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How to complete the Commission Record

commission fees, deductions, split, generate commission record

Marnie George avatar
Written by Marnie George
Updated over a week ago

Before entering the commissions in your approved deal in Finmo the following steps should be completed:

1. The lender's offer in the submit section reviewed

2. Adjustments to the mortgage details inside the compliance section if necessary to add fees or amend the approval for compliance documents.

Once you have completed the mortgage details and saved them the details will automatically populate into commission record sheet section.


How to review the mortgage details in the commission section

1. When in the deal click on "Commissions" on the left menu

2. Scroll down to review the Mortgage details

Note: Mortgage details will be automatically populated from the submitted deal


How to add a fee in the commission section

1. When in the deal click on "Commissions" on the left menu

2. Add in fees by scrolling down to the "Fees" section and click on "Add fee".

3. Select from the drop down menu either 'Basis points' or 'Flat fee' and enter the amount for this lender (see Lenderspotlight.ca for details on each lender) and save your changes.


How to enter deductions

1. When in the deal click on "Commissions" on the left menu

2. Add in fees by scrolling down to the "Deductions" section and click on "Add deduction".

3. Enter any deductions related to your commission to add any costs associated with doing the mortgage with your brokerage and Save.


How to determine your commission based on the agents listed and their split on the deal

1. When in the deal click on "Commissions" on the left menu

2. Add in fees by scrolling down to the "Commissions" section and click on "Edit details".

Note: All agents listed on the deal in the "Overview" section will be included automatically in this section

3. Add in your commission information and "Save changes"

Note: When a percentage is entered the Net Fees will automatically calculate

Note: For BC brokers, the splits will be input automatically into the BC Form 10 when generated.


How to add a team member to the Commission split

1. All team members listed on the deal in the "Overview" section will be included automatically in this section, however if you would like to add a team member to the split who previously was not listed on the deal, click on "Overview" when in the deal from the left menu and in the "Deal details" section click on "Edit details"

2. Select any additional team members to add from the drop down menu and "Save changes"

3. Once added in the "Overview" section the team member will appear in the "Commision" section and a percentage can be entered for them .


How to generate the Commission Record

1. When in the deal click on "Commissions" on the left menu

2. Scroll down to the "Generate document" section and click on "Generate" to generate the document.

3. Review the Commission Record form and click on "Generate Form"

4. To view the document you can click on "Commission Record" or to download it click on the download icon


Example of Commission Record


Additional resources

Video


Should you have any questions please click on the chat bubble in Finmo or email support@finmo.ca

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