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Rcti template for Facilities

hello everyone this is Kelly Summerford from the Commission's team you may notice differences in your RCT is due to the changes recommended by the combined industry forum safe you may have received notification from your lenders about changes to the calculation of upfront Commission for home loans where clients did not draw down the full settlement value there will be differences on your Commission RCT I going forward the upfront Commission for home loans will be calculated based on the drawn balance net or offset instead of the total approved or settled facility amount the lender will determine the drawn balance neder offset by checking the balance of the loan plus any applicable offsets a set number of days after settlement the drawn balance minus the offset balance will be the drawn balance there to offset the number of days after settlement that will ended users to get the drawn balance will vary per lender there are links for more information at the end of this video and we'll look at how the example on screen will impact your RCT eye on the next few slides the first page of your RCT I remains unchanged although you may notice a lower upfront amount than you were expecting if a client is not fully drawdown the home loan the Commission details page is where you will notice the difference in your RCT I prior to the ZIF lender changes the current balance column would have reported the total settlement amount shown in the blue going forward for those lenders who have made the SIF calculation changes the current balance column will reflect the drawn balance net of offset using the example detailed and screen where a client settles for two hundred and fifty thousand dollars but only settles down two hundred thousand prior to the sift changes the current balance will have reflected the settlement of two hundred and fifty thousand and at a percentage of 0.55 an upfront payable of one thousand three hundred and seventy-five dollars posts F changes the current balance will only reflect the two hundred thousand drawn down resulting in an upfront of one thousand one hundred dollars at a percentage of 0.55 if there was also a fifty thousand dollar offset attached to the drawn balance of two hundred thousand then the drawn balance net of offset would be one hundred and fifty thousand and would result in upfront of eight hundred and twenty five dollars at a percentage of 0.55 for those lenders that will pay upfront all subsequent draw downs you will see a new art front payment and current balance on the same loan number for each draw down within lender specifications each time the upfront paid will be calculated based on the drawn balance net of offset each lender will have different rules around how and when any applicable subsequent draw downs are calculated and paid you're probably seeing lots of communication from the lenders you're credited with four helpers simulating all this information please refer to the podium library Commission's tab to view our new matrix SIF lender changes to upfront commissions which details each lenders changes this document will be updated as each lender rolls out their changes you can also find the Commission's our CTR guide and a lender Commission's guide in the podium library under Commission's if this material still doesn't help answer your questions please speak to your land BDM or call the podium support numbers on screen thank you for watching I hope you found this useful