Solution automates mortgage lender’s accounting processes, increases efficiency and improves accuracy of financial reporting

IRVINE, Calif., March 5, 2014 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, today announced Miami-based American Bancshares Mortgage LLC, is using its Accounting for Mortgage Bankers (AMB) system, an accounting system designed specifically to meet the needs of mortgage bankers, to support the company’s 15 percent growth in loan volume and increase the efficiency of its accounting processes.

As a rapidly expanding company, American Bancshares Mortgage LLC needed an accounting system that would enable it to automate its accounting processes and provide its branch managers with detailed financial data faster and more efficiently. In June of 2013, American Bancshares Mortgage LLC chose Advantage Systems’ AMB system. Since launching the AMB solution, the company fully automated its accounting processes, increased the accuracy of its financial reporting and provided its branch managers with detailed loan-level data in real-time. Additionally, AMB enables the company to evaluate profitability by loan, loan officer and branch in real-time.

“AMB enables us to grow loan volumes without adding additional accounting staff and enables branch managers to evaluate the profitability of each individual loan in real-time,” said Chantel Melendi, controller at American Bancshares Mortgage LLC.

“Mortgage companies that want to grow their loan volumes need to make back-office processes, such as accounting, as efficient as possible,” said Brian Lynch, president of Advantage Systems. “This requires that they automate their manual processes or risk impeding that growth.”

Solution automates accounting processes, increases efficiency and enhances regulatory compliance

IRVINE, Calif., Feb. 05, 2014 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, today announced Grand Rapids Mich.-based VanDyk Mortgage, utilized its Accounting for Mortgage Bankers (AMB) system to support the company’s 15 percent increase in loan volume since January 2013 and increase back-office efficiencies.

As a fast growing mortgage company, VanDyk Mortgage needed an accounting system that would enable it to manage increasing amounts of loan data and provide its management with detailed financial information in real-time. In January 2013, VanDyk chose Advantage Systems’ AMB system, an accounting system designed specifically to meet the needs of mortgage bankers. Since implementing AMB, the company grew loan volume by 15 percent, increased the quality of its financial data and fully automated its accounting processes. Access to more detailed loan-level data provides management with the ability to measure branch and loan profitability quickly and efficiently.

“AMB enables us to grow rapidly without having to add additional accounting staff, access detailed loan-level data in real-time and automate our accounting processes so that we can focus on growing our business,” said Justin McDowell, chief financial officer of VanDyk Mortgage.

“We designed AMB to help lenders grow revenues through increased efficiency and automation,” said Brian Lynch, president of Advantage Systems. “VanDyk Mortgage’s executive team has done a great job of growing their business and having the right accounting system helped.”

IRVINE, Calif., Jan. 2, 2014 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, significantly expanded its product offerings in 2013, including the release of its web-based ApprovalSoft® system, which enables users to manage the images and approvals of accounting transactions. An ApprovalSoft® app was created for both Android and Apple devices to expedite the approval process.

Other highlights of the year included the company launching its Advanced Reporting Module to allow mortgage lenders to complete the Mortgage Bankers’ Financial Reporting Form (MBFRF) and Nationwide Mortgage Licensing System (NMLS) Call Reports faster and more efficiently. Additionally, the company reported that sales of its Commission Calculation Module, which automates the commission calculations process, increased 20 percent since last year.

“Advantage Systems had a successful year because we were able to continue to provide the technology tools that meet the growing accounting, compliance and reporting needs of the mortgage industry,” said Brian Lynch president of Advantage Systems. “Our solutions enable lenders to automate accounting processes, comply with regulatory requirements and increase efficiency.”

Automates the calculation of commissions and bonuses for mortgage originators

IRVINE, Calif., Dec. 5, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, today announced sales of its Commission Calculation Module within its Accounting for Mortgage Bankers (AMB) accounting solution increased 20 percent since last year.

The company attributes this growth to increased demand for better loan officer reporting and compliance required by stricter compensation regulations.

The Commission Calculation Module enables lenders to automate the calculation of commissions and bonuses in both retail and wholesale environments and utilizes the loan-level accounting capability of AMB software to minimize user input and increase accuracy. This eliminates the time and cost associated with manually calculating commissions. The technology enables users to set up commission calculations by loan officer and loan type as well as calculate bonuses monthly, quarterly or annually.

Lenders can also choose to implement Advantage Systems’ web-based Loan Officer Reporting Module, which gives loan officers the ability to access their commission reports using an Internet connection.

“Our Commission Calculation Module enables lenders to calculate commissions faster, reduce human error and comply with loan officer compensation regulations more effectively,” said Brian Lynch president of Advantage Systems.

IRVINE, Calif., Oct. 27, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, today announced it has launched a mobile app to support its ApprovalSoft® workflow and approval management solution, which enables lenders to approve accounting transactions faster and more efficiently.

The ApprovalSoft® mobile app enables users to take a picture of financial documents, such as receipts, using the camera from a smartphone or tablet and eliminates the time and stress of having to do expense reports. It allows companies to speed up the processing of accounting transactions and improve internal controls by making it easier to record and review approvals for each financial transaction. The technology maintains a history of approved transactions for audit purposes and ensures that only approved transactions are entered into the accounting system.

“Our ApprovalSoft® application further streamlines lenders’ internal approval processes and saves valuable time that can be dedicated towards the origination of new loans,” said Brian Lynch, president of Advantage Systems.

Automates approval of financial invoices, increases accuracy

IRVINE, Calif., Aug. 27, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced it has released a web-based version of its ApprovalSoft® imaging, workflow and approval management software. Users can access the application from desktops, tablets and smart phones and it automatically adjusts to fit the screen of any device for consistent viewing.

ApprovalSoft® enables users to take a picture of supporting financial documents, such as receipts for meals, using the camera from a smartphone or tablet and eliminates the time and cost of sending documents to corporate offices by regular mail or email. Users can access ApprovalSoft® from any location with an Internet connection.

ApprovalSoft® requires no configuration on the user’s device, just launch the app and log in. The technology makes the process of recording accounting transactions as easy as possible. In addition to handling vendor invoices, ApprovalSoft® was designed to handle all accounting transactions, including journal entries.

“Our clients are being audited more now than ever,” said Brian Lynch, president of Advantage Systems. ”They need an efficient way to manage the approval process in a system that allows them to demonstrate that they have control over their accounting transactions.”

Increased demand for greater efficiency and increased profitability drive growth

IRVINE, Calif., August 19, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that revenues for Q1 and Q2 of 2013 were 13 percent ahead of the same quarters from the previous year.
The company attributes this growth to increased sales of three products, including:

• Web Based Branch Reporting Tool – Enables branch managers to access financial and loan-level data in real-time and eliminates the time and money required to have the accounting department manually prepare and distribute monthly financial reports
• Commission Calculation Module – Automates the calculation of commissions, bonuses and “Overrides” in both retail and wholesale environments
• ApprovalSoft ® – Enables users to more easily manage the approval of accounting transactions. Images of the supporting documentation are easily scanned or captured. Transactional data can be hand entered or imported and the approvals of each transaction are recorded.

The 27-year-old company also moved into bigger offices and is looking forward to adding staff to meet the demands of what it believes will be continued growth in its products.

“Our growth has been driven by the facts that mortgage lenders are struggling with stricter compliance requirements and are seeking to increase profitability,” said Brian Lynch, president of Advantage Systems.

AMB is a comprehensive accounting system that was specifically designed for mortgage bankers to provide loan-level detail of accounting transactions. In addition to the robust general ledger, accounts payable, accounts receivable and report writing capabilities provided, the system offers numerous functions that have been developed over the years to make the task of accounting easier.

Saves time, increases accuracy of financial reporting

IRVINE, Calif., Sept. 24, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, launched its Advanced Reporting Module to enable mortgage lenders to complete the Mortgage Bankers’ Financial Reporting Form (MBFRF) and the Nationwide Mortgage Licensing System (NMLS) Call Reports faster and more efficiently.

The Advanced Reporting Module provides lenders with the ability to easily produce the required financial components, such as income statements, balance sheets and statements of cash flow for both reports. Schedules for both reports are pre-built so that users only have to tailor them to their accounts. These templates can be used or easily modified for future use and completed reports can be exported in the XML format, which is allowed by the NMLS.

“Our Advanced Reporting Module enables lenders to complete MBFRF and NMLS Call Reports faster and more accurately so that they can focus on more important areas of their businesses, such growth and profitability,” said Brian Lynch, president of Advantage Systems. “The Advanced Reporting Module is a good example of how AMB is uniquely tailored for the Mortgage Industry.”

Solution automates accounting processes, increases efficiency and enhances regulatory compliance

IRVINE, Calif., July 31, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced Atlanta- based lender, BrandMortgage, utilized its Accounting for Mortgage Bankers (AMB) system to support the company’s 70 percent increase in loan production since January 2011 and increase back-office efficiencies.

As a rapidly growing mortgage company, BrandMortgage needed an accounting system that would enable it to manage growing amounts of loan data and also provide its managers with detailed loan data in real time. Since implementing AMB in January 2011, the company grew loan volume by 70 percent and fully automated its loan data entry and reconciliation processes. AMB enables BrandMortgage to analyze loan data at a granular level and evaluate the profitability of its loan transactions in real time.

“AMB enables us to provide our managers with detailed loan level data in real time, while automating every aspect of our accounting processes allowing us to grow revenues efficiently,” said Jennifer Cramer, controller at BrandMortgage.

“AMB is designed to provide lenders with the ability to grow revenues through increased efficiency and automated accounting processes,” said Brian Lynch, president of Advantage Systems.

Accounting solution supports lender’s loan volume growth, automates accounting processes and increases efficiency

IRVINE, Calif., June. 26, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced Memphis, Tenn.-based lender, Evolve Bank & Trust, utilized its Accounting for Mortgage Bankers (AMB) system to support the company’s 25 percent increase in loan volume and enhance regulatory compliance.

Advantage System’s web-based reporting solution enables Evolve to provide its managers with detailed loan level data, such as branch profit and loss reporting, in real time and eliminates the need to send out monthly financial reports to individual loan production offices. Since launching the accounting solution in November 2012, Evolve was able to grow its loan volumes and increase the quality of its financial data without adding additional accounting staff. Evolve also leverages AMB’s Commission Calculation Module to automate its commission calculation process, which increases accuracy and enhances regulatory compliance. AMB’s loan level data enables Evolve to evaluate profitability in real time by office, loan type or loan officer.

“AMB’s system enables us to provide our managers with detailed financial data faster so they can do their jobs more efficiently,” said Candy DeBord, mortgage division controller at Evolve Bank & Trust. “Automating our accounting processes reduces our compliance burden and enables us to focus on growth and profit rather than manual processes.”

“Lenders that want to grow revenues need to be as efficient as possible, which means fully automating accounting processes or companies risk impeding that growth,” said Brian Lynch, president of Advantage Systems. “Evolve Bank & Trust’s executive team has done an excellent job of growing their business and having the right accounting system helped.”