For brokers that are directly accredited with lenders you can create commission invoices/notifications within Mercury.
Mercury Invoices Overview
Mercury CAF invoices are invoices to the lender for the commission on an Asset Finance deal, and they serve two purposes:
Provide an Asset Finance commissions invoice for those lenders who require brokers to provide one.
Provide notification to Connective of a deal and the commission that is expected, and of the broker who did the deal.
Generating an invoice can be done through the Commissions App or from an Opportunity.
Note: If you do not currently have access the CAF Invoice option you will need to reach out to your CAF Connective BDM.
When to create an invoice
Connective strongly recommends that brokers always raise an invoice for deals where the lender pays commission on settlement (see Lender Payment Schedule), even when the lender does not require it. Without the invoice it is usually not possible to identify and pay commission until several weeks after settlement.
Invoices should, wherever possible, be raised at or before settlement, so that they are in the system when the commission is received from the lender. If, for any reason, you raise an invoice later than this, please submit a Commission Enquiry to let us know.
Invoices are never required for QuickAF deals.
Generating an Invoice in the Commissions App
Open the Commissions App
Click on CAF Invoices
Click on + New CAF invoice
Fill in the details and click Add
When the invoice is created it will generate a pdf that you can send to the lender (if required) and/or file for your records. You do not need to send this to Connective.
Generating an ANZ invoice
ANZ requires that the origination fee is invoiced to the client. Mercury supports this requirement by generating two invoices that need to be sent to ANZ when you select them as a lender.
Once you click on the create invoice button, a pop-up window will display, where you will input the invoice details. If you have generated an invoice from the opportunity, whichever fields that were populated within that opportunity will be carried across into this window to populate the invoice.
From the drop-down, select ANZ.
Type the Client name.
Type the Application ID (this will be found on the Lender site).
In the amount financed field, type the loan amount.
Type the settlement date.
Type the total brokerage fee.
Type the total doc fee.
Type the total origination fee.
Note: that all fees should be written as gross amounts only. Net amounts will be automatically generated in the invoice.Click on the generate invoice button.
The invoice will be generated as a PDF; downloaded to your computer and saved to the opportunity. This invoice is to be supplied to the lender with all other settlement documentation either prior or at time of settlement.
To see an example CAF invoice please see invoice attached at the end of this article.
Editing an invoice
Amendments can be made to an invoice after it has been generated. However, these amendments must be done while the invoice is still open. To do this, open the opportunity:
Double click on the invoice.
The pop-up window will be populated with the previous invoice detail
Make adjustments as required.
Click on the Update button.
A new version of the invoice will be saved as a separate attachment in the opportunity.