OpenClose and Lending & Banking Automation Software (LBA Ware) announced that they have teamed up to provide an automated loan compensation process, which will no longer require companies to manually track commission and payouts.
OpenClose is an enterprise-class, multi-channel, end-to-end loan origination system (LOS) provider and LBA Ware provides commission automation software.
The new partnership will combine loan information from OpenClose’s LenderAssist LOS into LBA Ware’s CompenSafe application, which will automate the commission process, a press release from the companies said.
LBA Ware's CompenSafe technology is web-based and automates, tracks, calculates, forecasts, and provides analytics and dashboard-level reporting on compensation plans for loan officers, processors, branch managers, and other commission-based employees.
The companies noted that along with OpenClose's LenderAssist, CompenSafe will be able to take loan data from the LOS to automate and manage compensations in a variety of departments.
“Integrating LenderAssist with CompenSafe allows our mutual customers to completely eliminate the use of spreadsheets to manually calculate commissions and other forms of compensation, which is laborious, cumbersome and error prone,” said Vince Furey, SVP of lending solutions at OpenClose. “With CompenSafe, however, our customers’ loan officers now have complete visibility over their pipelines and when they’ll be paid while management gains easy access to compensation analytics, metrics, reporting and other performance indicators. This integration delivers a great deal of value for lenders.”
Most LOS' are unable to automate commission and bonus calculations, which has caused many organizations much distress when handling many variable-based, complex commission sales structures while doing the work manually using Microsoft Excel and additional internal resources.
CompenSafe will fix repetitive, error prone, manual calculations and data re-entry from the lending compensation function, which will increase efficiency, lower costs, and effectively oversee sales compensation and profitability.
"Companies that recognize the value of knowing their numbers, assessing their pipeline and production to look for opportunities, and having the information to make timely decisions are the companies that will thrive and prosper in this transforming mortgage market,” said Lori Brewer, founder of LBA Ware. “The dependable and consistent stream of data CompenSafe pulls from LenderAssist allows near real-time compensation and metrics that our customers depend on for managing and increasing their loan volume."