Automating Loan Compensation for Mortgage Lenders

loancomp.pngMost loan origination software (LOS) does not allow lenders to automate commission and bonus payroll calculations.  Instead, organizations must decipher complex commission sales structures using Microsoft Excel spreadsheet software or the need for additional resources.

But that tedious work is a thing of the best for OpenClose LOS users.OpenClose® an enterprise-class, multi-channel, end-to-end loan origination system (LOS) provider, and Lending & Banking Automation Software (LBA Ware), the leading provider of commission automation software, have formed a partnership to seamlessly pass loan information from OpenClose’s LenderAssist™ LOS into LBA Ware’s CompenSafe application to automate the entire commission process.  

CompenSafe removes repetitive, error prone, manual calculations and data re-entry from the lending compensation function, thus increasing efficiency, lowering costs, and effectively overseeing sales compensation and top line profitability.

“Integrating LenderAssist with CompenSafe allows our mutual customers to completely eliminate the use of spreadsheets to manually calculate commissions and other forms of compensation, which is laborious, cumbersome and error prone,” said Vince Furey, SVP of lending solutions at OpenClose. “With CompenSafe, however, our customers’ loan officers now have complete visibility over their pipelines and when they’ll be paid while management gains easy access to compensation analytics, metrics, reporting and other performance indicators. This integration delivers a great deal of value for lenders.”

Learn how your mortgage lending institution can do the same.