AdvantageSystems, a provider of accounting and financial management tools for the mortgage industry, made updates to the Commissions Module of its Accounting for Mortgage Bankers (AMB) software. The company implemented these updates in conjunction with industry trends highlighted during the Mortgage Bankers Association’s Accounting and Financial Management Conference.
"Compensation models continue to change in 2021 as firms reward employees for added volume. We updated the Commissions Module, part of our AMB software, providing greater reliability and enhancing its calculation speed – all to reflect the amplified need in the industry," said Brian Lynch, president of Advantage Systems.
Advantage Systems recently hosted a virtual chatroom as part of the MBA’s Accounting and Financial Management Conference, where their team met with industry experts across the country to discuss the trends in commission calculations in 2021, including:
- Overrides and bonuses for operational employees beyond the loan officer are increasingly important. Anywhere from eight-to-15 people get paid based on a loan closing, including processors, closers, underwriters, branch managers, district managers and more.
- Commissions, bonuses and overrides are often paid on different schedules. For example, commissions may be paid bi-weekly, but overrides may be paid monthly. One person might be paid different types of compensation on different cycles. Firms must be able to pay multiple people varying calculations at multiple times.
- Calculating draws, including overtime, (which can change month-to-month) to comply with overtime laws and regulations, continues to be a critical compensation function.
"After communicating firsthand with mortgage bankers at the conference, we heard a number of upcoming and continued trends in commissions," said Joe Ludlow, vice president of Advantage Systems. "The AMB commission module today provides features to address each of the trends we heard. The most notable is the sheer number of people, in different operational roles, that can be paid on one loan. Flexible bonus and override compensation features in our system will continue to help our clients recruit and retain qualified and talented professionals."
