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Settlement Room FAQ

Verification

 
What does verification mean?
Verification in the terms of how Settlement Room is putting your data beside the data the bank has provided. If there is a mismatch, this will show as orange or a red cross in the Settlement Room status to show that there is a potential issue with what you think is coming to settlement and what’s not. It gives you the opportunity to address any potential issues prior to settlement. This is different to Verification of Identity which will form part of electronic conveyancing world in the future. Back to top.
 
Why would you unverify?
It may be that something has changed on your end, you may go through an unverify process in order to get amendments made – it doesn’t stop you from booking your matter or proceeding, it’s really a warning system. Back to top.
 
When the Outgoing Mortgagee is verified are we notified?
If the Outgoing Mortgagee has conflicting information, you need to contact the bank directly to ensure that documentation has been prepared correctly. If they do update any information, you will be able to see that from within your Settlement Room matter. Back to top.
 
In the matter, the verification section is not ticked green. Can you still settle with these unverified?
You definitely can. Verification is an optional step, but probably one of the most important steps that you can go through. It compares your data that you entered with the matter information for the other three parties. Back to top.
 
Download all Verification FAQs here.
For more information about how we can help, call our Helpdesk on 1300 730 000 or complete our contact us form and we will contact you.

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