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: When co-brokering a deal in Finmo, only the application is carried over to the co-broker. Client documents and consents such as credit consent, credit bureaus, or e-signed documents on the initial deal do not automatically transfer to the co-brokered deal. They 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. This limitation ensures compliance and accurate handling of client data. Plan ahead to identify the required documents and consents to avoid delays.
Additional Note on Co-Brokering Own Deals
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.
Best Practices for Co-Brokering in Finmo
Plan ahead to identify all documents and consents needed by the co-broker.
Ensure robust communication between both brokers about their responsibilities.
Use secure methods for document sharing to maintain client confidentiality. By adhering to these practices, you can enhance efficiency and collaboration while maintaining trust and data security.
FAQ: Handling Documents and Consents When Co-Brokering
Why don’t documents and consents transfer automatically? Finmo’s system keeps all client-related documents in the original deal to maintain data integrity and security. These need to be managed manually during co-brokering.
Can I access documents from the original deal? Yes, but only if you are the original broker. These documents must be shared manually with the co-broker.
Best practices for managing manual document sharing:
Download documents from the original deal.
Share them securely with the co-broker.
The co-broker should upload them to the new deal. By following these steps, both parties can ensure a seamless transition and compliance with Finmo’s privacy requirements.
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 support@fimo.ca