Once loan is marked as 'Settled' or 'Won', its splits can be varied with the lender using the two step Switch process (or 'Refix process' in New Zealand).
1. Start a Switch
Open any settled or won deal and look for the 'Switch' option in the side bar:
Once in the Switch screen, select split that is being switched. Note that more than one split can be processed at any time.
Follow the loan selection process as per the broker tools. Note that one split cannot be converted into two splits using this process.
The original loan account number will automatically populate the new loan split. Change if the new number is issued prior to posting to commission.
2. Post Switch to the Commission System
Once the Switch is approved by the lender, click on the green button 'COMPLETE SWITCH/POST TO COMMISSION':
Complete compulsory effective date and add compliance commentary. These notes will be showing in the compliance comments section and since deal is settled, these cannot be edited.
New and archived splits will show in loan summary tab in Broker Tools:
Switched product will now show in Finance Profile under deal contact/s.
To switch the other or new split, simply repeat steps 1 and 2.
Note that lender's Switch documents aren't produced in the CRM (due to the design of these PDFs), so these need to be manually completed for each lender.
See Switch process in action in this short video: