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.”