In today’s constantly shifting mortgage market, where some organizations are right-sizing their teams, and others are looking to grow by gaining market share, one thing is certain; all lenders need to find ways to retain top talent. Top producing loan officers are in high demand and are looking for the right fit before they make their next move.
Taking these market conditions into account, it is critical for lenders to not only offer competitive compensation but have ways to seamless execute those compensation plans if they want to retain top talent.
Being able to execute those compensation plans requires dynamic technology. Excel sheets and post-it notes are not going to cut it. Neither is a lack of transparency or inconsistent compensation plans across branches and the entire organization. The cost of losing top talent is too high!
What should a compensation solution include? It should be a web-based solution that can seamlessly deliver:
• Automated Calculations
The solution needs to calculate commissions based on different criteria. Users need to quickly calculate and create numerous compensation plans (Fixed, Tiered, and Bonus based). These plans can be based on Units, Volume, Branch Production, Another User’s Production, Company Production, or any combination of items.
• Dynamic Workflows
The solution should contain multiple workflows to select from where different approval levels are chosen. Some examples include Employee -> Branch Manager or Employee -> Branch Manager -> HR Manager. Multiple workflows help companies determine their best fit instantly.
• Visibility Dashboards
With our focused dashboards, you can see a helicopter view of your Sales Commission distribution. It allows you to see the trends and look at the outliers instantly. Dashboards are available for Executives, Managers & Employees to view based on permissions.
• Seamless Integration in LOS or Accounting System
To truly deliver efficient and effective solutions, they must seamlessly integrate with your company’s current and future tech stack, including your LOS and accounting systems. The right compensation solution should be up and running in 30 days or less.
The right web-based compensation solution can help lenders navigate this changing mortgage market by helping their organization retain top talent as they look to what is next over the horizon for mortgage lending.
Noor Punjwani is President and CEO at Awesome Technologies, Inc. (ATI). He isa creative and inventive thinker, who craves a challenge and who is not afraid to work outside of his comfort zone. Noor is responsible for meeting all relevant statutory and mandatory requirements associated with operations and for working within the framework of the company’s core values, as well as promoting its ethos and mission statement. ATI is a software solutions provider that offers customized software and services that help make lending technology simpler, faster, and more secure. ATI simplifies, reinforces, redefines, and improves mortgage and lending processes to enhance capacity while streamlining operations.