CrossCountry Mortgage, one of the nation’s largest retail mortgage lenders, is using SimpleNexus’ CompenSafe solution to manage incentive compensation for its loan originators.
The lender, which operates a network of approximately 800 branch locations across all 50 states, selected CompenSafe to provide staff with near real-time visibility into their pay and to automate complex payroll functions associated with managing mortgage compensation plans, according to a release from SimpleNexus.
CompenSafe integrates with lenders’ loan origination systems (LOS’s) to automatically calculate compensation as loans fund. Flexible enough to process draws, guarantees, tiers, quality-related payments and more, the platform enables lenders to reliably produce payroll more quickly and accurately than spreadsheet-based incentive compensation management methods, SimpleNexus claims.
It gives loan officers, branch managers, processors, underwriters and all employees greater transparency into their commissions, bonuses and overrides by outlining how compensation is calculated and when it will be dispersed.
A cloud-based portal enables employees to view compensation updates, submit questions to payroll and manage compensation disputes, all in one place for complete audit and compliance.
“Incentive compensation is the largest expense in lenders’ ledgers, and it is also one of the most burdensome to manage,” says Ben Miller, CEO of SimpleNexus. “CompenSafe is a value-add that helps lenders like CrossCountry Mortgage recruit and retain key employees, eliminate cumbersome administrative processes, mitigate risk and protect their bottom lines.”