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Bulk Conversion Scenarios

The following tables provide indicative scenarios for bulk conversion.

These scenarios were originally tabled during the NSW ECT Bulk Conversion sub group work shop, held 19th July 2018. 

 Discharge Scenario Matrix - New 

 Below scenarios represent a final position that was reached by the industry group on 16/7/2018.

#

Discharge Scenario

Pre-Conversion Activity

1st August to Conversion Date

CoRD Consent Activity

Pre & Post Conversion

Settlement Type/ Lodgment

Industry Actions/

Resolution

1A

Paper CT

Paper Settlement

(Paperwork with banks)

Collate exclusion list

n/a

Titles that will be excluded from bulk conversion will settle as pCT

Physical Settlement by Settlement Agent.

Lodged by SA

Agreed on common approach with 4 Majors and Settlement Agents – Exclusion list

NAB will pre-convert one week prior to bulk conversion

1B

Paper CT

Paper Settlement

(Paperwork send to Settlement Agent)

Obtain exclusion list from Settlement Agents prior to bulk conversion & send to NSWLRS

n/a

Files already sent to Settlement Agents & will settle with pCT

Physical Settlement by Settlement Agent

Lodged by SA

Agreed on common approach with 4 Majors and Settlement Agents – Exclusion list

       LRS has already confirmed that if title is excluded from the bulk conversion it would be accepted for lodgement regardless of date of discharge both as a paper lodgement or PEXA lodgement. No CoRD consent will be required

       Post bulk conversion the Paper CT will only be accepted by LRS  in the following  circumstances:

       Date of Discharge predates 1 March 2017 and is accompanied by the original Certificate of title issued with the discharge. (See Standalone scenario Matrix slide)

       A refinance transaction where at least one instrument is dated prior to 1 August 2017 (see Refinance/Transfers slide)

       A sale/purchase transaction where Date of Discharge is prior to date of Bulk Conversion (most of this scenarios should be on the exclusion list, but LRS will allow a small number to proceed without the CoRD consent (see Refinance/Transfers slide)

2

Paper CT

Electronic Settlement

Note: If settlement changes to Paper follow scenario 1A

1.    No pre conversion

2.    Resupply CoRD in  PEXA if required after Bulk Conversion

3.    Add to the exclusion list (if required)

CoRD Holder Consent completed in PEXA workspace as per BAU

PEXA Settlement (current BAU process).

Lodgement of documents in PEXA

All banks agreed that they will not be pre-converting and will use the resupply functionality in PEXA if required after conversion date.

  

 

Standalone Discharge Scenarios prior to 1st March 2017 

Customer has repaid their loan and have received a discharge of mortgage dated prior to 1st March 2017 and are Holding a pCT. They may wish to lodge that discharge or use the title in either refinance or transfer transaction. The table below provides explanation when a paper title can be used without the need of the MOT to provide CoRD or even participate in the transaction.

Discharge Scenario

Prior to Bulk Conversion

Status at NSWLRS - Paper

Post Bulk Conversion

Status at NSWLRS - eCT

Customer holds paper title

Customer holds paper title

Lodgement of Standalone discharge

This is current BAU scenario and paper lodgement will be accepted by NSWLRS

NSWLRS will accept DMs dated prior to 1 March 2017 if accompanied by the paper CT that was current prior to conversion. CoRD consent will not be required.

Note 1: Where the title is lost the party with the Discharge of Mortgage  to complete an Application for Replacement Title (PV) and lodge both instruments for registration. An unencumbered Certificate of Title will issue upon registration.

Alternatively MoT to lodge discharge via ELN.

Note 2: Where an ADI issued a discharge of Mortgage after 1st of March 2017 and provided paper title to the customer the discharge of that mortgage can only be lodged via ELN and will require MoT participation.

Refinance/

Transfers

This is current BAU scenario and paper lodgement will be accepted by NSWLRS

NSWLRS will accept DMs dated prior to the issue of eCT if accompanied by the paper CT that was current prior to conversion. CoRD consent will not be required

Note:  The PEXA Subscriber with CoRD Control will have no visibility of these transactions / settlement as they would not be a party to the new transaction / settlement as their debt (and unregistered Discharge of Mortgage) was completed and released to the customer many years prior.  Potentially records would no longer exist in respect to these repaid debts. 

All ADI’s with CoRD that are involved settlements relating to Repaid Loans need to understand the impacts from a Legal position if they provide consent to transactions to which they do not have a financial interest.

 This issue needs to be resolved between banks before 1 July 2019 as paper settlement may not be an option.


  



 Refinance/Transfer scenarios pre/post 1 Aug 2017

 Below matrix represent additional scenarios that align with various mandates that allow lodgement of instruments via paper channel.

Lodging party holds paper title

Lodging party holds paper title

Refinance

At least one instrument dated prior to 1st August 2017

Lodgement can proceed via ‘paper’ channel with current Certificate of Title

No CoRD Holder Consent will be required

Lodgement can proceed via ‘paper’ channel with current Certificate if Title

No CoRD Holder Consent will be required and current Certificate of Title valid prior to conversion will be accepted

Refinance

Both instruments dated after to 1st August 2017

Lodgement must be done via ELN

Note: Paper lodgement will only be allowed if valid exemption is provided

Lodgement must be done via ELN

Note: Paper lodgement will only be allowed if valid exemption is provided. In this case a CoRD Holder Consent will be required.

Transfers

Discharge date prior to Bulk Conversion

Lodgements can proceed via ‘paper’ channel with Current Certificate of Title

Lodgements can proceed via ‘paper’ channel and with paper Certificate of title that was current prior to the date of the bulk conversion.

 

No CoRD Holder Consent will be required

Transfers

Discharge date post Bulk Conversion

Lodgements can proceed via ‘paper’ channel with Current Certificate of Title

Lodgements can proceed via ‘paper’ channel. CoRD Holder Consent will be required

Note: NSWLRS will not accept Certificate of title that was current prior to the bulk conversion date and CoRD will be required.

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