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.
Please note: The co-broker must either already have a Finmo account or create a Finmo account in order to proceed with the deal (either basic or Pro).
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.
Watch the video below to see how from start to finish.
How to invite a co-broker to a deal
Select the deal you wish to add a co-broker to in your deal portal.
Click on "co-broker deal" in the "Overview" section, under "Deal overview".
3. Enter the email address of the person you'd like to co-broker with (the co-broker must either have a Finmo account, or create one before they can access the deal).
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. Click on "Co-broker deal".
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 (f they have Finmo Pro) or submit the deal.
Please Note: Only the application is carried over to the co-broker. Any documents, credit consent, credit bureaus, or e-signed documents on the initial deal will need to be downloaded before co-brokering the deal and sent over the co-broker separately or will need to be requested or signed again or provided to the co-broker by the borrowers or original mortgage professional.
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 know 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.
*Please note: Should you need to co-broker a deal to a broker not on 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 firstname.lastname@example.org