Top 10 Things to Look for in a Compensation Management Platform
Across the board, lenders are reporting that the cost to originate a loan is up, profit margins are down and the competition for loan originator (LO) talent is brutal. The fact is that because of automation, profit margins are only going to continue to get more competitive. So much so, that lenders who are not investing in efficiency-enhancing technology can start counting down the days until they must close their doors.
In a scenario that looks grim to some, savvy lenders see an opportunity to solve for multiple pain points while streamlining operations. Technology that eliminates the need for unwieldy and confusing compensation spreadsheets is here, but not all software solutions are created equal. The successful modernization of a lending office requires reliable, user-friendly solutions that seamlessly integrate with your current technology platforms.
Here are the top 10 things you should look for in an automated compensation management platform:
It’s 2018. Any compensation management platform you invest in should be web-based and accessible 24/7 from any device. Look for a platform with a specialized design for mobile use so that loan originators and branch managers can get quick and easy access to compensation, loan pipeline, scorecards and projections.
Borrowers who are not proactively updated about the status of their loan’s progress have significantly lower satisfaction with the overall lending process according to a recent report by the STRATMOR Group. Look for a compensation platform that keeps both agents and borrowers up to date on the status of the loan with milestone marketing emails sent throughout the origination process.
If you are ready to put a compensation and performance management solution into play that meets all of these criteria plus more, then you are ready for CompenSafe. Don’t just take our word for it. Juan Benitez from Envoy Mortgage gives his top 10 reasons to use CompenSafe in this infographic:
Contact us today to learn how CompenSafe can deliver your lending organization a transformation that will have an outsized impact on your profit margins.