in CompenSafe, Software Updates by Kelley Mangel

September 2015 Update: CompenSafe Automated Commission & LO Dashboard

CompenSafe received its monthly software update over the weekend. This update includes new search functionality, additional override schedule features, loan pipeline management tools, and payroll options to help you better optimize managing your mortgage lending practices. Continue reading to learn all about this month’s update.

Override Schedule Features:

  • Exclude by Loan Purpose: This new calculation filter allows you to exclude loans from override compensation and from tier units and volume based on the loan’s purpose.
  • Automate Shared Split Calculations: Utilize this option when you have an override that is a shared split and CompenSafe will automatically subtract the override amount from the designated employee’s compensation.
CompenSafe override schedule_shared splits
  1. From the Override Schedule page, click Edit.
  2. Click Options tab.
  3. Click checkbox next to Override is a shared split. Subtract the override amount from: then select employee’s name from the drop down list.
  4. Click Save and Done.
  • Override Payment Timing: Create override schedules for annual, semi-annual, and quarterly pay out.
CompenSafe override schedule_bonus payout
  1. From the Override Schedule page, click Edit.
  2. Click Detail tab.
  3. From the Payment Timing dropdown list, select timing of payment – per quarter, semi-annual, or annual.
  4. Click Save and Done.

Report Directory Updates:

  • New Activity Applications Report: This pipeline report now provides estimated closing date, the loan product, loan purpose, and lead source information.
  • Payroll Period Report: The Payroll Period period now includes the lock down date and time for each payroll period and the name of the payroll administrator that locked down payroll.
  • Loans Funded by Type and Purpose Report: This report now includes the current Lien Position for the loan.
  • Loan Pipeline Report: Loan Pipeline reports now include the name of the Loan Officer Assistant (LOA) and let you filter the report by LOA.

Other Productivity Updates:

  • Search Functionality: You can now perform searches by the investor’s loan number.
  • Create Compensation Schedules for Specific Branch Volume:This new compensation schedule parameter lets you specify if compensation schedules are valid for all branch volume or just a specific branch. When creating a new compensation schedule, select specific branch from Branch Restriction dropdown list.
CompenSafe compensation schedule_branch restriction
To update an existing Compensation schedule:
  1. From the Compensation Schedule for Employee page, click Edit for Employee.
  2. Click checkbox for (Do not) Update Employee for new Compensation Schedule parameters. The page will refresh itself to be in edit mode (see image to left).
  3. Select branch from the Branch Restriction dropdown list.
  4. Click Save Changes.
  • Unlock Pay Periods: Payroll administrators now have ability to unlock a locked down payroll period in order to recalculate compensation for the payroll period.
compensafe payroll_unlock pay period
To unlock pay period:
  1. From the CompenSafe menu, click Payroll.
  2. Under Corporate Payroll, click Unlock Pay Period.
  3. From the pop up window click Continue to unlock loan records to make further compensation updates.
  • Loan Compensation Verification for Pay Date: Compensation verification screens now provide the total loan amount (LA) for each loan directly in the table so you no longer have to go to the Loan Record page to get this information.

Not using CompenSafe? Request a live demo to learn more about our automated loan origination compensation calculation and LO dashboard software.

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