MACON, Ga., May 20, 2020 (SEND2PRESS NEWSWIRE) — LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence software solutions for the mortgage industry, today released the findings of a cost-benefit analysis quantifying one mortgage lender’s expected return on investment after implementing CompenSafe™.
Built for the mortgage industry, CompenSafe is an automated ICM platform that bridges the gap between lenders’ loan origination and payroll systems to eliminate manual data entry and provide actionable insight into staff performance and profitability.
Conducted by a top-10 U.S. mortgage lender, the comprehensive ROI analysis spanned five phases: (1) quantifying the company’s current costs related to managing incentive compensation; (2) identifying opportunities for process improvement; (3) defining system requirements for compensation automation; (4) weighing the pros and cons of building an in-house solution against available off-the-shelf software; and (5) estimating the cost savings provided by the chosen solution, CompenSafe™.
The lender found it was spending $346,000 a year in labor costs directly attributable to the manual calculation of incentive compensation. In addition, the compensation team was spending untold hours each month answering employee questions, setting up new plans and preparing payroll files. The lender also estimated it was spending between $500,000 to $1 million per year in overpayments caused by manual errors in calculating incentive compensation. According to the lender’s analysis, implementing CompenSafe will allow it to recoup an estimated $900,000 in annualized savings by automating manual tasks, eliminating redundant processes and reducing overpayments.
The full case study is available for download here.
About LBA Ware™:
LBA Ware is a leading provider of cloud-based software for mortgage lenders. Since 2008, LBA Ware has been on a mission to help mortgage companies reach new heights with software that integrates data, incentivizes performance and inspires results. Today, lenders of all sizes, including some of the nation’s top producing mortgage companies, use LBA Ware’s award-winning technology to enhance lender experiences and maximize the human potential within their organizations. A 2019 Inc. 5000 fastest-growing private company, LBA Ware is headquartered in Macon, Georgia.
For more information, visit https://www.lbaware.com.
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News Source: LBA Ware