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loanDepot


Industry :
Finance
Members :
10,000+
Customers :
27,000
Products :
Tax Withholding Forms

THE SITUATION

loanDepot is a national mortgage and non-mortgage lending company. Their nationwide team of 10,000-plus members assists more than 27,000 customers each month. Due to rapid company growth, their HR and Payroll team has been onboarding an average of 200-300 new hires per week. Since loanDepot has offices across the country, they had the added challenge of managing local taxes while onboarding new employees – both from a compliance and an efficiency perspective.

Before turning to CIC Plus for help, loanDepot relied on Workday notifications anytime an employee was hired in a state with local taxes. The HR team had to manually look up the employee’s work and home addresses on the state’s website to which locals needed to be set up, then reach out to the employee to ensure the accurate local code was entered. Not only was this manual process burdensome and time-consuming, but it also increased the likelihood that the employee did not enter the correct information or would require the HR team to enter the data on the employee’s behalf.

loanDepot’s HR team was spending an estimated 20 hours per quarter to ensure they were submitting accurate local tax withholdings for their employee population. Not to mention, they also spent additional time each quarter ensuring they were up to date on the constantly changing local tax regulations and implementing changes when needed.

THE SOLUTION

loanDepot now leverages CIC Plus’ Workday Certified integration for Tax Withholding Services.

Through our Tax Withholding Services integration, the entire tax withholding process is automated – down to the local level. Automating the local tax withholding process in complex tax states, including auto-assigning PSD codes in Pennsylvania and school district codes in Ohio, is the real differentiator as it removes manual intervention otherwise required by HR and Payroll teams and reduces the risk of human error.

Our integration validates employees’ work and home addresses to ensure all required withholding forms are presented, correct local taxes are withheld and the new employee data flows back into Workday in real-time. Our intelligent-based tax forms also include logic to ensure all required employee information is captured the first time.

THE RESULTS

In addition to saving the loanDepot HR and Payroll team a significant amount of time through our automated tax withholding services, it was the implementation process that stood out to the loanDepot team. “All in all, everything about the implementation process was simple,” explained Mari Comp, VP of HR, Systems & Payroll. “From start to finish, it was a painless and seamless process. Our implementation specialist at CIC Plus was a pleasure to work with – she was organized, responsive, and solutions-oriented. She would listen to our questions and always provided step-by-step guidance.”