Technology vendors some times feel abused, but the work they do is amazing. Further, the good vendors are being rewarded for their efforts. For example, Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that sales of its Commission Calculation Module within its Accounting for Mortgage Bankers (AMB) accounting solution increased 20 percent since last year.
The company attributes this growth to increased demand for better loan officer reporting and compliance required by stricter compensation regulations.
The Commission Calculation Module enables lenders to automate the calculation of commissions and bonuses in both retail and wholesale environments and utilizes the loan-level accounting capability of AMB software to minimize user input and increase accuracy. This eliminates the time and cost associated with manually calculating commissions. The technology enables users to set up commission calculations by loan officer and loan type as well as calculate bonuses monthly, quarterly or annually.
Lenders can also choose to implement Advantage Systems’ web-based Loan Officer Reporting Module, which gives loan officers the ability to access their commission reports using an Internet connection.
“Our Commission Calculation Module enables lenders to calculate commissions faster, reduce human error and comply with loan officer compensation regulations more effectively,” said Brian Lynch president of Advantage Systems.