Digital platform provider Escientia is celebrating another milestone for its mortgage broker commissions management platform.
The Assist Commission SaaS model has gained wide attention from the broking industry for its ambitious goal to modernise the current antiquated processes of reconciling commissions payments to brokers and their referring partners.
By January 2021 over 1 million transactions had been processed via the platform since the digital product launched in late 2019. Escientia, a pioneer in mortgage broker commissions payment reconciliations, recently added a funder-specific module to Assist Commission.
Escientia principal consultant and director Nick Nicolaou said this has led to lenders and mortgage managers using Assist Commission, which incorporates each stage of the commission management process within a single cloud-based platform.
He said it was a huge advancement for the commission management platform, underpinning its proposition as the engine behind reconciling broker commission payments from start to finish.
“The latest release of Assist Commission now positions Escientia as a unique and powerful SaaS platform for the payment of commissions to mortgage brokers from any source,” said Nicolaou.
“With lenders, mortgage managers and aggregators joining the platform, the flow of commissions between lender, mortgage manager, aggregator and brokers is much more fluid, simpler and less time consuming.”
Escientia plans to have thousands of brokers and their referring partners connected over the coming years.
“Our vision is to remove the need for the myriad of complex commission files produced daily in spreadsheet format.”
“Adopting Assist Commission ends the need to modify spreadsheets, search through emails or folders. You can intuitively search, find and download lender income, loan balances, book value and RCTI’s all within a simple web-browser based user interface.”
Nicolaou said speed and efficiency were imperative to Assist Commission’s design.
“Keeping accounts departments engaged with the platform and within the same ecosystem is a huge enabler for better efficiencies without changing the time-proven processes for issuing RCTIs to brokers via the system.”
“With over 60 lender commission file processors already in place, uploading lender commission files is a breeze. There’s no need to modify, reorder, change labels or copy and paste. Assist Commission recognises the lender’s format and automatically transposes this into the system and matches against the designated broker.”
“The system features sophisticated data mining, the ability to search and report on loans balance, interest rate, expiry and type. Brokers can also log into a portal to track their loan book value, manage their portfolio and download their RCTIs.”