Accounting system shortens time-intensive processes, streamlines audit

IRVINE, Calif., June 7, 2010 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, today announced that St. Louis-based Cornerstone Mortgage Inc. selected its Accounting for Mortgage Bankers (AMB) system for the lender’s mortgage accounting needs.

Cornerstone chose AMB through a recommendation from its LOS provider in order to streamline its accounting process and receive more loan-level detail than was provided by its previous accounting system, which was a generic software package not designed for mortgage lending. Since implementation, Cornerstone has seen significant improvement in several areas, including the audit process, reporting and commission calculations.

“Due to the reporting capability within AMB, our latest audit was the smoothest we have experienced,” said Chris Prost, controller at Cornerstone Mortgage. “In addition, we are able to capture and use more loan level detail, and we expect the commission calculation process to be reduced from two weeks to less than half an hour. These operational improvements have been complemented by quick, comprehensive service from the Advantage Systems team and a smooth transition into AMB.”

“AMB has provided Cornerstone Mortgage with tools that assist the company in its efforts to grow without increasing expenses,” said Brian Lynch, president of Advantage Systems. “By creating a seamless transition experience, we are able to get lenders such as Cornerstone up and running without taking time away from business.”

AMB is an automated accounting system specifically designed for mortgage lenders and provides general ledger, report writing capabilities, and a Web-based branch reporting module for branch managers, along with a module to calculate commissions, bonuses and overrides.

CONTACT: Bevin Rochester
Media contact for Advantage Systems
678-781-7215

IRVINE, Calif., Dec. 8, 2008 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced the release of its second generation Commission Calculation Module for its Accounting for Mortgage Bankers (AMB) software.

The enhanced, user-friendly module provides mortgage lenders in both retail and wholesale environments with greater flexibility to define how commissions and bonuses are calculated. The new module takes advantage of the loan-level accounting capability of the AMB software to minimize input and provides a higher level of confidence that commission calculations are correct because the accounting system generally receives greater scrutiny than other systems.

Advantage Systems launched its first Commission Calculation module in 2003 and has consistently enhanced that module to meet the varied needs of its clients. This second generation of the module goes even further by adding the following:

• An algebraic formula approach that enables users to more easily visualize the commission they are calculating.
• An expanded list of fields on which to base commissions. In addition to loan type and product available in the original offering, the module has been expended to include more fields from the borrower record such as lead source, marketing channel and lien position.
• More flexible user profiles that can be shared and modified. For example, short-term sales contest profiles are easy to implement and manage.
• The ability to use different calculation tiers within the same user profile. For example, one tier might be used in the calculation of the commissionable amount while another is used to tally the final commission.

“Five years of deploying and implementing our first generation module at numerous client sites gave us the unique insight we needed to complete the updated Commission Calculation Module,” said Brian Lynch, president of Advantage System. “The menu-based functionality, algebraic style and depth of options available of our Gen2 module satisfy almost any potential calculation, without custom programming, for most wholesale or retail mortgage organizations. The labor savings are significant in companies with complex commission structures.”

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. A Web-based reporting module is also available for branch managers.

CONTACT: Sarah Cannon
Media contact for Advantage Systems
(678) 781-7216

Further enables lenders to restrict access to sensitive accounting data

IRVINE, Calif., Nov. 10, 2008 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced the addition of a new feature to Advantage Systems’ Accounting for Mortgage Bankers (AMB), an accounting solution designed specifically for mortgage bankers, that enables users to limit access to individual bank accounts.

By securing access to bank accounts, AMB now enables branch users to manage their own checking accounts within the system. The organization benefits by distributing that labor burden while at the same time capturing the necessary accounting data relative to the branch.

Additional benefits of this security feature enhancement include greater overall security of the check writing process and prevention of errors associated with users selecting the incorrect bank account when printing or voiding checks.

The enhancement provides managers within the mortgage industry with the ability to safely and securely enable branch users to print their own bank-related reports, such as cash disbursement and cash receipt reports, since each user is only able to report on banks to which he or she has been granted access. Senior management also has the ability through AMB to better control access to money market and other high dollar or sensitive accounts.

“Many accounting systems control the access to the function to write checks rather than the specific bank involved, leaving the company vulnerable to the risk that sensitive information can be seen by the wrong people,” said Brian Lynch, president of Advantage Systems. “ AMB takes security to the next level by enabling management to decide which users have access to each bank account.”

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. A Web-based reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.

CONTACT: Sarah Cannon
Media contact for Advantage Systems
(678) 781-7216

Web-based reporting tool enables information exchange throughout network of branches

IRVINE, Calif., Oct. 27, 2009 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that the Web-based reporting tool within Advantage Systems’ Accounting for Mortgage Bankers (AMB) is now used by 1,590 branch locations across the United States, a 64 percent increase over the same time last year.

The Web-based reporting tool within AMB enables mortgage lenders to provide their branch managers with real-time information such as loan-level accounting reports, branch profit and loss reports, and 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 chief financial officer.

The Web-based reporting tool within AMB enables mortgage lenders to provide their branch managers with real-time information such as loan-level accounting reports, branch profit and loss reports, and 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 chief financial officer.

“As the mortgage lending industry changes and adapts to this new market, we have seen a clear shift towards acquiring net branches as a way for lenders to expand,” said Brian Lynch, president of Advantage Systems. “AMB’s Web-based reporting tool provides loan information through a secure network, putting up-to-date branch reports at the manager’s fingertips. Eliminating the hassle of compiling this data helps attract experienced brokers and originators who want to originate loans without having the responsibility of managing the operational side of the business.”

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.

CONTACT: Bevin Rochester
Media contact for Advantage Systems
(678) 781-7215

IRVINE, Calif., Oct. 9, 2008 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that Home America Mortgage, a Lawrenceville, Ga.-based residential mortgage lender that offers financing to consumers throughout the Southeast and in Colorado, selected Advantage Systems’ Accounting for Mortgage Bankers (AMB), an accounting solution designed specifically for mortgage bankers, to streamline its accounting practices.

Home America Mortgage moved from a gross loan funding process to a net funding process in early 2008. It implemented AMB in March to track funds at the loan level for its new funding process. The company, which prides itself on the ability to close a loan in typically 10 days or less, also uses AMB to reconcile its bundled loans for resale through the system’s ability to search individual loans by loan number.

“Before joining Home America Mortgage, I served as the lender’s independent auditor. Now that Home America Mortgage uses AMB, I know our audit in 2009 will be smoother and quicker than those in the past because all the information an auditor needs to examine is located within AMB,” said Eric Danley, chief financial officer of Home America Mortgage. “Software features, such as the transaction by loan report that includes all transactions in a debit and credit format, are intuitive enough for individuals without an accounting background to understand.”

“AMB not only reduces the redundancies of using multiple spreadsheets to track debits and credits, it also provides reliable financial records. Auditors do not need to question the authenticity of transaction records compiled with AMB as they would with information pieced together through Excel spreadsheets and QuickBooks,” said Brian Lynch, president of Advantage Systems. “Creating accurate, easy-to-read loan-level reports will continue to be a priority for lenders who want to streamline their back-office processes.”

About Home America Mortgage
Founded with one employee in 1996, Lawrenceville, Ga.-based Home America now has more than 400 employees. Home America has multiple offices throughout the Southeast and across the country. The direct lender with wholesale rates offers a wide variety of loan programs, including conventional, FHA, VA and Alt credit programs. For more information, visit www.homeamericamortgage.com.

CONTACT: Sarah Cannon
Media contact for Advantage Systems
(678) 781-7216

SAN DIEGO, Oct. 12, 2009 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced at MBA’s 96th Annual Convention and Expo (booth 526) that Denver-based MegaStar Financial Corp. selected Advantage Systems’ Accounting for Mortgage Bankers (AMB) to streamline its accounting practices.

Founded in 1999, MegaStar Financial Corp. is one of Colorado’s largest privately held mortgage companies. The company selected AMB because the accounting system is tailored to the specific needs of the mortgage industry and offers general ledger transaction detail down to the loan level to increase accuracy and reduce research time.

“Using AMB greatly reduces the amount of research time we spend on out-of-balance situations. Reconciliations at both the general ledger and loan level are much easier to perform and take at least two-thirds less time to complete,” said Scott Pieper, chief operating officer of MegaStar Financial Corp. “The system makes it easy to import and export transaction data. Also, we can easily train new staff members to use the system when needed.”

“Lending organizations such as MegaStar Financial see the need for an accounting system that was developed specifically for mortgage professionals to provide loan-level detail of accounting transactions,” said Brian Lynch, president of Advantage Systems. “By selecting a specialized product like AMB, mortgage lenders avoid spending large amounts of time and money developing custom features to modify generic accounting systems that do not have the functionality they need.”

CONTACT: Bevin Rochester
Media contact for Advantage Systems
678-781-7215

Adds functionality of accounting system for non-accounting staff

IRVINE, Calif., July 24, 2008 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced the addition of a dashboard analytics feature to its Accounting for Mortgage Bankers (AMB) software package.

The AMB Dashboard Analytics is Advantage Systems’ implementation of a powerful, comprehensive and easy-to-use Online Analytical Processing (OLAP) view of data. OLAP is a member of the broader category of software known as Business Intelligence.

The added dashboard feature expands the scope of traditional accounting systems so data can be more easily accessed and used by presidents, CEOs and non-accounting staff. The data is displayed through charts and graphs, making the accounting reports and information easier to read and understand. This feature can be used by decision makers to study real-time loan profitability and can help determine which loan products, branches and loan officers are most profitable. Another attribute of the dashboard feature is the ability to illustrate activity on loans even after closing, aiding in the effort to track amounts due from fees and ancillary expenses.

“AMB’s new dashboard analytics feature was designed to enable presidents, CEOs and other decision makers to leverage accounting data into a tool that can reduce expenses and boost profitability,” said Brian Lynch, president of Advantage Systems. “The dashboard feature makes accounting easier to understand for decision makers without an accounting background so they can see where their money is going, while at the same time reducing the costs that are incurred in the accounting process.”

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. A Web-based reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.

CONTACT:
Sarah Cannon
Media contact for Advantage Systems
(678) 781-7216

Growth illustrates increasing stability among mortgage originators

IRVINE, Calif., July 21, 2009 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that revenue for its Accounting for Mortgage Bankers (AMB) system has increased by 41 percent in the first and second quarters of 2009 over the pervious period in 2008.

“We are seeing significant activity within the structure of the mortgage industry. Some companies are growing by acquiring branches while other lenders are being spun off by larger banking organizations. We are even seeing veteran mortgage bankers re-emerging to start new mortgage banking entities,” said Brian Lynch, president of Advantage Systems. “Executives starting new companies want to minimize their own in-house technology development and go with a specialized accounting solution that is tailored for lenders.”

Organizations focused on growth through branch acquisition select the Web-based branch reporting module for AMB that enables branch managers to see real-time financial information on their branch without having to burden the corporate office with requests for information. Organizations that have restructured or split off from a larger organization select AMB because the accounting system can produce the detailed reporting and control requirements their parent companies demand.

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. A Web-based branch reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.

CONTACT: Sarah Cannon
Media contact for Advantage Systems
678-781-7216

IRVINE, Calif., Jan. 27, 2011 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, has released its new Interface Services module, a server-based application that automatically imports data from disparate data sources, such as loan origination or servicing systems, into the Accounting for Mortgage Bankers (AMB) system.

The auto import application, built using Microsoft .NET, provides the capability of automatically performing predefined imports to AMB without user intervention. The application enables authorized users to configure, control and monitor the auto-importation process.

“The auto import feature enables mortgage originators to simplify integration across the organization while providing greater ease of use and control over the process of entering accounting transactions,” said Brian Lynch, president of Advantage Systems. “The accounting system touches all parts of the company and having a tool that lets users import data without manual intervention saves time and manpower.”

In addition to an e-mail receipt, the status of each import is recorded in logs that can be reviewed to confirm that imports were successful or to determine the cause behind any that were rejected.

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. A Web-based branch reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.

CONTACT: Bevin Rochester
Media contact for Advantage Systems
678-781-7215