Understanding Commission Income Statuses in Brokeredge

Overview:

Brokeredge categorizes income into several statuses to help you monitor, confirm, and reconcile payments. Understanding these statuses is key to managing your income effectively.

Commission Statuses Explained:

• Pending Income:
  • Projection: Automatically created when a mortgage reaches the Outstanding Conditions stage.
  • Calculation:
    • Gross Income: Based on mortgage type, lender rate, and mortgage amount.
    • Payment Date: Determined by the closing date and the lender’s payment days.
    • Net Income: Calculated by deducting standard fees mapped in your Profile.
  • Customization:
    • Lender amounts can be updated on the Lenders tab.

    • Internal fees can be modified on your Profile page.

      Overdue Income:

  • Automatically updates to Overdue once the expected payment date has passed.

  • Alerts are provided to prompt you to review overdue income.

    Confirmed Commission:

  • Can be established by:
    • Entering a new income entry with Confirmed status.
    • Uploading confirmed income via the upload feature.
    • Marking an existing pending income entry as Confirmed.
  • Reconciliation:
    • The system compares confirmed income with pending income.

    • If the confirmed amount is less than expected, the status will change to Received - Not Reconciled.

      Received - Not Reconciled:

  • Indicates that the confirmed income is lower than the expected amount.
  • This status highlights the discrepancy so you can verify its accuracy.
  • You have the option to leave the income in this status or mark it as confirmed after review.