Mortgage accounting solution enabled lender to increase efficiency, grow revenues and add two warehouse lines

IRVINE, Calif., Aug. 9, 2012 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that Sacramento, Calif.-based VITEK Mortgage Group used its Accounting for Mortgage Bankers (AMB) system to increase revenue by 30 percent and expand its business.

As one of the fastest growing lenders in Sacramento, VITEK needed an accounting system that would enable the mortgage lender to manage increasing amounts of loan data, while enabling the company to keep its focus on growth. In 2010, VITEK chose Advantage Systems’ AMB system, an accounting system designed specifically to meet the needs of mortgage bankers. Since launching the AMB solution, VITEK grew revenues by 30 percent and increased the quality of its financial data as well as back office efficiencies. More capital and better financial reporting have led to a stronger balance sheet for VITEK, which enabled the company to add two warehouse finance lines.

“AMB enabled us to deliver high quality financial reports faster, close the books five days sooner and grow rapidly while not having to add additional accounting staff,” said Scott Battenburg, chief financial officer of VITEK. “The image importing capability reduced the amount of time we spent thumbing through a filing cabinet to find the transaction in question. An out-of-the-box accounting system could not have provided the level of data insight we have experienced with AMB.”

“Lenders must keep their focus on growing loan volumes to be competitive in today’s marketplace, which means back-office processes such as accounting need to be as efficient as possible or companies risk impeding that growth,” said Brian Lynch, president of Advantage Systems. “VITEK’s executive team has done and excellent job of growing their business and having the right accounting system helped.”

Web-based reporting tool quickly approaching use by 3,000 branch locations in the U.S.

IRVINE, Calif., Nov. 8, 2011 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that the Web-Based Branch Reporting Tool within its Accounting for Mortgage Bankers (AMB) system has been implemented by more than 2,700 retail branches across the United States.

Developed in response to the growth in retail branching, the Web-based branch reporting tool within AMB enables mortgage lenders to provide their branch managers with real-time information such as loan-level profit and loss reports, branch check register and originator performance reports via the Internet. The system also has role-specific views that can be established and restricted by the organization’s executives.

Through the Web-based reporting tool, branch managers have easy access to vital day-to-day operating information, without placing phone calls to company headquarters. This eliminates the burden on the accounting department while providing updates on loan status and financial progress, enabling branch managers to function with more flexibility, authority and timeliness.

Earlier this year Advantage Systems launched its Loan Officer Reporting Tool as a module within the AMB accounting system. This tool builds on the capabilities of the Web-based Branch Reporting Module, drilling down further to give loan officers access to real-time loan-level data for each loan they have funded. The module provides each individual loan officer access to reports to help better track performance.

“As regulations continue to affect brokers and move them into retail branch environments, the Web-based branch reporting tool helps them maintain the necessary level of independence and accountability,” said Brian Lynch, president of Advantage Systems. “The technology helps branch managers focus on growth and funding loans instead of administrative tasks. It also enables the parent company to foster streamlined, transparent relationships with its branches through the reporting of real-time data.”

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.

Accounting system eases financial reporting of branches

IRVINE, Calif., July 26, 2011 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, today announced that Miami-based Home Lending Source has selected its Accounting for Mortgage Bankers (AMB) system to support the lender’s mortgage accounting needs.

Home Lending Source recently began a campaign to expand its geographic footprint through branching by attracting other lending companies and independent brokers. In order to grow, the lender was seeking data driven and transparent back office systems, including an accounting system built to work in a mortgage environment. After several referrals Home Lending Source selected the AMB system for its ability to provide loan-level accounting detail and streamline branch management.

AMB eases the relationship between the Home Lending Source corporate office and its branches by putting operational data in the branch managers’ hands, alleviating the need for multiple phone calls between the branch and home office. This granular data helps the lender identify the most profitable branches, loan types and even best performing loan officers and apply best practices company wide.

“We have tripled loan originations in the past year and grown from 30 loan officers to nearly 200,” said Zubin Nagpal, vice president, Home Lending Source. “Without AMB, we would not be able to effectively manage the reporting of financial data between branches and the corporate office. Our branch managers have the ability to drill-down to the specifics of their financials, including receipt images, and loan officers can log-in and view their performance in real time. AMB is the measuring stick for accounting systems for mortgage companies.”

“AMB has provided Home Lending Source with the tools necessary to expand while creating a transparent environment for its staff,” said Brian Lynch, president of Advantage Systems. “AMB was designed with mortgage lenders in mind and provides detailed reports to allow regional offices, branch mangers and loan officers to effectively monitor their business.”

Continually advances its AMB mortgage accounting system

IRVINE, Calif., June 30, 2011 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, marks its 25th year of business with company growth and expansion of its Accounting for Mortgage Bankers (AMB) accounting system.
Having survived numerous industry downturns and regulatory shifts, the company has prospered and even experienced record sales over the past two years. Advantage Systems has achieved this partly by broadening its product line. The Web-based Branch Reporting Module that was developed to help lenders expand branching continues to drive AMB growth and the company recently enhanced its popular Commission Calculation Module to address loan officer compensation changes.

AMB evolved from Advantage Systems’ first accounting product, CONTRACK, a system that addressed the needs of the real estate development industry. In 1991 Advantage Systems leveraged CONTRACK to manage a mortgage banker’s trust accounting in compliance with California law. After meeting this request, Advantage Systems saw an opportunity to expand its accounting solution to the mortgage banking industry and created AMB.

“Since our inception, Advantage Systems has constantly strived to meet the demands of its clients in this ever changing industry,” said Brian Lynch, president of Advantage Systems. “From the initial capability to provide loan level accounting in 1991 to modifying the Commission Calculation Module to meet the requirements of Dodd-Frank, our focus has been on making the lives of our clients easier. After 25 years we feel as if we are hitting our stride and the greatest success is still yet to come.”

Out of its twenty-five years in business, 20 years have been dedicated to the mortgage industry. The company has built a loyal customer base by being the only provider of mortgage-specific accounting technology. This reputation has enabled Advantage Systems to grow through referrals from clients and broaden its reach to larger lenders.

System provides automated loan-level financial reporting

IRVINE, Calif., Sept. 20, 2011 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that Dallas-based ViewPoint Mortgage selected its Accounting for Mortgage Bankers (AMB) system for its mortgage-specific accounting needs.

ViewPoint Mortgage, a subsidiary of ViewPoint Bank, serves the Dallas-Fort Worth, Austin and Houston markets. The lender was in need of an accounting system that was tailored to a mortgage lending environment and selected AMB based on its ability to provide loan-level data such as profit by loan, loan type, loan officer and channel. ViewPoint benefits from the variety of customizable reporting tools that are tightly integrated with its loan origination software, making the import and export of data into the accounting system seamless and more accurate. The lender has also automated compliance with recent loan officer compensation changes through AMB’s Commission Calculation Module.

“Advantage Systems’ AMB product provides more detailed financial reporting than we were able to find with any other system,” said Pam Allan, divisional controller at ViewPoint Mortgage. “With AMB’s automation of processes like reconciliation and commission calculations, instead of focusing time on payroll, we’re able to create reports that enhance our business decisions, as well as spend more time with our borrowers.”

“AMB provides ViewPoint Mortgage with automated, detailed reporting tools necessary to simplify its accounting processes and allow its staff to focus efforts on areas that increase loan volume,” said Brian Lynch, president of Advantage Systems. “As the company’s needs change, we are able to change the way AMB works for them, including compliance areas such as loan officer compensation.”

Module allows loan officers to access real-time loan information

IRVINE, Calif., April 26, 2011 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced the launch of its Loan Officer Reporting Tool as a module within the Accounting for Mortgage Bankers (AMB) accounting system.
The Loan Officer Reporting Tool builds on the capabilities of the Web-based Branch Reporting Module, drilling down further to give loan officers access to real-time loan-level data for each loan they have funded. The module provides each individual loan officer access to reports to help better track performance, including:

• Funded Loan Report – Lists the individual loans funded highlighting key information about each loan as well as the income and expenses incurred.
• Transactions by Loan Number Report – Shows the individual transactions incurred on a loan, including access to images of the related invoices if the AMB imaging function is in place.
• Transactions by General Ledger and Loan Number Report – Displays the loan level detail of all transactions affecting a given GL account within the period requested by the user.
• Commission Report – If the lender is using the AMB Commission module, this report shows the commissions earned on loans funded within a given period.

By providing loan officers with detailed information regarding each of their loans and personal performance, lenders decrease the number of phone calls from branches that must be fielded by the corporate office. In addition, if the lender has implemented the Commission Calculation Module, loan officers are able to determine their commission for each loan with the click of a button.

“Improving lending efficiency is a top priority for branch managers and providing the loan officer with instant, Web-based access to granular information reduces time for the manager, the corporate headquarters and the loan officers themselves,” said Brian Lynch, president of Advantage Systems. “Branching continues to grow as more regulations are implemented and lenders increasingly need technology to automate a significant amount of the data transfer between the corporate headquarters and branches. Loan officers are also seeking the lenders that put the most control in their hands as the look for employment opportunities.”