On occasion a deal may require a co-broker; access to lenders (not all brokers can send everywhere based on volume efficiency ) or because the deal is out of Province due to compliance and regulatory requirements, or the mortgage professional can’t satisfy all top lenders volume requirements and need access for products and rates. Finmo allows you to invite another mortgage professional to co-broker a deal within the platform.
Important: You can choose to include documents and document requests when co-brokering. Client consents, credit bureaus, or e-signed documents on the initial deal do not transfer. These must be downloaded from the original deal by the original broker and shared securely with the co-broker, who can then upload them to the new deal should they wish. This limitation ensures compliance and accurate handling of client data for both brokers.
Watch the video below to learn how:
How to invite a co-broker to a deal
1. Select the deal you wish to add a co-broker to in your deal portal.
2. Click on "copy deal" in the "Overview" section, under "Deal overview" if you wish to keep a copy of the deal, then once copied click on the "co-broker deal" option in one of the deals.
If you copied the deal the original deal gets archived in your account unless you opt to not have it archived..
3. Enter the email address of the person you'd like to co-broker with.
Note: The co-broker must either already have a Finmo account or must create a Finmo account in order to proceed with the deal being co-brokered.
4. Type a message to the borrower if you choose. Any borrowers on the deal will be sent an email notification which will include your message.
5. Select "Documents" should you wish to include documents and document requests.
6. Click on "Co-broker deal".
Things to be aware of
Once you share a deal to another broker, you will no longer be able to;
Edit the application
Use update borrower
Have the deal returned to you
Any credit pull data will not be shared
Documents will not be shared
Credit consent will not be shared
Additional notes and best practices
1. Make sure you notify your borrowers that their deal is being transferred to someone else. When your borrower(s) log-in to their application after you have sent the deal to be co-brokered, they will see a message stating that their deal has been transferred to another broker.
2. You can co-broker deals between your own accounts if they belong to different teams, allowing you to manage transactions effectively across different teams or business units.
3. Plan ahead to identify all documents and consents needed by the co-broker.
4. Ensure robust communication between both brokers about their responsibilities.
5. Use secure methods to share any documents not sent via Finmo to maintain client confidentiality.
By adhering to these practices, you can enhance efficiency and collaboration while maintaining trust and data security.
FAQ's
I've been invited to co-broker a deal, how do I access the deal?
The co-broker will receive an email inviting them to the deal
When the invitation is accepted, the co-broker will be taken to the Finmo login screen where they can either log in to their existing account, or create one.
Once logged in, the deal will appear in the co-broker's deal portal. At that point, the co-broker now controls the deal and can choose to request documents, e-signatures or submit the deal.
Can I include documents and/or document requests when I co-broker a deal?
Yes documents can be copied over from the original application. All documents will be brought into the co-brokered deal as well as any existing document requests if the Document box is checked. You can't pick and choose.
To include them check the "Documents" check box when co-brokering.
Can I cancel a co-broker?
Until the sharing of the deal has been accepted, you can cancel the process by clicking the "Cancel co-brokering" button in the "Overview" tab, under the "Co-broker deal" section
Once however the invitation to co-broker a deal has been accepted, you no longer have control over the deal and cannot cancel.
The deal will still appear on your deal menu for tracking purposes.
Co-brokered deals will appear in grey on your deal menu. Once clicked on you will see who the deal was given to and the date.
You can track the progress of the deal on your deal portal but you no longer will be able to access it.
Note: Should you need to co-broker a deal to a broker not using Finmo, please click the chat bubble and we will allow you to push that deal to Expert so it can be co-brokered from there.
Should have any questions please click the chat bubble in app, or email support@finmo.ca