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Industry SaaS provider Escientia has released a new software that aims to simplify and streamline mortgage broker commission payments.
Following collaboration with existing clients, Escientia has released its ASSIST Commission™ software to the wider market in a bid to “improve business processes, increase accuracy, avoid duplication and automate tasks”.
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The software aims to help organisations streamline the commission processing function by quickly validating, processing and distributing commission payments to brokers, third-party distributors (such as aggregators and mortgage managers) and referrers without relying on “overcomplicated and non-scalable use of spreadsheets or in-house on-premise bound databases”.
It also features a dashboard with real-time reporting that enables brokers to check their active trail book, track loan activity, report on loans based on interest rate, and set reminders for loans at the end of their fixed-term period or trigger an alert once a loan has fallen below a specified loan balance threshold.
Escientia managing director Nick Nicolaou said the software was “automation at its best” and reduces the risk of errors when calculating commissions.
“[The software will] intuitively search, find and download lender income, loan balances, book value and RCTIs (recipient-created tax invoices)” he said.
David Haythorn, the CEO of aggregator Custom Equity Group, which was one of the first groups to collaborate and help test the ASSIST Commission™ software, commented: “Too many commissions systems are bundled as an afterthought into a CRM and often require significant staff training and knowledge to utilise and manipulate the cumbersome system.
“We also wanted to ensure commissions are controlled safely and separately from the lodgement process. Our brokers simply click the tab, enter the settled loan details, and it’s done.”
Mr Haythorn added that it had also enabled Custom Equity Group to “seamlessly continue to work from home during the COVID-19 crisis” and particularly noted that the software reduced the pressure associated with significant batch runs, improving broker satisfaction.
[Related: Aggregator launches new commission management platform]
