A Loan Writer moving from one partner group to another, either new or existing, is called a Breakaway.
This article may assist if 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.
Accreditations and Commission Payments
Commissions are linked to a Loan Writer's Associate Record (CA number). When a Loan Writer moved to a new group they receive a new CA number under that group and their old CA number remains under the old group. Commissions on loans allocated to the 'old' CA Number will continue to be paid to the old group unless transferred/reallocated.
Existing Lender Accreditations are not cancelled in the event of a Breakaway, Typically, the Broker Accreditation ID only identifies the Loan Writer as a Connective Loan Writer. Loans that come in for that Loan Writer will need to be manually assigned, by the Connective Commissions Team, to either the old or new CA Number according to which Group is agreed to be the owner of that commission.
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:
To generate the report:
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.
Click Launch Report.
The Business Principal emails the Breakaway Upfront Commissions Report to [email protected] 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.