Conquer Complexity of Mortgage Lending with Compensation Overrides
Production Generated By
Regardless of whether the override is for commission or bonus purposes, all overrides are generated based on the production of people other than – or in addition to – one’s own loan production. In CompenSafe, overrides have the option to be calculated based on total loan production generated by:
- The entire company,
- An assigned region or geographical area,
- An assigned branch,
- A specific branch or branches,
- A specific employee or team of employees, or
- Employee(s) assigned to loans in a specific position.
The second primary variable of CompenSafe Override Schedules is Payment Timing. This indicates how often and when the override is calculated and paid out. There is a range of possibilities for when overrides are paid out and is typically directly correlated with the underlying reason for the Override Schedule in the first place.
For instance, a mortgage company that pays employees every two weeks may only want volume-based overrides to be paid out once a month and paid on the first payroll period of the following month. Whereas another mortgage company with the same exact pay schedule and volume-based override may prefer to pay out the override every pay period. For this reason, CompenSafe lets you specify how often the Override Schedule should be calculated and paid out.