Running a mortgage bank revolves around the seasons. Typically, this means managers need time to hire and train the best production and operations team to meet the demand that arrives with the warmer months.


Some managers rely on the previous year’s performance and past experience to fill these roles. This can work well if you have a veteran management team and a large pool of eligible workers in your area. However, with market factors changing every day, executives might be looking for a more stable and measurable method to assemble the right staff to bring in clients and keep files moving.


With a robust, flexible Budgeting and Forecasting tool, you can model different staffing mixes and see their true costs all in one place. Our cloud-based solution allows you to start the process by connecting your Loan Origination System and HR Information System directly via API. This will give you a continuous flow of data about your volume and current staff. You can dig deeper and show the true revenue after commissions and other costs by modeling based on drivers like interest rates, demand and personnel expenses.


Most HR systems will also be able to report on incoming staff so you can plan for the immediate future. In addition, you’ll be able to map out and compare different plans for each department. Roll these plans up into a neat P&L to set clear goals by branch, region, company and any other divisions you use to keep teams aligned.


In the past, managers would need to make guesses about complicated figures like payroll taxes based only on expected salary. Now, it’s easy to create multiple different headcount assumptions and accurately estimate taxes, benefits and other costs to get a better idea of what salaries you can offer to attract the best candidates in any area.


Company leaders can create projections based on the business model, industry factors and expected sales performance and test different headcounts against forecasts instantly to get a better idea of the ideal staffing mix. As plans change throughout the year, it’s easy to model for any period needed to optimize performance.


Finance and HR can work seamlessly together with reports that are easy to read and understand. Meet together to make sure you’re staying competitive with other employers hiring for similar roles or to be sure that promotions, reorganizations, etc. fit your budget and overall business strategy.


If you’re tackling the question “Do we have enough staff for busy season?” get in touch with us today to talk about how our Budgeting & Forecasting tool can get HR and finance working together to solve this perennial business challenge.


To learn more about how Richey May Technology Solutions can solve your unique challenges with our Budgeting & Forecasting Tool visit our service page or reach out to Spencer Smoot. For more information, fill out the contact form