MACON, Ga., July 16, 2019 (SEND2PRESS NEWSWIRE) — LBA Ware™, provider of the leading automated incentive compensation and sales performance management platform for mortgage lenders, announced today that Level One Bank (NASDAQ: LEVL) has chosen CompenSafe™ to automate incentive compensation for mortgage loan originators and support staff across the community bank’s mortgage loan center and branch locations.
The decision to move from manual, spreadsheet-based commission calculation to a full-featured compensation management platform was spurred in part by the bank’s rapid growth. After acquiring several banks and absorbing MB Financial Bank’s mortgage division in July 2018, Level One’s own mortgage team effectively doubled in size. The increased number and complexity of compensation plans made the calculation of commissions earnings and periodic bonus payouts more time-consuming .
“CompenSafe created significant efficiencies for our payroll department, saving countless hours of manual labor and eliminating the risk of human error,” said Level One Bank Executive Vice President, Consumer Banking Officer, Timothy R. Mackay. “Additionally, it has improved compensation transparency with our loan originators who now have the ability to login and view their pipeline and payroll information at any time.”
“Before CompenSafe, I spent a full day running commissions every two weeks,” said Level One Bank Senior Accountant Christen Inchaustegui. “Now it takes me 10 minutes to pull together my reports. CompenSafe has also made incentive compensation more transparent for loan originators, who can log in and look at their pipeline and payroll snapshot at any time.”
“As a community bank that embraces technology and always looks for ways to do things better, Level One Bank saw right away how CompenSafe could improve both routine commissions processes and long-term compensation plan management,” said LBA Ware Founder and CEO Lori Brewer. “We were proud to help Level One manage its growing pains by getting CompenSafe up and running in a matter of just a couple months.”
About Level One Bank
Level One Bank (NASDAQ: LEVL) is a full-service, 5-star BauerFinancial rated commercial and consumer bank headquartered in Michigan with assets of approximately $1.5 billion. It currently operates eleven full-service banking centers located throughout Southeast Michigan and West Michigan. Level One Bank’s success has been recognized both locally and nationally as the U.S. Small Business Administration’s (SBA) ‘Community Lender of the Year’ and ‘Export Finance Lender of the Year’, one of S&P Global’s Top 10 ‘Best-Performing Community Banks’ in the nation, and one of American Banker Magazine’s ‘Best Banks to Work For’. Level One’s Commercial Division provides a complete menu of products including lines of credit, term loans, leases, commercial mortgages, SBA loans, Export-Import Financing, and a full suite of Treasury Management and Private Banking services. The Consumer Division offers personal savings and checking accounts and a complete array of consumer loan products including residential mortgages, home equity, auto, and credit card services. Level One Bank offers a variety of online banking services and a robust mobile banking application for individuals and businesses. Level One Bank offers the sophistication of a big bank, the heart of a community bank, and the spirit of an entrepreneur. For more information, please visit www.levelonebank.com.
About LBA Ware
Founded in 2008, LBA Ware’s mission is to inspire opportunity by delivering solutions that are essential to the way mortgage companies operate. We are a trusted partner and play a key role in our clients’ success by enabling them to motivate, incentivize and better leverage the human potential within their organizations. Our applications automate traditionally manual business processes for which an existing software solution does not exist, empowering lenders to create an integrated software environment that maximizes their productivity and operational efficiency. For more information about LBA Ware and our software solutions, visit https://lbaware.com.
Twitter: @LBAWare @LevelOneBank #mortgagebanking #digitalmortgage #CompenSafe
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News Source: LBA Ware