“As lenders budget for 2023 and factor in cost savings, they are realizing the importance of having branch-level profit and loss (P&L) data, especially as they are managing reductions of both fixed and variable costs. To learn more, MortgageOrb recently interviewed Joe Ludlow, vice president for Advantage Systems, a provider of accounting and financial management tools for the mortgage industry.”
Read more on Progress in Lending Association
Authored by Michael Bates
January 17, 2023
Advantage Systems attended the MBA Accounting & Financial Management Conference on November 8-10, 2022 in Phoenix, Arizona.
IRVINE, Calif., Oct. 24, 2022 – In the current purchase market, where access to faster reporting is imperative to lenders’ branch profitability, Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced today the availability of its new Expense Management Branch income feature as part of the recently enhanced AMB Sierra platform.
The term “expense management branch” refers to those in which the branch manager also originates loans, and due to the Dodd-Frank Act, cannot be compensated based on a term or condition of the loan. These regulations require that branch income must be based on loan volume, yet most accounting or ERP systems are incapable of managing the rates per branch, or the loan volume to provide this vital reporting to each branch.
The capability to manage the rate of income applied to a branch’s loan volume is an integral component of the AMB system. The recently enhanced AMB Sierra platform allows management to incorporate these values into an income statement that can be easily accessed by branch managers, regional managers, and C-level executives, as well as the accounting and financial management personnel within the firm. This new capability equips branch managers to view their income at any time, while also allowing management to bring best-of-breed reporting to those who need it while eliminating the need for custom programming and third-party reporting products.
AMB Sierra’s Expense Management Branch income feature provides mortgage lenders with greater levels of transparency to more quickly and accurately calculate individual branch liability balances, ensuring that branch managers have confidence in the balances calculated on their behalf. From a corporate accounting standpoint, this provides meaningful operational efficiencies and improved reporting capabilities, while ensuring consistency across the branch network.
“Mortgage lenders value efficiency and precision, and must invest thoughtfully in technology and resources that support their branch teams,” said Brian Lynch, president of Advantage Systems. “With AMB Sierra’s capability to provide financial reporting to expense management branches, mortgage lenders are able to satisfy existing branch managers and attract others.”
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 spreadsheets 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:
Augusta Bauknight
William Mills Agency
678-781-7214
augusta@williammills.com
“In the current purchase market, where access to faster reporting is imperative to lenders’ branch profitability, Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced today the availability of its new Expense Management Branch income feature as part of the recently enhanced AMB Sierra platform.”
Read more on Progress in Lending Association
October 23, 2022
“The key to lowering existing operational costs to efficiently manage “the spend” lies in equipping lenders with access to faster reporting, including detailed insight into loan volumes or margins and profits, for each branch within their network. Automated reporting capabilities not only set up lenders to move loans more quickly and efficiently through the origination pipeline to closing, but as the lender closes more volume, it also elicits potential for greater savings through the evaluation of each invoice.”
Read more on MortgageOrb
September 14, 2022
“As lenders carefully evaluate their personnel and operating expenses, one area of focus that should be included is expense control. Too often, both loan and non-loan expense approval and reconciliation is managed through a labor-intensive, error-prone, manual set of processes. Particularly during high volume periods like the industry has seen over the past few years, the focus is understandably on moving loans through the origination pipeline to closing. As a result, it is virtually impossible for lenders to review all of their vendors and invoices.”
Read more on Progress in Lending Association.
August 25, 2022
Whenever two institutions are consolidated into one, it presents a litany of logistical and operational challenges, and as the lifeblood of most institutions, particular attention must be paid to lending departments. Profitability drives growth and whether as part of an M&A initiative, or simply a bank that is organically growing, bankers are recognizing the value of having the ability to centralize their loan level accounting and reporting along with their commission calculation capabilities within a single software system.
Read more on FinLedger.
August 19, 2022
“Mortgage lending has always been a volume game. Traditionally, narrow profit margins have made it necessary for lenders to originate as much as they can at the lowest cost in order to stay profitable — a task that is aided when loan volume is easy to capture. If volumes are large enough, lenders can still make money even if their cost to originate is high. The reality is that most lenders will see their volumes drop regardless of what they do, so they are also looking for additional strategies for staying profitable; one place to affect meaningful change is in lowering existing operational costs.”
Read more on MBA NewsLink.
July 21, 2022
Advantage Systems provided two full days of training and workshops at the Balboa Bay Resort, where they discussed the latest AMB 7 Sierra updates.
AMB 7 Sierra is ideal for remote workers because it is fully browser-based and cloud friendly. The AMB 7 Sierra dashboard and reporting platforms provide unparalleled access to your data. The extensive capability to drill down, up and through the data gives managers at all levels a great view of their operation.
The AMB User Conference was the perfect setting to learn about the exceptional control environment and how software-based controls are applied to every transaction, making AMB 7 Sierra even easier to use!
Speakers from Richie May, Access Business Technologies to discuss cloud implementation, exit strategies in AMB-controlled environment
IRVINE, Calif., June 20, 2022 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced its speakers and session details for its sixth annual user conference, scheduled for June 23-24 in Newport Beach, Calif.
Of note from the two-day event, highlights to include:
Jennifer Cramer and Rosie Marlier of Richie May will host a breakout session to discuss break-even analysis, including budgeting and forecasts
Drew Foy and Alyssa Canaan of Accounting for Mortgage Bankers (AMB) to discuss implementation of excel add-in AMBfx Exchange
Chris Hughes and Daniel Lee of Moss Adams to lead a session covering exit strategies, going public and the required accounting controls within the AMB environment
Justin Kirsch and Robert Madsen of Access Business Technologies, plus Frank Paladino, AMB, to host the general session discussing steps to implementing a cloud strategy for AMB
Additionally, the user conference will showcase the recently completed, AMB 7 Sierra, a browser-based version of the popular AMB software that provides state-of-the-art dashboard presentation and reporting capabilities with quick access for both branch managers and C-level executives.
“The conference is not only an opportunity to connect with our users, but also a chance to demonstrate the recent enhancements within AMB’s mortgage accounting software while receiving valuable feedback from our customers,” said Brian Lynch, president of Advantage Systems. “We look forward to connecting with our users at this year’s conference and furthering their understanding of how AMB 7 Sierra can supercharge mortgage accounting operations.”
Attendees are also invited to attend a harbor cruise with dinner on June 23. For more information on the AMB 6th annual user conference, view the agenda here.
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:
Augusta Bauknight
William Mills Agency
678-781-7214
augusta@williammills.com
