Partners Automate Loan Compensation Process

Origination vendor OpenClose and and Lending & Banking Automation Software (LBA Ware), a 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 is a highly scalable web-based software solution that automates, tracks, calculates, forecasts and provides detailed analytics and dashboard-level reporting on compensation plans for loan officers, processors, branch managers and other commission-based employees.  The integration with LenderAssist enables CompenSafe to extract loan data from the LOS in real-time to fully automate and manage compensations across the enterprise in multiple departments and functional areas down to the employee level.

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“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.”

Traditionally, since most LOS’ do not include functionality to automate commission and bonus payroll calculations, organizations have been ailed to effectively handle a multitude of variable-based, complex commission sales structures using manual approaches that generally involve Microsoft Excel and the need for additional internal resources.  As organizations grow, managing the compensation process becomes more complicated, onerous and labor intensive. 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.

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“Companies that recognize the value of knowing their numbers, assessing their pipeline and production to look for opportunities, and having the information to make timely decisions are the companies that will thrive and prosper in this transforming mortgage market,” said Lori Brewer, founder of LBA Ware.  “The dependable and consistent stream of data CompenSafe pulls from LenderAssist allows near real-time compensation and metrics that our customers depend on for managing and increasing their loan volume.”

Both LBA Ware and OpenClose’s solutions are delivered on a software-as-a-service (SaaS) basis, are 100 percent browser-based applications, and proven to scale with large lending entities.  The companies have several mutual customers using the CompenSafe integration with LenderAssist.

About The Author

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Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.