How to process mortgage lender compensation in 5 painless STEPS
Tired of having to go dark for days on end each payroll period?
your mortgage lending payroll process only takes 5 steps to complete.
Managing compensation plans and the complex calculations involved are major pain points in today’s mortgage lending industry. Between the manual calculations using error-prone spreadsheets, to all the disconnected systems that don’t integrate with each other and lack real-time information, processing loan officer compensation and commission-based employee payroll each pay period is PAINFUL.
Fortunately, there are a lot of ways CompenSafe helps ease the pain of managing mortgage compensation. In fact, once compensation plans are added to CompenSafe once, your payroll process is scaled down to 5 easy steps. That’s each payroll period. Think about all the hours you’ll save! Here’s how:
- Review employee loan compensation verifications.
- Lockdown payroll transactions to avoid any changes for the current pay period.
- Push-the-button to have pending recoverable draw balances automatically netted from commissions.
- Export payroll in the correct format for your payroll transaction company.
- Upload the file to your payroll transaction company and rejoice!