Advantage Systems Launches Enhancements to the Commissions Module of its “Accounting for Mortgage Bankers” Software

AMB | Commission Calculation

IRVINE, Calif., February 10, 2021Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced today updates to the Commissions Module of its Accounting for Mortgage Bankers (AMB) software. The company implemented these updates concurrent with emerging industry trends highlighted during the Mortgage Bankers Association’s Accounting and Financial Management Conference.

“Compensation models continue to change in 2021 as firms reward employees for added volume. We updated the Commissions Module, part of our AMB software, providing greater reliability and enhancing its calculation speed – all to reflect the amplified need in the industry and its increased popularity from our users,” said Brian Lynch, President of Advantage Systems.

Advantage Systems recently hosted a virtual chatroom as part of the MBA’s Accounting and Financial Management Conference, where their team met with industry experts across the country, discussing the trends in commission calculations in 2021, including:

1. Overrides and bonuses for operational employees beyond the loan officer are increasingly important. Anywhere from eight-to-15 people get paid based on a loan closing, including processors, closers, underwriters, branch managers, district managers and more.

2. Commissions, bonuses and overrides are often paid on different schedules. For example, commissions may be paid bi-weekly, but overrides may be paid monthly. One person might be paid different types of compensation on different cycles. Firms must be able to pay multiple people varying calculations at multiple times.

3. Calculating draws, including overtime, (which can change month-to-month) to comply with overtime laws and regulations, continues to be a critical compensation function.

“After communicating firsthand with mortgage bankers at the conference, we heard a number of upcoming and continued trends in commissions,” said Joe Ludlow, Vice President of Advantage Systems. “The AMB commission module today provides features to address each of the trends we heard. The most notable is the sheer number of people, in different operational roles, that can be paid on one loan. Flexible bonus and override compensation features in our system will continue to help our clients recruit and retain qualified and talented professionals – the most valuable resource in the industry.”

About Advantage Systems

Founded in 1986, Irvine, Calif.-based Advantage Systems is a provider of accounting and contract management tools for the mortgage and real estate industries. Advantage Systems’ Accounting for Mortgage Bankers (AMB) was developed in response to the need the company saw for a general ledger accounting product that could eliminate the spread sheets and manage the loan level detail required by the mortgage banking industry. In so doing, AMB gives its users the tool they need to be confident about the data being reported to management and others. For more information, visit www.mortgageaccounting.com

Media Contact
Rachel Smedley William Mills Agency
678-781-7236
rachel@williammills.com

In the Midst of Pandemic, Lower-Than-Ever Rates and Record-Breaking Loan Volumes, Advantage Systems Shifts Strategy to Meet Customers’ Mortgage Accounting Needs

IRVINE, Calif., December 17, 2020Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced its Accounting for Mortgage Bankers (AMB), AMB7 Sierra and ApprovalSoft solutions were pivotal in the success of its clients during the course of a difficult-to-navigate year.

With accounting departments across the nation needing better access to reporting and improved, streamlined ways to telework during the pandemic, Advantage Systems stepped up and provided its software users with real-time, online, easily digestible financial reporting, paperless AP workflow, and integrated commissions and override capabilities.

In fact, according to Laurie Petrich, Controller at Nations Lending in a September release, “We’ve had a huge increase in loan volume and activity – up almost 150 percent – and are thankful to work with a system that continues to grow with our company. Advantage Systems has proven to be a value-added business partner, consistently updating the system with features and functionalities that have saved my team a tremendous amount of time.”

The company’s AP technology was critical to mortgage companies, who needed end-to-end paperless AP workflow. From online invoice coding and approval to electronic disbursement via ACH and other electronic transfers, AMB provided accounting staffs the ability to fully work from home. On the HR side, commission, bonus and override calculation capability became increasingly important. “Some clients pay as many as ten people on one loan, including the LO, processors, LOA’s, managers and more. AMB’s ability to easily calculate commissions, overrides and bonuses, then report as frequently as wanted, has allowed clients to recruit and retain the scarcest resource in the industry – qualified professionals,” said Joe Ludlow, Vice President of Advantage Systems.

“As we head into the new year, we must reflect on this year’s impact on the industry. At Advantage Systems, we are proud to partner with mortgage companies across the nation, providing reliability and consistency to our users through our suite of accounting solutions that enables accounting departments to continue their normal day-to-day operations without massive disruptions,” said Brian Lynch, President of Advantage Systems. “Despite the uncertainty of this year, AMB, AMB7 Sierra and ApprovalSoft have proven essential in helping mortgage companies obtain significant, tangible operational savings and helping employees maintain and increase productivity.”

About Advantage Systems

Founded in 1986, Irvine, Calif.-based Advantage Systems is a provider of accounting and contract management tools for the mortgage and real estate industries. Advantage Systems’ Accounting for Mortgage Bankers (AMB) was developed in response to the need the company saw for a general ledger accounting product that could eliminate the spread sheets and manage the loan level detail required by the mortgage banking industry. In so doing, AMB gives its users the tool they need to be confident about the data being reported to management and others. For more information, visit www.mortgageaccounting.com.

PROGRESS in Lending Association Names Advantage Systems’ Joe Ludlow A Lending Luminary Award Winner

IRVINE, Calif., Nov. 9, 2020Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that Joe Ludlow, Vice President of Advantage Systems, was named a Lending Luminary Award™ winner by PROGRESS in Lending Association.

This year, the award recognized mortgage bankers, lenders, servicers, technology executives and consultants that have positively impacted the industry during rapidly changing market conditions driven by the impact of the COVID-19 pandemic. Winners were announced as part of PROGRESS in Lending Association’s 10th annual ENGAGE event on Thursday, Oct. 15, 2020.

Recognizing the need for consistent, reliable and industry-specific tools, Advantage Systems designed its technology to support accounting departments at mortgage companies across the nation. With a shift toward more employees working remotely, Advantage Systems’ solutions including AMB, AMB7 Sierra and ApprovalSoft have proven essential in helping employees continue to maintain – and increase – productivity despite their decentralized operations.

“The Lending Luminary awards were created to honor mortgage professionals that are dedicated to paving the way for others and are recognized for their industry vision and leadership,” said Tony Garritano, founder of PROGRESS in Lending Association. “Joe and the Advantage Systems’ team have been real leaders in automating accounting processes and providing better access to financial data for not only the accounting department, but also c-level executives, branch managers and loan officers. Our association believes Joe embodies a true leader and deserves to be recognized for his efforts.”

“It’s an honor to be recognized by the team at PROGRESS in Lending,” said Ludlow. “The industry has changed quickly and significantly this year, and we quickly pivoted our strategy to highlight accounting features that speak directly to the needs of our clients who now find themselves working from home and managing the volume increases of a refinance boom at the same time. Daily process changes such as shifting away from paper checks in favor of electronic invoice approval and disbursement have become essential. As such, we’re proud to provide some level of stability during a time of such uncertainty.”

Additionally, Ludlow served as an expert panelist in this year’s virtual event and discussed how COVID-19 has forced the mortgage process to change throughout this year and what the industry can expect through the remainder of 2020 and beyond. To view PROGRESS in Lending’s ENGAGE event, visit mymortgagemindset.com.

About Advantage Systems

Founded in 1986, Irvine, Calif.-based Advantage Systems is a provider of accounting and contract management tools for the mortgage and real estate industries. Advantage Systems’ Accounting for Mortgage Bankers (AMB) was developed in response to the need the company saw for a general ledger accounting product that could eliminate the spread sheets and manage the loan level detail required by the mortgage banking industry. In so doing, AMB gives its users the tool they need to be confident about the data being reported to management and others. For more information, visit www.mortgageaccounting.com.

MEDIA CONTACT:
Rachel Smedley
William Mills Agency
678-781-7236
rachel@williammills.com