Olive is an up-and-coming loan originator (LO) at a growing, national mortgage lender who has been building her career at the organization for a couple of years now. She enjoys her work and always exceeds her employer’s minimum monthly loan production standard. Yet despite Olive’s success, she is concerned that she does not always receive the correct compensation for her commissions each pay period.
Olive decided to join this particular lender because she was able to negotiate a unique compensation plan that was more appealing than those of competing lenders in her market. However, every so often, Olive finds an error in her monthly commission check. Even though these errors are immediately corrected once they’re brought to the payroll department’s attention, Olive can’t help but feel less-than-confident in her reported monthly commission.
In order to prevent accidental under-compensation, Olive has taken the initiative to create her own commission calculation spreadsheet that cross-checks with her commission compensation each pay period. Olive doesn’t like to track and verify her earnings; she finds it distracting and stressful. Moreover, Olive is a go-getter. What she really wants is to become a top-performer at her company by focusing on building strong client referral relationships and otherwise sharpening her competitive edge.
What Olive needs is CompenSafe.
CompenSafe links directly to Olive’s LOS and immediately calculates compensation as soon as loans close and fund, dramatically reducing payroll errors and eliminating Olive’s concerns about payroll calculations.
Olive can directly access CompenSafe, providing her with the transparency she desires while also creating a single location for Olive to view which loans she will be compensated for each pay period along with calculation details, such as how much money was deducted for splits and recaptured.
Because CompenSafe can easily accommodate compensation plans with multiple variables, branch managers can continue to offer compliant, creative and custom compensation plans that keep great LOs like Olive happy.
CompenSafe also tells Olive where her performance ranks and offers her valuable insights that continue to drive her sales strategies and performance.
By providing a 360-degree view into her sales trends and pie charts that depict her historical loan volume by loan product type and purpose, Olive is well equipped to excel as an LO in her target market.
Feeling a bit like Olive? It’s time for your mortgage company to start automating the compensation process with CompenSafe. Contact us today to learn how many of the nation’s top lenders save 100s of man-hours per month using CompenSafe.