Payroll Process

Here’s how the payroll process works:

In the mortgage brokerage industry RMA is renowned for its efficient payroll processing. Here is a quick synopsis of the process. Once all the mortgage documents are signed by the client, the file is complete and the mortgage is ready for funding, you can forward the file to head office for audit purposes. You send the file either through email or fax. A faxed file will be automatically converted into a PDF format. We then audit the pdf file and advise you by email if the file is either compliant to FSRA standards or is deficient. If deficient, the email outlines the deficiencies and the necessary fixes required.

Once the mortgage funds and the lender sends in the finder fees and the file is compliant, the “pay file” process is activated. RMA processes commissions weekly. Commissions are deposited into your account each Wednesday. On the Friday prior to the deposit Wednesday you receive a pay reconciliation outlining which files you are getting paid for and for how much.  Click on the link below to download an example of a pay reconciliation sheet.

<< example paystub.xlsx >>

Additions to your commissions

RMA credits your commissions for any mortgage life insurance, trailer fees and Volume Bonus that you have earned as they are received.

Credit bureau costs

Once a month, around the 3rd week of the month, we deduct the costs of the credit bureaus that you have accessed the previous month. Of course, you receive a bill a few days before identifying the amount that will be deducted for the bureaus.

Our payroll system is a very efficient and broker friendly process.  Our Broker Services department is the best in the industry and they pride themselves in personally answering as many phone calls and emails as possible. If there is any questions you have with the payroll system, simply call the Broker Services group and the person handling your call will get your questions answered for you immediately.