Tag Archives: business intelligence software

SimpleNexus’ Mortgage Loan Compensation Report for Q3 2021 shows year-over-year decline in individual LO commission led by waning refi volume

LEHI, Utah /ScoopCloud/ -- SimpleNexus, owner of the recently acquired LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, today released summary statistics on the state of mortgage industry loan compensation in the third quarter of 2021. Analysis of data from the CompenSafe™ ICM platform showed that declining loan volume in Q3 2021 compared to Q3 2020 pushed quarterly loan originator (LO) commission earnings down 17%. Over the same period, mortgage lenders increased loan processor staffing by roughly a quarter while funding fewer loans, driving average individual processor incentive compensation down by a third.

Methodology

SimpleNexus' LBA Ware team reviewed account data for mortgage lenders who used CompenSafe to automate incentive compensation throughout the third quarters of both 2020 and 2021. The controlled sample dataset consisted of retail, first-lien production from LOs and loan processors with at least six funded loans during the three-month period beginning July 1, 2021, and ending September 30, 2021.

Key Findings
* Monthly commissions earned per LO in Q3 2021 decreased 17% overall from Q3 2020. Monthly refinance commissions decreased 37%, accounting for most of the shortfall, while monthly purchase loan commissions held relatively steady, rising just 2%.

* Overall, LOs saw a 2.44% decrease in per-loan commission rates from 102.878 basis points (BPS) in Q3 2020 to 100.372 BPS in Q3 2021. Notably, lenders dialed down per-loan commission rates on refinances by 7.17%, from 95.210 BPS in Q3 2020 to 88.384 BPS in Q3 2021. BPS paid out on purchase loans decreased 1.58% from 109.838 to 108.102.

* LOs averaged $2.2M in funded volume per month in Q3 2021, a decrease of 14.9% from Q3 2020 ($2.6M). Purchase volume funded by individual LOs increased 4% from $1.4M in Q3 2020 to $1.5M Q3 2021, and refinance volume declined 32% from $1.3M to $0.9M during the same period.

* LO staffing levels held relatively steady from Q3 2020 to Q3 2021, dipping just 2%. Simultaneously, loans funded per LO per month decreased 22%, with LOs in the sample set averaging 9.0 loans a month in Q3 2020 versus 7.0 loans a month in Q3 2021.

* Loan processor staffing grew 23% from Q3 2020 to Q3 2021. Loan processors averaged 29% fewer loans per month in Q3 2021 (15.2 units) compared to Q3 2020 (21.5 units), fueling a 33% decrease in quarterly bonus compensation earned from $3,201 per processor per month in Q3 2020 to $2,140 in Q3 2021.

"The heyday of ultra-low rates and enormous refinance volume is over, and compensation is starting to settle back to pre-pandemic levels. On the bright side, 2021 is still shaping up to be the second-highest production year in the last decade, with modest growth in the purchase market helping take the edge off declining refinance volumes," said SimpleNexus EVP and General Manager Lori Brewer. "We will be watching to see if lenders reduce headcount or take a more conservative approach to incentive comp to protect margin."

About SimpleNexus, LLC:

Founded in 2011, SimpleNexus is an award-winning developer of mobile-first technology for the modern mortgage lender. Lenders depend on our namesake homeownership platform to unite the people, systems and stages of the mortgage process into a seamless, end-to-end solution that spans engagement, origination, closing and business intelligence. By helping lenders manage their teams and stay connected with borrowers and real estate partners, we deliver a measurable return on investment in the form of reduced turn times, increased loan application submissions and more referral business. A four-time Inc. 5000 company, SimpleNexus has been recognized as one of the world's Best Workplaces for Innovators. For more information, visit https://www.simplenexus.com/ or follow @SimpleNexus.

SimpleNexus, owner of the recently acquired LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, today released summary statistics on the state of mortgage industry loan compensation in the third quarter of 2021.

Related link: https://simplenexus.com/

LBA Ware welcomes mortgage compliance expert Lyndal McLaughlin to CompenSafe implementation team

MACON, Ga. /ScoopCloud/ -- LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, today announced that mortgage industry expert Lyndal McLaughlin has joined its team as a software implementation consultant. In this role, McLaughlin will train and assist lenders as they implement LBA Ware's incentive compensation management (ICM) platform CompenSafe™ to its full capabilities, giving them unrivaled control over their variable compensation plans and processes.

McLaughlin has over 30 years experience in the mortgage industry, first launching her career as a receptionist at a mortgage lender. McLaughlin went on to gain experience in loan origination, processing, underwriting, closing and operations, making her an exceptionally well-rounded player in her field. Most recently McLaughlin served as a compliance product implementation manager for lending compliance risk software company QuestSoft.

"Lyndal possesses an impressive breadth of practical knowledge of the mortgage industry and enthusiasm for supporting clients as they roll out new software," said LBA Ware Founder and CEO Lori Brewer. "Her expertise makes Lyndal a valuable addition to the LBA Ware team. I know she will be an asset to our clients as they seek to maximize the benefits they receive from CompenSafe."

As a software implementation consultant McLaughlin will train LBA Ware clients to use CompenSafe to create more efficient compensation plan management processes, monitor those plans, centralize plan data and effectively communicate the calculation of commissions and bonuses to incentive-eligible employees, giving them full transparency into their pay.

"Given the extremely wide variety of compensation plans that mortgage companies oversee, managing payroll can be a real hassle," said McLaughlin. "That's why I'm thrilled to be working with LBA Ware, a company that offers clients a flexible, automated solution for managing incentive compensation."

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, more than 100 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 2021 Inc. 5000 fastest-growing private company, LBA Ware is headquartered in Macon, Georgia. For more information, visit https://www.lbaware.com/.

Twitter: @LBAWare #mortgagelending #mortgagetrends #mortgageindustry

LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, today announced that mortgage industry expert Lyndal McLaughlin has joined its team as a software implementation consultant.

Related link: https://go.lbaware.com/

LBA Ware makes the Inc. 5000 list of America’s fastest-growing companies for the third consecutive year

MACON, Ga. /ScoopCloud/ -- LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, today announced it has clinched a spot on the 2021 Inc. 5000 list, the most prestigious ranking of the nation's fastest-growing private companies. This marks LBA Ware's third consecutive year on the list, coming in at number 2070.

Since 2008, LBA Ware has been helping mortgage companies reach new heights with software that uses lender data to incentivize performance and inspire results. Today, more than 100 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.

"We are thrilled to be included on the Inc. 5000 list for the third year," said LBA Ware Founder and CEO Lori Brewer. "LBA Ware's consistent momentum is testament to our passion to bring simplicity to lenders - from managing incentive compensation to extracting actionable, real-time business intelligence from production data."

"For decades, Inc. has welcomed the fastest-growing private companies in America, and this year's set of winners places the bar very high indeed," said Inc. editor-in-chief Scott Omelianuk. "Companies that made the list, on average, have grown sixfold since 2016. During a stretch when the economy grew just 15 percent, that's a result most businesses could only dream of."

The complete list of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at https://www.inc.com/.

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, more than 100 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 2020 Inc. 5000 fastest-growing private company, LBA Ware is headquartered in Macon, Georgia. For more information, visit https://www.lbaware.com/.

About Inc. Media:

The world's most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com. For more information on the Inc. 5000 Conference, visit http://conference.inc.com/.

Twitter: @LBAWare @Inc #Inc5000

LBA Ware, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, today announced it has clinched a spot on the 2021 Inc. 5000 list, the most prestigious ranking of the nation's fastest-growing private companies. This marks LBA Ware's third consecutive year on the list, coming in at number 2070.

Related link: https://go.lbaware.com/

LBA Ware taps STRATMOR Group alum Angie Middlebrook for mortgage software implementation role

MACON, Ga. /ScoopCloud/ -- LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, announced it has added mortgage industry expert Angie Middlebrook as a software implementation consultant. In this role, Middlebrook will assist lenders as they implement LBA Ware's LimeGear™ BI Platform and ICM platform CompenSafe™ to its full capabilities, advancing them beyond the implementation stage to maximize use of LBA Ware's software solutions.

Middlebrook's software expertise stems from eight years as a STRATMOR Group senior analyst, where her responsibilities ranged from developing data products, compensation strategies and industry studies. Middlebrook worked closely with lenders to increase study participation and analyze data. Prior to STRATMOR Group, Middlebrook was the director of client services at Motivity Solutions, where she worked closely to train clients and instill new capabilities to meet their business objectives.

In addition to Middlebrook's software and analytic background, she launched her career in the mortgage industry as a closer.

"Angie's passion for software gives her a unique edge in helping lenders create efficiencies and grow their businesses," said LBA Ware Founder and CEO Lori Brewer. "Her blend of experience in client services and software development, plus her background in mortgage, makes her a great addition to LBA Ware."

"I've always had a passion for teaching others how to make technology work for them," said Middlebrook. "With my mortgage and software background I completely understand what is happening behind the scenes and how valuable LBA Ware's compensation and business intelligence solutions are."

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, more than 100 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 2020 Inc. 5000 fastest-growing private company, LBA Ware is headquartered in Macon, Georgia. For more information, visit https://www.lbaware.com.

Twitter: @LBAWare #mortgageindustry #mortgagetechnology #mortgagelending #peoplemovers

LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, announced it has added mortgage industry expert Angie Middlebrook as a software implementation consultant.

Related link: https://go.lbaware.com/