AMB accounting system allows mortgage divisions to run autonomously
IRVINE, Calif., Oct. 10, 2011 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that Accounting for Mortgage Bankers (AMB) can be leveraged to help parent companies better manage relationships with their mortgage divisions.
With AMB, mortgage divisions are able to operate more independently of the parent entity. This autonomy enables the subsidiary to benefit from the mortgage-specific nature of AMB’s capabilities and not be forced to use the general ledger system of the parent company. An accounting system built for mortgage lending gives the mortgage division access to loan level transaction capability with real-time reporting of that data, the capability to report by “branch” as well as the ability to view images of the documentation supporting each transaction.
“Joint venture companies that operate a mortgage lending subsidiary must draw the distinction between how the organizations operate,” said Brian Lynch, president of Advantage Systems. “In order to ensure successful audits and compliance, mortgage accounting should be an automated process that does not rely on spreadsheets. AMB helps mortgage divisions work more effectively with their parent company, have more control over their processes and shave significant time off monthly procedures.”
The system manages transactions at the loan level and simplifies reconciliation of account activity. More thorough reconciliations make audits easier to perform and lower the audit fees. Commission calculations, branch income statements, as well as calculating profit by loan, loan type, loan officer and channel are also completed without spreadsheets, easing communication between the parent company and mortgage division.