in Articles, Blog, CompenSafe by Kelley Mangel

Inefficiencies of Using Spreadsheets for Your Mortgage Lending

Spreadsheets are a great tool – they’re familiar and comfortable; easy to print, share, and present data; and they are compatible across operating systems. But, they are also highly inefficient, prone to errors, time-consuming, and redundant.
Spreadsheets are an inefficient tool for managing your mortgage lending operations and production because their inability to:
  • Record transactions at the loan level as they occur,
  • Integrate with your loan origination system and core banking platform,
  • Notify and communicate updates or changes to systems and people,
  • Manipulate data to show profitability & performance by loan type, loan officer, branch, or market,
  • Easily align small-scale operational activities or individual performance with large-scale company goals,
  • Centralize data management,
  • Contain built in audit trail tracking of who, when, what, and why changes were made to the data, and
  • Forecast or conduct multidimensional analysis.
Then there’s the time-consuming traits of spreadsheets. It’s easy to overlook the total time we spend performing manual tasks on spreadsheets. We often overlook the redundancy and justify it when it’s an industry standard and part of a proven business process. The time spent on the administration side of the spreadsheet alone is inefficient.
Did you know employees spend an average of 72% of their time collecting, validating, and administering data on spreadsheets*? That doesn’t even account for the time spent actually conducting value-added analysis on the data and using it to make intelligent business decisions.
Mortgage Banker Accounting of commissions

#SayBye2Spreadsheets – Start Automating & Integrating

Even in this present day, when technology plays a central role in almost everything we do and is widely available to the masses, we still find ourselves using manual, error prone processes. Fortunately, there are many solutions out in the market designed to ease the pain points and inefficiencies of managing your mortgage lending operations on spreadsheets.

Providing seamless integration between your disparate systems, CompenSafe centralizes data management, reduces risk of inaccurate or outdated information (like LO Comp Rules) by automatically pulling loan data from your LOS and making it readily available to those that need it, and is the mortgage industry’s only web-based solution for automated loan officer and commission-based employee compensation calculations. Eliminating repetitive, manual tasks and dual data entry, CompenSafe leverages automation, tracking, and reporting so you can efficiently manage your mortgage lending operations.

Top 11 Goals of our Software:

  1. Remove need to enter the same information in multiple places
  2. Provide evolving solution that expands in conjunction with mortgage industry changes, trends, and pain points
  3. Provide real-time information for you to make data-driven decisions that maximize profitability and enable growth
  4. Maintain your operational ebbs and flows
  5. Get more from your systems
  6. Enhance communication and collaboration across your company’s departments
  7. Preserve transparency throughout the entire loan origination process
  8. Foster efficiency by constantly updating data so you remain relevant in the market
  9. Help you contain costs by utilizing the systems you already have
  10. Leverage automation to protect data integrity and limit risks by providing an interactive information and record-keeping system
  11. Replace the use of inefficient spreadsheets
Contact us today to learn more about how CompenSafe can put you on a path to optimized and efficient mortgage lending. 

*Source: Quantrix

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