– Enables mortgage lenders to manage payroll draws and loan officer teams compensation more effectively –
IRVINE, Calif., March 31, 2016 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces two updates to its Commissions Calculations Module. The new “Draw Recovery” feature saves lenders time by automating the application of payroll draws against the loan officers’ commissions and providing a recap on how this was done. Additionally, Advantage Systems has provided the capability to distribute split commissions more effectively among teams of loan officers.
These new features are designed to leverage the benefits of automation into a way to help lenders strengthen relationships with experienced loan officers. The capability to define “Draws” and the application of those draws has existed for some time but relied heavily on manual processes. The new capability automates the application of the draw, making the process easier and the result timelier. Not only is time saved, but so is the relationship with the loan officer. Being able to present the loan officer with a recap of what draws were earned and what commissions were applied against those earnings demonstrates the lender’s commitment to that loan officer.
The need to pay loan officers an hourly wage has created the need to manage those payments against the commissions earned. Many lenders have struggled enough with the calculation of those commissions. Applying draws earned against those commission only made the task that much more difficult. Advantage Systems’ commission module eliminates the difficulty and allows users to calculate commissions quickly and easily and the related application of draws.
The new teams feature of the update to the Commissions Calculations module enables lenders to define teams of loan officers. Commission splits are calculated based on pre-defined relationships between loan officers, even if each loan officer on the team has a different compensation arrangement with the lender. This feature results in easily split commissions, accurately calculated, which saves lenders time and ensures fair commissions among loan officers.
“The updates to our Commissions Calculations Module are focused on providing an extra layer of transparency to loan officers,” said Brian Lynch, president of Advantage Systems. “Maintaining positive relationships with talented loan officers is a high priority to many lenders, and having the flexibility to deal with draw balances more effectively and calculating accurate commissions for teams of loan officers enables lenders to strengthen those relationships, while saving valuable time by avoiding complex manual calculations.”
William Mills Agency