A big thank you to those who joined us for our recent Mortgage Choice (Heritage) Commissions Webinar.
The session provided a “’back to basics’” overview of the monthly MC commission run process, the different payment types and top tips to help understand commission invoices. We also discussed how to effectively lodge any commission queries. If couldn’t make the session, or simply want a recap, we have you covered! You can access the recording and FAQs below.
Session Recording
You can view the recording of the session here
Passcode: 7#zP6#mJ
Session PPT
View or download the ppt with additional details here
FAQs
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NOO loans - what is the best way to track net of offset payments to ensure we get payment for those funds yet to be drawn
Please refer to the "Residential Lender Commissions & Clawbacks" table in the help centre to view each lenders rules and raise a commission query when necessary
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How is performance bonus calculated
Performance Bonus – This is the additional payment on settlements in excess of the $1.5m and $3.5m hurdles. These settlements are also listed in the Origination I and Origination II tabs.
Performance Bonus II – This is the recalculation of last month’s performance bonus including any subsequent changes such as loans reported late by the lender due to inclusion of offset accounts in determining settlement values. These settlements are also listed in the Origination I and Origination II tabs under Prior Months loans.
Performance Bonus III - This is the recalculation of the performance bonus three months prior to pick up any late inclusions eg for the commission period March (paid April), Performance Bonus III will be paid in July.
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Do we need to load diversified applications into Broker Platform
This is a new feature within Broker Platform and is a useful tool to track all of your diversified applications this also provides a smoother reconciliation process for the commissions team
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Are you going to reintroduce the rolling average to the commission reporting
This was removed due to the introduction of the new payment model, we are working with the development team to have this data displayed on your reports