PEXA Release 15.1.0 | 07 February 2022

[Saysa]

PEXA is pleased to present PEXA Minor Release 15.1.0, scheduled for business go live 07 February 2022.

UPDATE: There is no expected outage during the rollout of this release.

Key Highlights

• Proprietor on Title can redirect handling of the vendor surplus (ALL)
• New setting: Unsign the FSS when auto-calculated vendor funds changes (ALL)

Other Highlights

• Ability for Incoming Mortgage or Mortgagee on Title to join existing Workspaces (ALL) (Updated 27/01/2022 - New screenshot)
• Ability to sign Mortgage before Lodgement Verification (ALL)
• Moved the 'Set Settlement Date' link on the Settlement screen (ALL)
• Updated the Settlement Completion email (ALL)

APIs

• New API: Financial Settlement Schedule (FSS) (GET FSS lineitems)
• New API: Workspace addresses (GET Workspaces addresses) (Updated: 24/01/2022)

Proprietor on title can redirect handling of the vendor surplus (ALL)

There are times when the Mortgagee on Title  mistakenly assigns handling of the vendor surplus to themselves when it should be assigned to the Practitioners representing the Proprietor on Title.

Practitioners representing theProprietor on Title can now redirect the handling of surplus away from the Mortgagee on Title by clicking Assign to me on the Financial Settlement Summary screen. Upon clicking, Practitioners will be asked to confirm the vendor surplus redirection. By confirming, the Mortgagee’s vendor funds line item is automatically removed.

Important Note: The Mortgagee on Title remains signed even when the Mortgagee vendor funds line item is removed. 

The Mortgagee on Title is advised of this line item removal via email, on-screen notification, and the History screen.

(Referencing PEXA AXL-3476)

New setting: Unsign the FSS when auto-calculated vendor funds changes (ALL)

We have created a new setting to let Practitioners (who represent Proprietors on Title) specify if they want the Financial Settlement Statement to be unsigned when the Mortgagee on Title’s Auto calculated vendor funds line item is updated.

A Subscriber Manager can locate this setting in Administration Tools > Maintain Auto Calculation.

The options for unsigning the Settlement Statement are:

• Yes to unsign the Settlement Statement whenever the Mortgagee on Title’s vendor funds line item changes. Note: this will be the default selection.
• No to remain signed even when the Mortgagee on Title’s vendor funds line item changes.
  We'll notify you of changes if you select No, but we won't unsign the settlement statement.

(Referencing PEXA AXL-3537)

Ability for Incoming Mortgage or Mortgagee on Title to join existing Workspaces (ALL)

When creating a new Workspace in the role of Incoming Mortgagee or Mortgagee on Title, PEXA can identify if a land title is used in another Workspace. If one already exists, the subscriber can choose to Join the Workspace. Joining a Workspace minimises duplicate Workspaces and increases efficiencies by removing the wait time for an invitation and improving the readiness of a Workspace.

To join a Workspace, the subscriber must select the check box to confirm their relevance to the transaction.

A banner will display on the Workspace Summary screen to notify other participants that a party has joined the Workspace.

The banner will remain for each subscriber until they opt to clear the banner and clearing is not mandatory.

The Join Workspace feature is available for the following roles:

• Incoming Proprietor (existing)
• Proprietor on Title (existing)
• Incoming Mortgagee
• Mortgagee on Title

If any other roles create a new Workspace and PEXA identifies that the land title is used in another Workspace, it will display the following screen:

(Referencing PEXA FS-7000)

Ability to sign Mortgage before Lodgement Verification (ALL)

From this release, Incoming Mortgagees can sign their Mortgage before Lodgement Verification. This means that you’ll no longer have to wait for other participants in the Workspace to progress their documents to ‘Prepared’ before signing off on your Mortgage.

(Referencing PEXA EX1-17541)

Moved the 'Set Settlement Date' link on the Settlement screen (ALL)

It’s time-consuming to coordinate and re-propose a Settlement Day once it has failed to settle on the scheduled date. To make it easier to update a Workspace Settlement Date and Time, we have moved the Set Settlement Date link, so it’s no longer located within a cog but displays as a button on the Financial Settlement Schedule screen.

(Referencing PEXA EX2-10736)

Updated the Settlement Completion email (ALL)

We've updated the Settlement Completion Email notification based on user feedback to clarify that settlement funds are yet to be disbursed although Settlement has been completed. We’ve also tweaked some formatting to make it easier for you to read.

(Referencing PEXA EX2-10738)

New API: Financial Settlement Schedule (FSS) (GET FSS lineitems)

Summary

As part of the 15.1.0 release, we will deliver the GET operation for the Settlement Schedule API. The endpoint allows you to retrieve settlement schedule source and/or destination line items for a given Workspace.

PEXA’s Financial Settlement Schedule (FSS) is a collaborative tool that contains electronic financial transaction directions for all source and destination line items. All payments are disbursed automatically at settlement, so you’ll no longer spend time waiting for cheques to clear.

The Settlement Schedule API offers a collection of operations that you can perform on the Settlement Schedule within a Workspace.

Resource URL

GET /exchange/v1/Workspaces/{WorkspaceId}/settlementSchedule/lineItems

Highlights

• You can invoke this endpoint at any time as it is not dependant on the Workspace status.
• The subscriber calling the API will get relevant details for each line item, depending on whether or not they own the line item.
  For example, owners will see more information for line items that they own than those that they don't own. (The current PEXA Exchange application follows this same principle).
• The API returns:
  • Source line items and destination line items including:
  • ID, line number, assigned to, category, payment method, account details, amount, owner, last updated by, last updated timestamp and more.

Here’s a snippet of what the line items look like in PEXA Exchange:

Here’s a snippet of the delivered response when the API is triggered for a given Workspace:

(Referencing PEXA APIS-1516)

New API: Workspace addresses (GET Workspaces addresses)

Summary

This new API supports the retrieval of addresses for a given Workspace.

Addresses returned will contain associations to other entities such as parties, properties or documents on the Workspace.

Resource URL

GET /exchange/v1/Workspaces/{WorkspaceId}/addresses

Highlights

• The API can be called by a subscriber that acts in the role of:
  • Mortgagee on Title
  • Incoming Mortgagee
  • Proprietor on Title
  • Incoming Proprietor
  • Incoming Caveator
  • Caveator on Title
  • Encumbrance on Title
  • To Deal with an Interest
  • Applicant
• The API returns:
  • Address IDs and address related fields, e.g. road number, suburb, country, address label.
  • Entities such as parties, properties and documents associated with an address.

Here’s a snippet of the delivered responses when the API is triggered:

Address with association to parties within a Workspace

Address with association to property address within a Workspace

Address with association to document within a Workspace

(Referencing PEXA APIS-2194)