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.
William Mills Agency