Guaranteed Rate Relies on nCino Incentive Compensation for Fast, Accurate, Transparent Commission Calculations
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Guaranteed Rate, one of the US’s largest retail mortgage lenders, has been helping homeowners with purchase loans and refinances for more than 20 years. With headquarters in Chicago, Guaranteed Rate has more than 10,000 employees nationwide across 850 office locations.
As Guaranteed Rate grew both organically and through acquisitions over the years, managing incentive compensation for such a large workforce in Excel worksheets became too complex to maintain. It quickly became clear to Chief Accounting Officer Ken Kane that Guaranteed Rate had outgrown spreadsheets as a compensation management tool. The company needed a more dynamic system that could automate their highly complex array of pay structures.
“We needed a solution that would not only save time and eliminate human error through significant automation, but also allow our branch managers and loan officers transparency into their earnings in real time.”
—Emily Da Chuna
After trying other applications that proved too clunky and unable to perform in real time, Kane realized they were still wasting time uploading and reviewing data. Guaranteed Rate then discovered the nCino Incentive Compensation platform, formerly known as CompenSafe. nCino Incentive Compensation is the premier Incentive Compensation Management (ICM) platform tailored exclusively for use by mortgage lenders. Because it consolidates all aspects of incentive compensation management in one single, intuitive system, it serves as a comprehensive solution for both employees and administrators.
“When you grow to our size, it’s pretty hard to maintain commissions in spreadsheets,” said Ken Kane. “Other applications we tried proved clunky. They weren’t real time, and we were still wasting time uploading and reviewing data. If you’re not really automating, you might as well stay in the [Microsoft] Excel world.”
Thanks to nCino’s plug-and-play API integration with Guaranteed Rate’s primary LOS, Encompass from ICE Mortgage Technology, the incentive compensation team doesn’t have to waste time manually uploading data to calculate commissions. The nCino Incentive Compensation platform calculates bonuses and loan commissions for hundreds of incentive plans, saving time and increasing accuracy. Not only has implementing nCino Incentive Compensation eliminated manual data entry from Guaranteed Rate’s incentive compensation calculation process, it’s also made it easy to generate compensation reporting on demand.
“It’s a centralized compensation management approach,” says Da Cunha, “which is exactly what we needed to accommodate our growth as one of the largest mortgage lenders in the United States... It’s very helpful to have a system that is truly for the mortgage industry."
To learn more, check out the full case study.