If your brokerage uses Scarlett for payroll and commission processing, Finmo can send your application details to Scarlett after the deal has been submitted . This allows your payroll managers to quickly review the deal in Scarlett, mark it as compliant and funded, and process the payroll without having to enter the application into multiple systems.
Note: You must contact Scarlett to be set up to receive submissions from Finmo prior to this feature being turned on.
How it works
After this feature is enabled, all deals submitted via Finmo by any of the teams that belong to your brokerage will be sent to Scarlett for payroll and compliance. This includes borrower and broker information, mortgage details, as well as the subject property information. By turning this feature on, you consent for such data to be sent from Finmo to Scarlett. The deal data will appear in Scarlett the day after the deal has been submitted from Finmo
Note: The deal does not need to be approved by the lender for it to populate to Scarlett
If the same application has been submitted to multiple lenders, Scarlett will populate the details of the latest submission unless there is an application that has been marked as “accepted” in Finmo by the broker. In that case, it will populate the details of the “accepted” submission.
Additional Resources
You can learn more about Scarlett, a payroll solution, on their Company Website. For more information about how Scarlett uses your data, please visit the Scarlett Privacy Policy and Terms of Use.
Learn how to import deals from Scarlett into Finmo.
If you have any questions about the integration, please reach out to us via chat or by email support@finmo.ca