'No pain, no gain' may work in the gym, but when it comes to your loan commission process, there is no need for the pain. Even if you're not directly feeling the strain, your loan commission process may be ready for an upgrade.
We created this workflow infographic to show you what the loan commission process from start to finish looks like in CompenSafe - from the seamless loan origination system (LOS) integration to automated calculations, then verifying loan commissions, and preparing it all for your payroll system.
Five Steps to Pain-Free Loan Commissions in CompenSafe:
Not one for infographics? No problem. Here's how CompenSafe streamlines your loan commission process in five pain-free steps.
- New loan closes and funds
Our seamless LOS integration captures this event and securely sends the updated loan details to CompenSafe in near real-time.
- Loan commission automatically calculated
CompenSafe automatically calculates the loan commission according to the loan originator’s compensation plan the same day the loan closes and funds.
- LO notified about its commission
Once calculated, an email is sent to the LO to inform the LO its loan commission has been calculated and is available for review in CompenSafe.
- LO validates commission
The LO uses the CompenSafe Verify Pay feature to confirm the loan commission, greatly reducing the time and hassle spent remediating commission disputes or questions over email.
- Commissions ready for payroll
Once the pay period is over and all compensation has automatically been calculated, CompenSafe generates a payroll-ready file for you to submit to your payroll system.
How many steps does it take for your business to calculate and prepare loan commissions each pay period?