AGGREGATOR NEWS

The Future Is: Online Commissions Management

We all dream of a simplified commission management system with proven productivity gains for aggregators, lenders, and mortgage managers.

In the midst of the global pandemic, industries have been pushed to innovate at rapid speed to ensure survival. The pivot to working from home has subsequently shone a light on the limitations of current business structures and services, and for the finance industry, this is no different.

The Future Is: Online Commissions Management

Rapidly evolving broker expectations have necessitated a spotlight on digital services. The work-from-home environment has broken down barriers to digitisation, and competition from finance sector disruptors means the traditional financial sector institutions must evolve digital workflows for middle-to-back-office processes. The industry must be more agile and realise that developing better digital business processes are critical to keeping up with the constantly evolving environment of 2020 and beyond. Lenders, Funders and Aggregators have an opportunity to build trust with their brokers with accurate and on-time payments, in a period when many are concerned about job security and their short-term finances.

These changes have highlighted the severe limitations of legacy commission systems. The most impactful, is the inability to accommodate remote processing — an essential part of conducting business in 2020 and beyond. The lack of development into streamlining the commission reconciliation process is unbelievably significant when you consider the millions of dollars lenders and aggregators process every week into brokers’ bank accounts.

Currently, the task of designing and maintaining commissions spreadsheets is cumbersome, and impossible to scale. As a business expands their payments to brokers, spreadsheets become increasingly complicated. Not only is the initial set up incredibly labour-intensive, it also leaves the system open to human error as the complexity increases.

Some suppliers are still not including a broker’s name on the statements for ease of reconciliation. Inconsistent fields and month to month changes in the various formats of delivery make reconciliation difficult for anyone reconciling multiple statements. A standardised industry wide commission reconciliation template would make life so much easier. The future is a single unified ledger accessible online, which allows all users to work in the same platform regardless of location or operating system. Adopting a new platform with common industry templates puts an end to the need to modify spreadsheets, or searching through emails or folders, allowing brokers to intuitively search, find and download lender income, loan balances, book value and RCTIs at a single touch.

At Custom we’ve collaborated with commission technology company, Escientia, to create these customised workflows to simplify commissions management online and move at the speed of business in the digital age. Cloud-based, intelligent solutions that will deliver seamless experiences throughout the financial services enterprise and remove known pain points. The Assist Broker solution enables employees to get work done faster and more intuitively.

Now is the time to pivot the mortgage broking industry into the digital, remote-work future, with the spotlight on innovating the commission management process, and at Custom, we really think we have nailed it.

David Haythorn

CEO – Custom Equity Group

We are one of the country’s few non-bank owned national mortgage aggregation groups run by brokers. Our mission is simple: To give our Broker Members a platform to make them more productive and successful. When you join Custom, you get access to people, systems, lenders, and insights that help you be better at what you do.