Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, has announced that its Commission Calculation Module assists lenders with simplifying adherence to pending loan officer (LO) compensation rules that will take effect April 1. The Commission Calculation Module of the Accounting for Mortgage Bankers (AMB) accounting system enables lenders to automate the calculation of commissions and bonuses in both retail and wholesale environments. This is especially important as lenders adjust to interpretations of the Federal Reserve Board’s (LO)compensation guidelines. Through the tool, lenders have the flexibility to define how these amounts are calculated based on their own business rules.
“The April 1 deadline for compliance with the loan officer compensation rules is a pain point for many of our customers,” said Brian Lynch, president of Advantage Systems. “To ensure accuracy, it is vital for lenders to automate this area of their business. With the Commission Calculation Module, they have the ability to implement and change compensation models as needed, and as it is part of the accounting system, a traceable audit trail of transactions is available.”
The Commission Calculation Module utilizes the loan-level accounting capability of the AMB software to minimize user input and increase accuracy.