Automates approval of financial invoices, increases accuracy

IRVINE, Calif., April 16, 2013 – Advantage Systems, provider of the Accounting for Mortgage Bankers (AMB) product, launched its web-based ApprovalSoft® solution to enable organizations to approve financial transactions faster and more efficiently.

The ApprovalSoft® solution gives users the ability to scan or link supporting documentation to accounting transactions and record approvals, which streamlines management of financial transactions and makes audits much easier. The product offers tremendous flexibility in allowing clients to define any type of transaction or document to be approved. The approval steps can be as simple or as complex as required. Numerous time saving features have been built into the product, including the ability to pull invoices from an email address, making Approvalsoft® the simplest and most affordable way to automate your accounts payable process.

“Our ApprovalSoft® solution enables users to process transactions faster and more efficiently while ensuring greater accuracy, which reduces time and risk for the financial institution,” said Brian Lynch, president of Advantage Systems.

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

IRVINE, Calif., Feb. 19, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that Atlanta-based lender, Equity Loans LLC, utilized its Accounting for Mortgage Bankers (AMB) system to support the company’s 300 percent increase in loan volume during 2011 – 2012.

As a rapidly growing mortgage company, Equity Loans needed an accounting system that could manage large volumes of loan data and also provide the ability to customize financial reports to fit the unique accounting needs of the institution. In January of 2011, Equity Loans chose Advantage Systems’ AMB system, an accounting system designed specifically for the mortgage industry. Since launching the solution, Equity Loans grew its loan volumes and increased the quality of its financial data as well as its back office efficiencies. Access to more detailed financial data has led to the ability to evaluate loan and branch profitability in real-time.

“AMB’s system enables us to provide our branch managers with the financial information they need to do their jobs more efficiently and gives us the accounting tools we need to manage a multi-branch system,” said Walter Werchanowskyj, EVP of finance at Equity Loans.

“Lenders that want to build profitability need to remain focused on growth, which demands accounting processes be fully automated or companies risk impeding that growth,” said Brian Lynch, president of Advantage Systems. “Equity Loans’ executive team has done an excellent job of growing their business and having the right accounting system helped.”

Shows higher revenues, upgrades financial reporting solution for mortgage lenders

IRVINE, Calif., January 28, 2013 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that it has experienced several important milestones in 2012, including exceeding company revenues from the previous year by 68 percent. This increase was partially driven by increased sales of the Web Based Branch Reporting Tool within its Accounting for Mortgage Bankers (AMB) system.

Advantage Systems also upgraded its web-based financial reporting solution to provide branch managers with on-line access to comprehensive financial reporting that historically came from the accounting department. The system eliminates the time burden on accounting departments and gives branch managers real-time access to detailed branch reporting in a format that they have come to expect. At their fingertips, branch managers can quickly evaluate branch performance and loan profitability.

The company also reported that sales of its Commission Calculation Module within its Accounting for Mortgage Bankers (AMB) product doubled in 2012. The Commission Calculation Module enables lenders to automate the calculation of commissions and bonuses in both retail and wholesale environments.

“We increased sales of our AMB product by providing added features that meet the evolving needs of mortgage lenders, such as our web-based reporting tool and the enhanced commission module,” said Brian Lynch, president of Advantage Systems.
AMB is an accounting system that was specifically designed for mortgage bankers to provide loan-level detail of accounting transactions. The system provides general ledger, accounts payable and report writing capabilities.

Technology automates manual processes, ensures greater accuracy when originating loans

IRVINE, Calif., December 20, 2012 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that sales of its Commission Calculation Module within its Accounting for Mortgage Bankers (AMB) product has doubled since last year.

The Commission Calculation Module of the Accounting for Mortgage Bankers (AMB) accounting system enables lenders to automate the calculation of commissions and bonuses in both retail and wholesale environments. The functionality enables users to create Commission Profiles for loan officers based on various aspects of the loan, such as loan type, loan product, source, channel and more. Users have the ability to split commissions, create tiers based on loan volumes and easily define simple and complex calculations, giving the user unprecedented capability to address the task at hand. While custom programming is available, it is not required to implement the system.

“Our Commission Calculation Module was built to save our clients time and money and to give those clients the peace of mind that the calculations driving those commissions are accurate,” said Brian Lynch, president of Advantage Systems.

IRVINE, Calif., Nov. 12, 2012 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that Brecksville, Ohio-based Crosscountry Mortgage utilized its Accounting for Mortgage Bankers (AMB) system to add 25 new branches in less than a year.

As a rapidly growing mortgage company, Crosscountry Mortgage needed an accounting system that would provide branch managers with access to their financial data in real-time. In December of 2011, Crosscountry Mortgage chose Advantage Systems’ AMB system, an accounting system designed specifically for the mortgage industry. Since launching the solution, Crosscountry Mortgage grew its branch network and increased the quality of its financial data as well as back office efficiencies. Access to more detailed loan-level data provides branch managers with the ability to measure branch and loan profitability quickly and efficiently.

“AMB’s detailed financial reporting system enables us to provide branch managers with easy to access financial statements in real-time, which helps to recruit new branches,” said Vince Nappi, CFO of Crosscountry Mortgage. “AMB also enables us to create customized financial reports that fit our customers’ individual accounting needs. A generic accounting system could not have provided the level of financial detail that we have experienced with AMB.”

“Lenders who want to grow their branch networks need to provide access to high quality financial data or they risk impeding that growth,” said Brian Lynch, president of Advantage Systems. “Crosscountry’s executive team has done an excellent job of growing their business and having the right accounting system helped.”

IRVINE, Calif., Sept. 20, 2012 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced it upgraded its web-based financial reporting solution to provide branch managers with daily access to a more comprehensive level of financial reporting that eliminates the need for managers to send more complex financial reports monthly.

The new enhancements give users immediate access to more detailed financial reports. Users do not have to wait until month end for this level of financial reporting. These financial reports can be run at any time during the month. Users will get comfortable with one report all month long rather than a summarized version during the month and a detailed version at month end. This technology eliminates the time and the cost of sending out financial reports monthly and offers managers the capability to evaluate branch and loan profitability in real time.

“The new features incorporated into our web-based financial reporting module provide mortgage lenders with the ability to manage their loan data more effectively and make the right decisions quickly,” said Brian Lynch, president and founder of Advantage Systems.

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.”