Benefits of Incentive Compensation Management Software for Mortgage Lenders
Incentive management is valuable for any mortgage lender that wants to continue to develop origination teams, encourage success, and reward hard work. Understanding the best ways to track compensation plans and loan production with real-time data are vital components to effectively incentivizing sales performance. Incentive compensation management software can be the right choice for lenders who want to manage compensation plans as effectively as possible.
5 Reasons to Implement Sales Commission Software
Implementing sales commission software is the best way for lenders to provide an incentive compensation program their employees can feel great about. Following this program correctly works to ensure that compensation plans and processes are well-controlled in the easiest and most comprehensive ways. Bridging the gap between what origination teams do and how they get compensated also provides clarity.
Here are the five main reasons your company will want to implement a sales commission software solution.
1. Eliminate Time Consuming Spreadsheets
Trying to keep track of sales compensation in multi-tabbed spreadsheets and having to rely on LOS exports for production data is now a thing of the past. Traditionally, these methods are highly chaotic and cause serious issues for an incentive compensation program. With commission management software automatically tracking everything in one place, there's no longer the risk of errors or delays that can come with manual compensation-tracking methods.
2. Scalable Commission Plans with Your Growth
Scaling a mortgage business often results in the addition of complex commission plans that become burdensome when managed through manual processes.
The compensation process may be the same for all employees, and only the specifics are different. But taking that process and adding a larger number of people to it may mean that it suddenly gets out of hand.
With the right software solution, that will never be a problem. Instead, your company can simply scale up as needed, and the software will adjust to meet the needs of even the most complex compensation plans.
3. Simplified Reporting
Mortgage lenders that want effective incentive programs need performance data. With a more simplified and easy-to-use way of reporting, collecting, and processing the data, it's easier than ever before to manage the data and the compensation correctly.
Reporting that's simplified is also easier for employees because they can see their compensation by loan, how it was calculated when it will be paid out, and other factors surrounding it. If they have concerns about inaccuracies, it's easy to spot and address them ahead of time.
4. LOS Integration & Automation
Integrating loan data from your loan origination system (LOS) into compensation management software means you have access to data all in one place. When this integration is ongoing, compensation gets automatically calculated as soon as the loan is closed. This allows employees to know how much they earned before payday, keeping them motivated to close more loans.
5. Efficiency & Transparency
Being efficient is vital for your mortgage company's success, and transparency helps your employees feel good about the compensation they're offered and how they're receiving it. That may help to increase sales, as employees focus on doing more for the company and seeing higher levels of compensation because of that effort. Compensation systems that don't offer this level of transparent information are more difficult to handle because they can make employees feel confused about what they are being paid.
Transform Mortgage Incentive Compensation with CompenSafe
With CompenSafe, you get a mortgage-specific sales commission software that seamlessly integrates with your LOS, giving you the power to see and track employee compensation in near real-time. As a cloud-based solution, CompenSafe ensures you have everything you need when you need it.
Providing improved communication and transparency into the loan incentive compensation process, CompenSafe inspires higher levels of trust amongst employees. Custom compensation plans can be very motivating, and CompenSafe offers you the resources to manage and streamline the incentive compensation process like never before.
Schedule a demo today to learn more about how CompenSafe will transform your incentive compensation process.