Commission Groups
Mortgage brokers are required to disclose their income (commissions) in Credit Proposal document.
In order to do so, Salestrekker offers Commission Group feature. Once set up, this feature is added in Broker Tools > Commissions tab by selecting the relevant group from the drop down list.
This feature offers generic settings so that a few options can be used for all deals (i.e. not required, but possible, to add each specific user/referrer in individual groups).
Setting up Commission Groups
In Settings > Broker Tools > Commission Groups tab click on 'Add Commission' button and select if it applies to home loan or asset finance deals.
In the new commission group editor pop-up window, name the group and add relevant details.
Relevant details can be as simple as disclosing all commissions to the broker or can be as complex as the distribution payment can be, including several layers of commission splits.
A - Comission group name (eg. Broker/Referrer 80/20)
B - The primary recipient of funds. For aggregator users (not generic Salestrekker), aggregator goes here
C - Details of primary split recipient
D - Details for the distributions from this primary split
E - Upfront and trail distributions (either as a percentage or flat dollar fee)
F - Primary split
G - Distribution from primary split
H - Another primary split
When clicking on one of the split recipient fields, type the word 'generic' to see all the available options.
List of all generic options:
Generic Enterprise = aggregator (use only if under one of the aggregator branded versions of Salestrekker)
Generic Group and Generic Branch (to be used only for aggregator admins)
Generic Organization = your broker business
Generic Deal Owner = broker (deal owner)
Generic Organization Institutions and Licenses (pulled from Settings > Details tab)
Generic Deal Owner Institution and Licenses (pulled from Settings > My Account tab)
Generic Deal Partner = referer
Generic Deal User as Partner = another broker or assistant added as deal team member
You can add up to three referrers to the Commission Group.
You can also choose any one of the Account professional licenses and Organisation professional licenses to be included in the commission splits.
This can be a good solution to present the commission distribution where your ACL Holder is included.
You can add their details under the Organisation Professional Licenses Institution 1 field and choose that field to pull the details to the commission table.
Some users might not be able to see exact commission splits as this depends on the role and permissions assigned to them
Using Commission Groups
Selecting commission group in Deal
In Home Loan/Asset Finance Tools, go to Commissions tab and select a desired group from the dropdown.
If you cannot see commission distribution upon selecting it from the dropdown, this means that your are a non-admin user and do not have permission to view this.
Editing selected commission group in Deal
Selected commission group can also be further edited if needed.
If choosing to edit, the amounts will not automatically recalculate any changes made. All amounts will have to be manually completed to hold accurate payment distribution.
You can find the edit option in the upper right corner when you select a commission group.
Adding commission to documents
To add commissions to your Credit Proposal document, kindly modify your template to have the appropriate merge key located under Settings > Templates > Document.
Commission contracts
Commission contracts are added as templates in Settings and can be selected when posting a settled deal to commission platforms.
In Settings > Broker Tools > Commission contracts click 'Add commission contract' button and select 'Home loan' or 'Asset finance' commission contract.
Enter the name, description and add users to whom the contract is assigned.
Once a deal is settled, next step is to click on 'Post to commission' button under the 'Change deal' section in Deal view'.
Post to Commission
Once your commissions have been configured and your deal has been settled, you will have the ability to submit your deal for commission in the "Change Deal" section.
Then you will be able to click on 'commission contract' field and select a commission contract from the drop down list.
You will be required to enter the loan account number in order to submit the application to your commissions system.
If you need to include your "commission username," please reach out to your aggregator to have it set up for you.
After successfully submitting your commission, a note about the action will be generated in the deal.