Company Settings
Introduction:
In Better MLO, configuring company settings is a crucial step to align the platform with your organization's specifics. This guide will walk you through the essential components within the "Company Settings" section, emphasizing their impact on individual goals and assumptions.
Accessing "Company Settings":
1. Navigate to the “Settings”.
2. Under "Settings", select "Company Settings" to access configuration options.
Company Information:
- Company Name: Enter your company's name.
- Company NMLS ID: Specify your organization's unique NMLS ID (Nationwide Multistate Licensing System & Registry).
- Average Loan Amount: Set the average loan amount, which is a crucial metric affecting goal calculations.
- Update Company Details: Click “Update Company Details” to update company information.
Average Loan Amount's Impact:
The average loan amount significantly influences the calculation of user-specific goals in the "My Settings" section.
Update Goal Assumptions:
- Clicking “Update Goal Assumptions” option allows you to modify assumptions that guide the flow of work through the Better MLO funnel under “My Settings”.
- Assumptions include:
- Touch Connections: Percentage of work that converts into leads.
- Lead Production: Percentage of leads that progress to the application stage.
- Applications: Percentage of applications that advance to pre-approval.
- Pre-Approval: Percentage of pre-approvals that result in contracts.
- Contract Close: Percentage of contracts that successfully close.
- Save: Click “Save” to update goal assumptions.
Understanding Assumptions:
Assumptions define the conversion rates at each stage of the mortgage process. These rates are crucial for calculating individual goals based on the work done. For instance, if 10% of touches convert to leads, this influences the goals set for individual users under “My Settings”.
Effect on Individual Goals:
The assumptions configured in company settings directly impact the goals set for individual users. For example, if the assumption rate for turning leads into applications changes from 50% to 20%, the goals for individuals will be adjusted accordingly.
Checking Assumption Impact:
1. Visit "My Settings" and navigate to "My Goal Details."
2. Observe how changes in assumptions influence the goals for touches, leads, applications, and other stages in the funnel.
Conclusion:
Configuring company settings is a fundamental step in tailoring Better MLO to your organization's unique processes. By adjusting assumptions, you ensure that the platform's goal calculations align with your company's performance metrics. Regularly review and update these settings to reflect changes in industry standards or the company's evolving strategies. This integration of company settings and individual goals creates a cohesive and effective workflow within Better MLO.
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