Residential Bancorp joins list of Mortgage Banks who are Optimizing their Loan Officer Compensations
CompenSafe is a Software as a Service (SaaS) application that seamlessly lives between the bank’s Loan Origination System (LOS) and Payroll system, providing real-time integration to the bank’s LOS. Bancorp joins our client base that includes Interlinc Mortgage, Pulaski Bank, Silverton Mortgage, and Envoy Mortgage who’s been utilizing the SaaS for five years.
“CompenSafe has provided the support and tools necessary for us to run our commission reporting,” said Lisa Birmingham, VP of Information Systems at Pulaski Bank. “There are so many ways commissions can be structured and paid to a loan officer. CompenSafe worked with us to build schedules and allocations to support our commission structure.”
Most loan origination systems do not include functionality for automated commission and bonus payroll calculations. In fact, utilizing Excel is the only real alternative available. CompenSafe eliminates the repetitive, manual calculations and dual data entry from the mortgage lending process, making for increased efficiency, productivity, and most importantly, oversight and compliance. The mortgage industry today has more compliance requirements than ever before. CompenSafe alleviates the burden of the Consumer Financial Protection Bureau’s “LO Comp” rules by providing automatic payroll calculations and thorough record keeping.
About LBA Ware: LBA Ware is a software development company, comprised of motivated software engineers who understand mortgage and retail banking and the business challenges faced in today’s compliance-centric world. In just a short time, LBA Ware has expanded into a full service banking software development firm offering various software solutions specifically for mortgage and retail banks. For more information about LBA Ware and their software solutions, visit www.lbaware.com. For media inquiries, email Kelley.Martins@lbaware.com.