United Community Bank Picks LBA Ware’s CompenSafe for Efficient, Flexible Automation of Loan Originator and Processor Commissions
The FDIC-insured community bank has been using CompenSafe to efficiently and compliantly automate commissions for its 80 LOs and supporting loan processors since August. CompenSafe’s built-in integrations with the bank’s payroll provider and Ellie Mae® Encompass® loan origination system (LOS) helped make the bank’s transition away from spreadsheets a smooth one.
“Before CompenSafe, our commissions process was arduous and ate up a lot of man-hours,” said Mike Davies, president of United Community Bank Mortgage Services, the mortgage lending division of United. “Our outdated process required several steps with manual input that we knew would not be sustainable as our company continues to grow.”
“We wanted a more efficient process — something that would stand up to audits and that could be monitored, managed and scaled for growth,” Davies continued. “CompenSafe was a brilliant choice for us because of its out-of-the-box integrations with our payroll and origination systems. It’s greatly simplified the commissions process and given our HR, accounting and audit departments a high degree of confidence that everything is done with exactness and thoroughly documented.”
CompenSafe gives United much-needed flexibility to control its own compensation schedules, including the ability to specify multiple KPIs and payout tiers. For example, while the bank’s LOs earn commissions based on the number and volume of loans closed, its processors are bonused based on performance metrics like speed and quality. Commission projections are updated automatically in CompenSafe as loans close and are available to LOs and processors on-demand to help motivate performance.
“We’re proud to offer United Community Bank a flexible solution for automating not just LO commissions, but also performance-based bonus payouts for loan processors, whose quality and speed of work is essential to delivering an exceptional borrower experience,” said LBA Founder and CEO Lori Brewer. “CompenSafe helps producers stay motivated and lets banks say goodbye to manual, spreadsheet-driven processes without missing a beat when it comes to maintaining a compliant audit trail.”
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) is a bank holding company headquartered in Blairsville, Georgia with $12.4 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the southeast region’s largest full-service banks, operating 150 offices in Georgia, North Carolina, South Carolina and Tennessee at the end of the most recent quarter. The bank specializes in personalized community banking services for individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products including mortgage, advisory, and treasury management. Respected national research firms consistently recognize United Community Bank for outstanding customer service. For the last five years, J.D. Power has ranked United Community Bank first in customer satisfaction in the Southeast. In 2018, for the fifth consecutive year, Forbes magazine included United on its list of the 100 Best Banks in America. Additional information about the company and the bank’s full range of products and services can be found at https://www.ucbi.com/.
About LBA Ware™
Founded in 2008, LBA Ware’s mission is to inspire opportunity by delivering solutions that are essential to the way mortgage companies operate. We strive to be a trusted partner and play a key role in our clients’ success by enabling them to motivate, incentivize and better leverage the human potential within their organization. Our applications automate traditionally manual business processes for which an existing software solution does not exist, empowering lenders to create an integrated software environment that maximizes their productivity and operational efficiency. For more information about LBA Ware and their software solutions, visit https://lbaware.com.
Leslie W. Colley
Depth Public Relations