RMA has instituted a “File Submission for Payment” process that is designed to be user friendly for the consultant and the back‐office. The RMA process allows you to fax the files in prior to funding, saving time and money on courier charges. The process allows you to retain an original copy of the file for your records. Another benefit of the process is having the documentation handy in case the lender requests a missing document at closing.
If you are a tech‐savvy agent who scans all the file documents, you can also email the complete file in PDF format, to files@rmabroker.ca. If you are emailing, we ask you to name the file in this manner… Main applicant’s LastName, FirstName
eg: Smith,John
Here’s how the process works:
Agent prepares the files for submission. The agent places documentation in a particular sequence to facilitate the auditing process. (Please note: it is EXTREMELY IMPORTANT that the documentation is placed in the required order that is listed on the Mortgage Checklist.)
Agent emails the file to files@rmabroker.ca OR faxes the file in to 1‐888‐482‐3536
A faxed file will be automatically converted into a PDF format. We are unable to edit files when there are missing documents or missing information and the agent will be required to resend the complete file with the corrected information.
All files must be received by Wednesday at 9pm to be audited for the upcoming commission.
Once the audit is complete, the file is scheduled for payment and matched up with commissions received from the lender.
The agent will receive a “file complete” email for any file that is in order and complies with FSCO.
The agent will receive an email outlining the deficiencies of any file that doesn’t comply with FSCO and will be required to resend another complete file with the corrected information.
If the commission and/or broker fee is in AND the file is complete, the “pay file” process is activated. The agent receives an email with commission details before Wednesday. RMA processes commissions weekly. Commissions are deposited into your account each Wednesday.
Additions to your commissions
Recruiting Profit Sharing: RMA credits your commissions for any profit sharing that you would have earned from recruiting other brokers every 4th week.
Mortgage life insurance and other trailer fees: RMA credits your commissions for any mortgage life insurance and trailer fees that you have earned as they are received.
Volume Bonus: RMA credits your commissions for any volume bonus that you have earned as they are received.
Deductions from your commissions:
Credit Bureaus: RMA deducts the cost of credit bureaus that you use on a monthly basis usually in the 3rd week of the month. The deductions are usually 30 days behind. For example: On October 1st you will be deducted for the credit bureaus that you pulled in August. The cost of each bureau is $3.15 + 70 cents for Beacon score + GST. You will receive a spreadsheet with the names of the clients for, whom you pulled bureaus for, along with the cost of each bureau.
Desk fee: RMA deducts the desk fees at the beginning of each month. (First Wednesday of the month)
If you have any questions about this process, please send us an email indicating “Payroll Question” in the subject.