Why does “Financial Inclusion” matter to Mortgage Loan Officers?
September 26, 2023
What Is Financial Inclusion?
Financial inclusion refers to efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size. Financial inclusion strives to remove the barriers that exclude people from participating in the financial sector and using these services to improve their lives.
Our Inspiration is and always has been to become a relevant and sustainable technology partner for financial inclusion.
We have chosen specifically to focus our financial inclusion efforts exclusively for Mortgage Loan Officers. Many industries are already including employees in having access options to their earned wages. Retail, healthcare, industrial, manufacturing, hospitality and food and beverage. All have access through providers, similar to parpay, who specialize in those "sectors", if you will.
parpay has set out as the first-of-its-kind to bring this modern pay method to mortgage industry specific earners. You see, most Mortgage Loan Officers are paid 100% commission. They may earn a small draw or hourly wage to cover minimum-wage labor laws, although this typically is in the form of a "draw" and is almost always deducted from their future commissions.
Mortgage Loan Officers rely on cash-flow. Not a guaranteed paycheck. Sometimes MLO's, not to their own fault or because of underperformance, will go weeks and in some cases months, before receiving their already earned commission from loan fundings. To go this length of time without dependable or predictable income can be disruptive in many areas of their life. Self-esteem, relationships, credit costs, loss of sleep, less motivation and definitely frustration. People under financial stress are distracted and not as productive. Fact.
Who wants that?
parpay empowers the user and gives them choices and control over their earned pay on-demand. More freedom and options to take control of the money they’ve earned. More functionality to pay bills on-time avoiding late fees. Eliminates the need for predatory pay day lenders. Allows MLO's to invest and save their earnings as they earn it. We find they enjoy seeing their earnings in real-time. The money is there, they’ve earned it, and find peace knowing it's there if needed. All of these examples showcase the financial wellness use case for parpay.
Innovation has allowed this new and modern pay method to exist. It's very difficult though within the complicated world of MLO commissions with different pay tiers, draw amounts, splits, funding cut off dates, even claw backs. parpay has leveraged our knowledge and experience to re-image the way Mortgage Loan Officers can take advantage of their already earned commissions. We are very intentional about this.
Discover the power of on-demand pay solutions with parpay. We are reshaping the way MLOs view payday, giving them the option of joining us in their personal financial inclusion options.
Say goodbye to predatory lenders and embrace the freedom that real-time visibility of your commission affords you.
For employers, this means increased retention and improved engagement – a win-win situation for everyone involved. Unpack the future of on-demand pay with us, as we pioneer the vast potential.