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 by selecting a relevant option 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).
IMPORTANT: this feature is available only to users with Broker Tools switched on.
A. Setting Commission Groups
Go to Settings > Broker tools/Commission groups (1) and click on Add New (2):
Name the group and add relevant detail^:
^ Relevant detail 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 - Give the group a name, eg. Broker/Referrer 80/20
- B - Add the primary recipient of funds. For aggregator users (not generic Salestrekker, aggregator goes here.
- C - Add details od primary split recipient
- D - Add details for the distributions from this primary split
- E - Add upfront and trail distribution, either as a percentage or flat dollar fee
- F - Add primary split
- G - Add distribution from primary split
- H - Add another primary split
When clicking on B, C or D fields type word 'generic' to see the following 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
There are also options to add up to three referrers to the Commission Group:
Note that the exact commissions can be hidden from the non-admin users in settings. Go to Settings > Permissions (1) and set that non-admin users are not allowed to see the splits (the switch (3) is set to 'off').
B. Using Commission Groups
In Broker Tools, go to Commissions (1) and select a desired group from the dropdown (2):
To add commissions to your Credit Proposal document, use a merge field located under Document Templates > Merge fields
System will recognise referrers if added as 'Referrer/Partners' in order in Add/edit deal screen (or Deal View screen).
In the image below (and example set up 2 below), Referrer/partner 1 is an agency and Referrer/partner 2 is an agent.
Example set-up 1
Example set-up 2
Example set-up 3