Top 3 Reasons to Select a Mortgage-Specific Sales Performance Management Platform
If you’re considering implementing an SPM platform, here are the top three reasons why you should use an industry-specific one.
- Mortgage industry knowledge and expertise – Terms like “lock date” and “consumer direct” might as well be in a foreign language to generic SPM providers, and lenders can’t afford to educate their technology providers, nor should they have to do so. Go with a partner that speaks the lingo and understands the intricacies of compensation in a mortgage sales environment.
- Turnkey LOS integrations – LOS connectivity is crucial to automating the compensation aspect of SPM. Without it, lenders are forced to export data from the LOS and import it into their SPM platform in order to calculate compensation. Not only is this inefficient, but it’s also unnecessary. A mortgage-specific SPM platform is designed to integrate seamlessly with all leading LOSs to ensure seamless and accurate calculations.
- Familiarity with LO Comp rules – Unlike other commission-driven sales environments, mortgage sales compensation is incredibly complex, and the consequences for getting it wrong can be severe. While generic SPM providers would most certainly be familiar with federal compensation regulations that apply to all employers, chances are they would be less familiar with, or downright ignorant of, the special set of rules governing LO compensation. Working with an SPM provider that serves the mortgage industry specifically ensures that comp plans are created correctly and compliantly without sacrificing creativity.
As the mortgage industry’s leading SPM platform, CompenSafe has helped numerous lenders – including 6 of the top 100 U.S. mortgage lenders and 8 of the top 75 independent mortgage banks – improve their sales expense management and ignite their sales teams to drive increased volume and better profitability. The platform’s seamless integrations with major industry LOSs like Ellie Mae’s Encompass and LendingQB ensure quick-and-easy data extraction for flawless compensation calculations.
Don’t be generic. Get specific with your sales performance management. Get CompenSafe.
To learn more about the efficiencies gained by using a mortgage industry-specific platform, check out the CompenSafe case studies here.