Broker Resources FAQs
8 Things You Must know about PEXA and Digital Docs
MSA receives instruction from Advantedge post Unconditional approval whereby MSA will send an email to the broker acknowledging receipt and that documents will be issued shortly. All matters are allocated a case manager who manage the transaction from start to finish ensuring a single point of contact for queries or issues. For your convenience the case managers direct phone and email details are included in all correspondence.
Document Preparation stage: Once documents have been issued an email is sent to the Broker confirming:
- The documents have been issued
- How they have been issued (digital or posted)
- The address they have been issued to
- If posted, we will also include the express post number for tracking
Document returns: Emails are sent to the broker and conveyancer at the following points
- Once documents are returned an automated email is sent to the broker confirming that the documents will be checked within the next 16 business hours. This incorporates a final examination check to ensure settlement is ready.
- Once the documents have been reviewed an email is sent confirming the outstanding documents required
Ready to book settlement: Once a matter has successfully completed its quality check a manual email is sent to both conveyancer and broker confirming all requirements are satisfied and that settlement can now be booked.
Settlement booked: Once settlement has been booked, a manual email is sent confirming the date, time location of settlement
Once MSA is instructed by Advantedge, loan contracts will be produced within 2 business days.
- For customers eligible for Digidocs, these are sent directly to the customers email address for signing and a ‘view only’ copy sent to the Brokers email address.
- For customers receiving paper documents, these will be subject to Australia Post timeframes and can take up to an additional 3 days.
Digidocs provides visibility of the document process to the Broker by:
- Emailing a ‘read only’ copy directly to the broker at the same time as the customer
- Brokers are aware customers have received documents and can ring to guide them through the process (if required)
- Once the documents have been successfully signed by the customer; another email update is sent to the Broker to advise of this
NOTE: These communications are not available when paper documents are sent.
To complete document verification and be ready for settlement, MSA require the following documents. These are in addition to the executed legal loan contracts & without these settlement cannot be booked.
- A current copy of Property Insurance for the security property noting The nominated lender and for the specified replacement value (MSA instructions will advise this amount)
- A recent Bank statement confirming customers Direct Debit Account
- A recent Bank statement confirming account nominated in the Loan and Settlement Authority
- Where unsecured debts are to be refinanced documents confirming how they are to be paid out (BPay or account numbers) and the pay out amount
- We may require other documents from time to time but we’ll help guide you through these should the need arise
This depends on:
- Type of settlement,
- All required documents being signed and returned and
- All other parties agree to the proposed date
- Once loan contracts are returned MSA requires up to 3 business days to verify all information is held and correct to ensure settlement and registration can occur smoothly.
- This includes holding the Property Insurance and required bank statements.
- Once the matter is confirmed as ready to settle MSA requires up to 15 days to gain acceptance from the other parties (including Pexa transactions) to ensure settlement can be booked in.
TIP: The earlier all parties receive the discharge authority, the sooner a settlement date can be booked.
For Fast Refinances
- Once all documentation is held, confirmed and ready to settle it takes an additional 2 days to organise funding and complete the refinance.
TIP: To ensure a smooth fast refinance make sure all documentation is completed correctly and forwarded to MSA. Most delays to a fast refi transaction relate to missing documents particularly the most recent 3 months loan a/c statements confirming balance, interest rate, term, repayment amounts, and interest charged each month.
- Once all completed documents are returned, MSA requires up to 3 business days to verify all information is held and correct.
- MSA will place the file ready for settlement and co-ordinate with all other parties including the purchaser and seller’s solicitors to book in a settlement date
For Variations (Top up)
- Once loan contracts are returned and confirmed all information is held and correct MSA will arrange with Advantedge to provide funds to the customer within 3 days.
Yes. Where documents are missing or incomplete, MSA’s Case manager will email the Broker with the outstanding requirements and work with the Broker/ customer’s solicitor to resolve. Unfortunately, we are unable to book in a settlement with missing or incomplete information.
Loan track is MSA’s system to provide application updates to BDM’s and Brokers. Loan track provides a complete history of the application including:
- Key Milestones
- Access to commentary to assist in understanding any issues that might need resolving.
Loan Track can be accessed via https://www.settlements.net.au/loantrak/default.asp
- The benefit of Digidocs comes in eliminating postage wait time and reduces signing errors
- Once Digidocs are returned the standard verification process follows to ensure the application is in order to settle.
- The introduction of PEXA has been a great leap forward once settlement is booked as physical settlement attendance is no longer required and registration can occur automatically. However prior to settlement booking, MSA still require the same amount of time to co-ordinate with other lenders and or Solicitors.
- For refinances the PEXA industry standard is 15 days from receipt of the discharge authority by both lenders.