For those in the mortgage industry, automating compensation makes it possible to tie pay to sales performance without worrying about manual processes. Not only can automation make it easier to calculate commissions and bonuses, but it can also reduce the opportunities for miscalculation of incentives and give your sales team more confidence in your payroll process overall. The best way to facilitate automation is through incentive compensation management software that's mortgage-specific and designed with the unique needs of lenders in mind.
With software that’s purpose-built for your industry, communication with loan origination systems and mortgage data warehouses is easy. Moreover, tailor-made mortgage compensation software is built by industry experts who understand the unique requirements of mortgage companies and all the many ways compensation plans may be structured for various sales and operations team members. Non-mortgage-based software often lacks the features and options lenders need to fully realize the value of automation. Here's what to consider when choosing software for your business.
The Need for Incentive Compensation Management Software in the Mortgage Industry
In the mortgage industry, incentive compensation management software isn't entirely mainstream yet. But the need for it continues to grow every day.
Linking compensation to sales keeps many people in the industry committed and working even harder. Sales reps in particular want to see their compensation rise as they do good work that they enjoy and that helps others. In fact, compensation plan negotiation is a key part of the loan officer recruitment process at many mortgage companies.
As a result, some lenders find themselves managing nearly as many different compensation plans as they have loan officers on staff! So it should come as no surprise that making compensation easier through automation can have a noticeable positive impact on mortgage operations. employers.
Currently, the way compensation is handled by most lenders makes it easy for mistakes to happen and issues to arise. It may also become challenging to keep up with all the processes required to manage and pay out compensation, especially if your team of salespeople is large. That can stop some mortgage companies from growing, even if they would like to, because of the additional strain placed on them by more requirements to follow and processes to handle.
Commission Management Software Eliminates Manual Processes
Any time a human is involved, there's the chance for human error. When commission plan calculations are done manually, mistakes are inevitable. Not only that, but it's a lot of work; depending on the size of the lender, payroll and accounting teams may spend anywhere from several hours to several days preparing commissions each payroll period.
Sales commission software takes all the stress (and potential errors and guesswork) right out of the process. Mortgage companies and their employees have less to worry about, and compensation is handled seamlessly behind the scenes.
Automate Your Incentive Programs With CompenSafe
With CompenSafe, it's easier than ever to automate all your incentive compensation plans. It's mortgage-industry specific, so you know you're getting the help and support that's needed. Having compensation plans that operate through automated software reduces guesswork and helps with peace of mind. Here are just some of the benefits.
Flexible Compensation Plans
Not everyone in the mortgage industry or within your company is on the same sales compensation plan. Because of that, you want software that supports flexible plans, including tiers, splits, overrides, and more. That way you can use the software to automate incentive compensation for your whole team — not just the people with “easy plans” — so you can track sales performance and reward it correctly.
Learn how GreenState Credit Union leveraged CompenSafe to automate its complex compensation plans without compromising payroll integrity.
LOS Integration & Automation
Integrating and automating are key to quality sales commission software. Incentive compensation management works more smoothly when everything is integrated. Then you don't have any concerns about data being overlooked or needing to transfer information from one program to another manually. Changes made in one system should be reflected in all other systems of record in near real-time.
Efficiency & Transparency
Your sales leaders operate efficiently, and they likely expect you to do the same. They also want transparency into the sales compensation they receive and how it's calculated. The compensation process isn't necessarily complicated, but it should be one that your sales team can easily see and understand. That helps them feel confident that they'll receive proper compensation for all the services they provide.
Learn how Movement Mortgage empowered its sales force with self-service compensation transparency using CompenSafe.
Your team and mortgage company will likely grow over time. That's the goal for nearly any business. But it also means you'll have more sales performance information to manage. With cloud-based performance data, your company can grow securely and without worrying about whether your compensation management software will be able to keep up with the demands your mortgage company will place on it in the future.
Simple, Yet Expansive Out-of-Box Reports
Real-time reporting helps your mortgage company gauge how well its sales force and operational team members are performing along with the level of compensation people are receiving.
The most sophisticated compensation automation systems give mortgage compensation managers access to comp plan documentation, transaction history (compensation paid and any adjustments made), approvals and disputes, and more — all in one place. If you have a question about a specific transaction, you can drill down to the loan level to see details of the deal that generated the incentive compensation and understand how the commission or bonus was calculated.
You also want to be able to look at big-picture performance management trends — for instance, are you striking the right balance in the relationship between performance and compensation at your company?
Enhance Your Mortgage Lending Experience
As a mortgage lender, you want to help your customers, your sales reps, and other incentive-eligible team members succeed at their goals. With the right incentive compensation programs, your sales and operations teams will spend less time worrying about their paychecks and more time helping customers achieve their mortgage goals. A real-time compensation program can help you see how your team is doing and help each team member consider any changes they need to make in the future for maximum success.
Reach out today to get more information about how CompenSafe can provide your mortgage company with the industry-based incentive compensation management software it needs for continued growth. When you have the right software, you and your sales team can do more, even easier than ever before. It's the best way to track information to keep your company moving forward in the industry and provide higher value to the people in your community who are looking for mortgage help.