrator Tools > Manage Subscriber Details.
Scroll down to the Refinance Lead Time Preferences section.
Specify the following for the Incoming Mortgagee and Mortgagee on Title:
- Number of business days: The number of days you need in advance of Settlement day to prepare your Workspace.
- Refinance Booking Availability: The days you’re available for booking.
Save the changes.

Lead time preferences – Panel Masters

If you represent a Panel Master, you can also set specific lead time preferences that will only be considered when representing that Panel Master.

To set the lead time preferences for a Panel Master that you represent, do the following:

Note: The lead time preferences you set for a panel master overrides the lead time preferences you set for your subscriber.

Navigate to Administrator Tools > Manage Frequently Represented Parties.
In the Panel Master List section, select Set next to the panel master you represent.
Specify the lead time for the Incoming Mortgagee and Mortgagee on Title:
- Number of business days: The number of days you need in advance of Settlement day to prepare your Workspace.
- Refinance Booking Availability: The days you’re available for Settlement.
Save the changes.

Note: If you represent a Panel Master whom you haven’t set the lead time for, then PEXA will use the lead time preferences you’ve set for your subscriber profile.

2. Creating a Ready to Book Workspace

2. Creating a Ready to Book Workspace

To create a Refinance Workspace that follows the Ready to Book process, you will need to meet the following requirements:

Select Create New Workspace. and create a Workspace with the following settings:
- Transaction Type: Refinance
- Financial Settlement Required? : Yes
- Ready to Book Transaction: Select check box
Save the changes.

If one or more of the above requirements aren’t met, Ready to Book won’t be applicable to that given workspace.

3. Specifying you’re Ready to Book

3. Specifying you’re Ready to Book

It’s up to you to decide when you’re Ready to Book, but we recommend you do so as soon as:

You’ve processed loan documents (if you’re an Incoming Mortgagee), or
You’ve processed the Discharge Authority (if you’re a Mortgagee on Title).

To specify that you're Ready to Book:

Navigate to Settlement > Financial Settlement Schedule.
Click Ready to Book.

Alternatively, you can click on the “Confirm ready to book” link on the Workspace Summary > Outstanding Tasks panel.

Once everyone in the Workspace specifies that they’re Ready to Book, PEXA will schedule the earliest Settlement Date and Time for everyone, based on the lead time preferences they’ve set.

If PEXA cannot find a mutually suitable Settlement time for everyone in the Workspace, we suggest you set the Settlement Date instead.

Workspace age

To assist in prioritisation, your refinances will show a Workspace age (2 days, 5 days, 7 days etc.) rather than a Settlement Date and Time.

The Workspace age is shown as:

Pending (Workspace Age: X days)
Pending Others (Workspace Age: X days)
01/01/2022 14:30 AEDT – Booked (Workspace Age: X days)

4. Sending a conversation

4. Sending a conversation

Once you have specified that you’re Ready to Book, notify the other participants in the Workspace that you’re ready by sending them a Conversation in PEXA Exchange.

5. Preparing the Workspace for Settlement

5. Preparing the Workspace for Settlement

After a Settlement Date and Time has been scheduled, you can go ahead and prepare the Workspace, so it moves to a Ready/Ready status.

Here are some things to check:

The payout figure has been entered.
Funds have been verified.
The Discharge of Mortgage or Mortgage has been prepared and ready for Lodgement.
All participants have signed the Workspace.

Learn more about the refinance process at PEXA.

6. Manually entering a Settlement Date and Time

6. Manually entering a Settlement Date and Time

If you do not wish to use the Ready to Book feature and prefer to manually enter the Settlement Date and Time instead, you can do so at any point. You might choose to enter the settlement date and time manually to bring settlement forward or if last-minute issues arise before settlement.

Navigate to the Financial Settlement Schedule screen.
From the action cog, select Set Settlement Date.
Select the preferred date and time for Settlement.
Save the changes.

Note: By removing the Settlement Date and Time or by manually entering a Settlement Date and Time, it overrides any Settlement previously booked, and the Workspace reverts to a non-Ready to Book Refinance Workspace where all participants need to accept the settlement date and time.

Linked Workspaces

With the introduction of the Ready to Book process, the ability to link Workspaces for simultaneous settlement will still be available within a Ready to Book Refinance Workspace. However, due to the nature of the simultaneous settlements of linked Workspaces, the Workspace will revert to a non-Ready to Book refinance Workspace upon the successful linking of a Ready to Book Refinance workspace. Per the current process, participants will need to manually align the settlement date and time across the Workspaces to achieve a simultaneous settlement.