Commissions

Manage commissions – and your brokers – with ease

Process commissions seamlessly, using a solution that imports, validates, processes and distributes payments.

With the Loanworks commissions solution, managing your brokers and their commissions is easy. It will dramatically reduce your error margin and troubleshooting time, leaving you far more time for improving your relationships with aggregators and brokers, and writing more loans. It’s an end-to-end solution that’s specifically designed for lenders, aggregators and broker groups, and covers the entire process…

  • Onboard introducers
  • Manage relationships & commission plans
  • Automate calculations & payments
  • Access real-time reports

Manage your introducer relationships

Managing your introducers is simple with the Loanworks commissions solution. Using our simple user interface, you can quickly and easily:

  • Configure and maintain your standard commission models
  • Add new introducers
  • Maintain their details
  • Put them on hold if necessary
  • Configure and maintain their individual commission plans
  • Remove them from your database when you stop working with them
So you’ll dramatically reduce your broker administration costs and future-proof your business.

Supports upfronts, trail & clawbacks

The Loanworks commissions system supports various out-of-the-box commission models and rules, including:

Upfront

  • Settled/draw down amount​
  • Base point calculation​
  • % of amount received​
  • Flat dollar amount​
  • Subsequent upfronts​
  • Product-based exceptions​
  • Internal refinance rules
  • Application type exceptions​
  • Settlement volume tiers​
  • Introducer-based rates​
  • Pinned-rate overrides​
  • Clawback % by days​

Trail

  • Base point on balance​
  • Offset & redraw amounts​
  • % of amount received​
  • Arrears no payment​
  • Discharge pro-rata​
  • Settlement pro-rata​
  • Product-based exceptions​
  • Internal refinance rules
  • Application type exceptions​
  • Book size tiers​
  • Introducer-based rates​
  • Pinned-rate overrides​​

Miscellaneous

  • Sundry income import​
  • Sundry expense import​
  • Fee clawbacks​
  • Data imports​
  • Release held payments​​

We also support payment commission models for other products, such as insurance, personal loan, and financial services.

Automatically calculate & distribute commissions

By automating your commissions processing, you’ll reduce manual overheads and free up experienced staff for higher-value tasks. Just as importantly, you’ll increase the accuracy of your payments, remove costly knowledge silos, and improve access – across the organisation – to commission payment data.

  • Define different roles and levels of access (process vs approval)
  • Generate branded RCTIs and statements
  • Review & approve payments in real time
  • Validate bank payments against commission payments (receivable vs payable), data exceptions, proposed payments, trail variance and paid commissions
Data integration services
Data verification
Payment preparation
Payment calculation
Payment approval
Invoice preparation
Invoice distribution
Payment distribution

Integrates with your core systems

  • Core banking platform – Import all key data, and maintain and change your own data import formats within the user interface.
  • CRM- Synchronise data (brokers, aggregators, etc.) to create new introducers, and update details and status in real-time.
  • Accounting system- Automatically generate and distribute customised RCTI invoices and commission statements, and export standard ABA files and GL accounting files.
  • Data warehouse - Simplify access to critical commissions and sales data, for real-time reporting and data analytics.

Real-time analytics & enterprise reporting

The solution enables real-time enterprise reporting and analytics of channel, introducer and commission payment type information.​

  • Out of the box reports
  • Customised reports​ & analytics dashboards
  • Data warehouse​ integration

Tailored to your needs, as a lender

Our solution architects will work directly with you to design, configure and integrate your commissions solution. So it will fit your lending business like a glove, and continue to meet your needs as you grow.

It will support your unique payment types, payment rules, data models, channel hierarchies, payment frequencies, accounting structures, internal processes and core systems. This includes designing, planning, building and implementing a future state process, documenting the changes, and supporting your organisational change management.

And because we’ve done it so often, we know what questions to ask. They might even be questions you’ve never asked yourself. Our analysis can help you understand your needs – for instance, loan variation scenarios where internal refinance and loan increases may impact your upfront, trail and clawback commissions – and the solutions that will address them.

Just as importantly, we’ll continue supporting you, beyond the initial engagement. We’ll maintain regular communication, discussing the performance of your solution and its outcomes, and we’ll continue to refine your solution as per your requirements. Plus we’re continually updating the solution in line with regulation changes.

We’ve worked closely with Loanworks in delivering our home loan proposition to market. They are really easy to work with, their response times are great and the system has been very flexible to cater for our customised solution.

Melissa Christy

Home Loan Lead

86 400

Experienced, responsive, innovative

Loanworks is a market-leading technology provider specialising in proven turnkey solutions for lead management, loan origination, credit decisioning, CRM, commissions processing, business process outsourcing (BPO) and B2B integration within the financial services industry.

So we know exactly how to design you a solution that meets your needs precisely.

APRA, ASIC, modern slavery & privacy compliance

Our software operations are compliant with the regulatory requirements set out by the Australian Prudential Regulation Authority (APRA), the Australian Modern Slavery Act (2018).

We have achieved ISO27001:2013 and SOC2 Report 2 accreditations, which encompass information security, cybersecurity, data privacy, business continuity and risk management practices.

What’s more, Loanworks is an APP entity under the Australian Privacy Act (1988), and we employ specialist legal support from a panel of law firms to ensure ongoing compliance with Australian Privacy Laws.

Software as a service (SaaS)

The Loanworks origination solution is provided as a fully managed cloud service under a SaaS model.

  • APRA-compliant Australian cloud hosting​
  • Best-in-class reliability, fault tolerance, resilience and performance
  • Secondary disaster recovery environment located in Australia
  • Scalable and highly available design
  • Geo-redundant, scheduled backups
  • Best practice, 24/7 threat intelligence, monitoring, alerting and reporting
  • Uptime & support service-level agreement (SLA)
  • End-to-end, turnkey implementation (no integration partners required)
  • Full infrastructure maintenance, application support and change management

On premise options also available.

Origination software & back office services too

We offer state-of-the-art origination software and specialist financial back office services too. Learn more below.

Origination Software

Automate your entire lending workflow, from onboarding to settlement

Learn more

Back office services

Get full-time, fully-managed offshore staff, for around 40% of the cost of employing locally

Learn more
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Talk to us about how we can help

To learn more about the Loanworks origination solution, please contact our General Manager of Customer Engagement, Greg Phillips. Greg has played a key role in the design and delivery of solutions for countless clients. He’ll ask questions, listen, and help you find your particular way forward.

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