in Blog, CompenSafe, Software Updates by Rachel George

What’s New with CompenSafe
February 2014 Updates

Just in time for VALENTINES day we have a couple of  SWEET new features and we gave some LOVE to payroll pay dates. Please read up to see how to use the New Compensation Verification tool and the new Personal Goal Setting tool. Continue on to check out the updates to how you view payroll pay dates.

xoxo

 

New CompensationVerification Tool and Verification Summary Screens

Access: Executive, Region VP, Branch Manager, Sub-Branch Manager

To get there: Go to Manage Branch > Payroll > Verification & Comments

Access:  Loan Officer, Processor

To get there: Go to Originator > Verification

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To verify or dispute a bonus/commission, click on the arrow in the beginning of the row. This will drill down to individual commissions/bonuses on the loan. Click on the green circle with a check mark to verify the commission/bonus or the red circle with an X at the end of the row if the commission/bonus is to be disputed. If all commissions/bonuses are correct with no disputes, click on the “Verify All” button at top of page.

The Verification screen will show all transactions for the current payroll period (upcoming pay date). If a loan has tiered commissions with an additional commission “bump” on a subsequent payroll, then the amounts are paid across multiple pay dates. Each portion of the commission (the first amount paid and the bump amount) will be present on the verification screen corresponding to the pay date and therefore each amount (per pay date) can be verified or disputed separately.

Across the top of the page, you will see totals for loans that are Verified, Disputed or Unhandled. “Unhandled” indicates that the loan’s commissions and bonuses have not yet been verified or disputed, i.e. they have no Verification Status.

Branch Manager View:

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Loan Officer View:

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If commission/bonus is to be disputed, click on the red circle which contains an X, and a pop up text box will appear. Here you can add your reasons for disputing the commission/bonus.

Once the commission/bonus verification is completed, a “Disputed” or “Verified” will appear in the Status column.

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To view current verification statuses of a loan, click on the notepad to view comments.

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This will show you any current comments in the verification process.

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New Personal Goal Setting Tool

Access: Executive, Regional VP, Branch Manager, Sub-Branch Manager, Loan Officer

To get there: Originator > Set Goal

The “LO Goal” screen is designed for LO’s to state their annul commission goals and to see how many applications or leads they will need to gain per week in order to achieve their desired compensation level.

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To utilize this screen, here is an explanation of the columns:

[This year] Goal: In this column, enter the values based on the commissions you wish to make in the current year.

[This year] Actual:  This will show a current YTD summary of Commissions earned since Jan 1st.

[This year] On Target: This shows your Actual percentage divided by your Goal. This will show your progress towards your goal.

[Last year] Actual: Your actual averages for the year prior.

Growth from [This year]: Compares your last year values to this year values.

And here is an explanation of the rows:

1. My Personal Commission Goal: Enter the annual commissions you want to make this year.

2. My Average Loan Amount will be: Estimate your average loan amount.

3. My Commission Split (BPS): Enter your average rate in BPS.

4. My Average Commission per Loan: This calculates based on the answers on rows 2 and 3.

5. Number of Loans Required to Achieve My Income Goal for Year: This is an estimated number of loans needed to close in the year in order to achieve your goal.

6. Number of Loans Required to Achieve My Income Goal per Month: This is an estimated number of loans needed to close in a month in order to achieve your goal.

7. My Conversion Ratio (Lead to Paycheck): This shows how many prospects you need in order to have one close a deal with you.

8. The Number of Leads I will need to Achieve My Goal for Year: Number of prospective clients you will need to speak with during the year.

9. The Number of Leads I will need to Achieve My Goal for Month: Number of prospective clients you will need to speak with each month.

10. The Number of Leads I will need to Achieve My Goal per Week: Number of prospective clients you will need to speak with each week.

11. My Hourly Wage for [This year] will be:  This shows your hourly rate.

12. Percentage of Annual Income I will allocate to Business Development & Marketing: Enter an estimated percent of your income that you will devote to building your business. This gets subtracted from your annual commission goal.

13. Total Annual Budget for Business Development & Marketing: This is based on the percentage you entered on row 12. This is the dollar amount planned to develop your business.

14. My Net Income for [This year] will be: This is your final annual income minus your marketing budget.

 


Changes in the Date Selection Feature

Access: Executive, Regional VP, Branch Manager, Sub-Branch Manager

To get there: Go to Manage Branch > Balances or can be found on Payroll reports.

 

You can easily select the correct payroll view by clicking on Last Pay, This Pay or Next Pay.

The dates will pull results based on the PAY DATE associated with the Compensation, not the Funded or Closed Date. Most screens use the Funded or Closed dates but Payroll & Balance screens use the Pay Date for filtering results.

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Or

If you want to select a different date range, click on the date box and a calendar will pop up where you can select your dates.

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