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| Referrer Management |
Many Mortgage Brokers rely on external Referrers to supply leads to potential borrowers. These may include; Accountants, Real Estate Agents, Financial Planners, Solicitors, Conveyancers, etc. Referrers may receive some sort of commission payment for referring potential borrowers to a Mortgage Broker based on either:
- An up-front flat referral fee paid per referral and payable when the loan settles.
- An up-front commission based on a percentage of the loan amount referred payable when the loan settles. This may include commission on the total lending eventually written for the referred client not just the loan referred initially.
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- An up-front commission based on a percentage of the commission received by the Mortgage Broker from the Financial Institution funding the loan.
- A percentage of the ongoing monthly Trail Commission received by the Mortgage Broker from the Financial Institution for the life of the loan.
BrokerSource will provide the following benefits when managing Referrers:
- Maintain all of your Referrers's contact details in one place allowing you to easily find this information.
- Produce standard Referral Agreements based on agreed commission payment structures reducing administrative workload.
- An on-line form for referrers to use to submit leads that will automatically populate the "New Leads" area of BrokerSource and link the potential client to the referral source.
- Maintain Commission Payment / Referral Agreements on-line for easy access.
- Automatically calculate referral commissions payable to each Referral source based on their agreed commission payment structure ensuring that they receive the correct amounts payable to them.
- Automatically produce "Recipient Created Tax Invoices" (RCTIs) accompanying each commission payment which will save you time and streamline this process.
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