The following process may apply if you are a Business Principal and one of your Loan Writers is moving to another Connective partner group, or you are a Loan Writer moving from one Connective Partner group to another.
A Loan Writer moving from one partner group to another, either new or existing, is called a Breakaway.
It is our process that we do not cancel existing Lender Accreditations when a Breakaway occurs. This means that as far as the Lender is concerned, the Broker Accreditation ID only identifies the Loan Writer as a Connective Loan Writer and NOT the Partner Group they previously belonged to.
Within our commission program, once a loan settles and an Upfront commission is paid to a Partner Group, the on-going Trail Commissions paid on that particular loan will continue to be attached and paid to that Partner Group regardless of whether the Loan Writer is working under that Partner Group or with another group.
Separation Date and Breakaway Upfront Commissions Report
- A cut over or Separation Date needs to be agreed upon by both the Business Principal and the Breakaway.
- On this date the Business Principal generates a Breakaway Upfront Commissions Report via Mercury of all Opportunities/Loan Applications submitted by the Breakaway under the old Partner Group that have not had Upfront Commissions paid to date. These loans could be at any stage from Application Lodged through to Loan Settled.
- In the Reports tab, choose Business Statistics from the left hand panel.
- Set the filters for the report:
- Choose the Breakaway name in the All Users drop down box.
- Select the Date range.
- Select the Target Status.
- 5. Click Launch Report.
- 7. The Business Principal emails the Breakaway Upfront Commissions Report to firstname.lastname@example.org and provides a copy to the Breakaway.
Commissions Team monitoring of Breakaway's Upfront Commission
The Commissions Team will monitor the Breakaway's UFCs listed in the report for the subsequent 3 commission runs. The Commissions Team will:
- Re-direct Upfront Commissions to the Breakaway, that are received for loans listed to the Partner Group.
- Confirm the re-direction of Upfront Commissions to the Breakaway.
After the 3 month period, any residual Upfront Commissions that are subsequently received, will be forwarded to the Breakaway and it will be the responsibility of both parties to arrange commission splits if necessary from the Breakaway's new Partner Group.