Intercap Lending Completes Implementation of Advantage Systems’ Accounting for Mortgage Bankers Solution –  Rapid installation provides faster ROI to mortgage lender –

IRVINE, Calif., April 18, 2018 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces it has worked with Intercap Lending (Salt Lake City, Utah) to complete an implementation of its Accounting for Mortgage Banking (AMB) solution.

The implementation was completed in approximately 60 days and enabled the lender to more effectively manage the accounting functions of its  branches. The speed with which the implementation was finished provided Intercap Lending the ability to achieve a faster ROI.

“Advantage Systems’ technology allowed us to be less dependent on IT staff and this transformed months-long processes into those that take a few hours,” said Clayton Anderson, CFO of Intercap Lending. “From beginning to end the installation took two months and we were showing results in terms of increasing our competitiveness and achieving growth almost immediately.”

“Over the years, our AMB implementation process has been refined by a combination of customer feedback, increasingly advanced technology and a more practical use of this technology based on best practices developed over several years,” said Brian Lynch, president of Advantage Systems.

AMB is a robust accounting system that was specifically designed for mortgage bankers. The solution brings real-time accounting data to users, both accounting and non-accounting staff, in a practical, useable format. Key features include the ability to view loan level data that displays profitability by loan, loan type, loan officer and branch.

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:

Chuck Meyers

678-781-7204

Chuck@williammills.com

How Lenders Can Create an Efficient Commissions Calculations and Payments Process That Keeps Loan Officers Happy

Many lenders lack an efficient way to calculate and deliver commissions to their Loan Officers and this issue has the potential to disrupt lender
profitability.

Loan Officers’ success or failure can make or break a lender’s branch. These people are the stars of the mortgage industry and they know it. Good Loan Officers can go to another lender if they are dissatisfied. To the Loan Officer, lenders and the jobs they offer are commodities and the compensation process is one of the few ways lenders differentiate themselves. Knowing the specifics of what matters most to Loan Officers in regards to compensation is the first step in providing them with the motivation to be productive, happy and successful at a particular branch.

The most common complaints from Loan Officers deal with the speed and accuracy of commissions payments. The most common cause of these issues is that the tools being used to calculate those commissions were not designed to do this. In fact, these tools often only perform a portion of the task leaving much of the work to be done manually. The people doing that work are often under stressful deadlines, which only add to the problem.

All too often, we see spreadsheets being used to perform these calculations. One major issue here is that many Loan Officers have customized compensation agreements with their employers. Using a spreadsheet to calculate these commissions often involves manual entry that makes the task
tedious and time consuming. Even worse, any increase in the number of loans funded or Loan Officers only serves to complicate the process thereby jeopardizing the very accuracy and speed needed. Spreadsheets are a fantastic tool, but they do not provide the systematic approach needed within a large or growing organization to keep Loan Officers happy.

If the calculation of commission on each loan by a Loan Officer were not enough, it is only one part of the commission calculation process. Payroll draws, split commissions and overrides add to the complexity and further invalid the efficacy of using spreadsheets.

To many lenders the task of calculating commissions is so time consuming that they only do it once a month. This can put the lenders relationship with the Loan Officer in jeopardy especially when other lenders with the proper systems can offer more frequent pay periods.

Most Loan Officers expect to be paid the correct payment in approximately a week or less, but most lenders often take several weeks to do so. This erodes the relationship between lenders and Loan Officers, especially if payments need to be reissued to fix mistakes. Loan Officers do not consider these errors to be an acceptable cost of doing business. Instead they see them as warning signs a lender is actively choosing to tolerate mistakes and long delays despite the fact there are other options.

The speed of the calculation is not enough. It has to be correct as well. Incorrect commission checks burn a lender’s reputation, encourages Loan Officers to doubt their employer and forces them to devote even more time to double-checking their commissions. These internal headaches waste Loan Officers’ time and distract them from the core business of serving customers and closing more loans.

Lenders can fix these problems by focusing on costeffectively enhancing the speed, accuracy and reporting of commission amounts earned. This can be done by automating the calculation and distribution of commission data to Loan Officers.

Automating the commission process makes it possible for a lender to calculate commissions in minutes rather than weeks. Providing accurate and timely commission data to loan officers helps build the bond between the lender and the Loan Officer.

Moving from a spreadsheet driven system to an automated approach is often met with some concern about the effort needed to implement such a system. This is mainly due to the fact the people being asked to implement the new system are already working overtime with the existing system. Usually, the system that best addresses a lender’s compensation plans will be the easiest to implement and because it addresses a particular lender’s compensation plans, the calculations will be more thoroughly tested and as a result should be quicker and more accurate than other systems that might be available.

After implementing the proper system, things like calculating payroll draws and split commissions, normally error prone, manual processes should no longer be an issue. The same goes for lenders dealing with suddenly higher loan volumes that put pressure on accounting departments. With the automated approach, the level of performance is maintained and NationalMortgageProfessional.com the lender is not forced to add new staff.

One of the more practical ways automation can reduce the workload on lenders’ staffs is that they often have specialized reporting tools that spell out how commissions were calculated so Loan Officers and even auditors can easily understand at a glance. Often in these cases if a loan officer has an issue with a calculation, he or she can easily figure what the issue is on their own. In many cases the issues turn out to be a miscalculation on the loan officer’s part that does not in any way damage the lender’s reputation for making inaccurate payments.

As an added benefit, having a systematic approach to calculating commissions can have a dramatic effect on the time needed to audit those calculations and the lender’s compliance with Dodd-Frank. The savings in audit fees can be significant. Under the old spreadsheet approach, audit satisfaction was only gained after analyzing large numbers of spreadsheets.

Loan Officers judge their employers by how fast and accurately commissions are paid to them. When there are issues with the accuracy, speed of payments and the clarity of the calculation, loan officers can judge very harshly and seek out other opportunities. The commission calculation and payment process can be dramatically and cost-effectively transformed through automated solutions that not only speed up the calculation but also provide a much higher degree of accuracy and happier Loan Officers!

Download the PDF

Brian D. Lynch is President and Founder of Irvine, Calif.-
based Advantage Systems, a provider of accounting and
financial management tools for the mortgage industry,
responsible for managing the company’s day-to-day
operations, and guiding the company’s strategic direction.
For more information, visit MortgageAccounting.com.

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Advantage Systems Made Major Updates to Mortgage Accounting Solutions in 2017

– Offers options for MSQL users and mortgage lenders interested in enhanced transaction editing and reporting capabilities and efficiently paying commissions –

 IRVINE, Calif., Jan. 24, 2018 – Advantage Systems,a provider of accounting and financial management tools for the mortgage industry, announces its upgrades and expanded features of Accounting for Mortgage Banking (AMB) and ApprovalSoft mortgage accounting solutions that were developed and recently released.

Advantage Systems further developed its data conversion utility to enable users to make a seamless transition from Oracle to Microsoft’s SQL server. In 2017, more than 40 mortgage lenders have begun using AMB with Microsoft’ SQL server. The company continues to offer clients the choice between the two databases.
Advantage Systems also updated its branch reporting dashboard by adding new key performance indicators (KPIs) on the homepage of AMB’s dashboard, such as application to funding metrics, funding to sale and refi to purchase volumes. The layout of the dashboard offers users the ability to drill down to loan level detail on all KPIs quickly.
In addition, recent updates to the AMB commission calculation module were made, which provide mortgage bankers with additional options to simplify and speed up the calculation and payment of commissions. Key features include the ability to see not only commissions “earned” but also commissions “accrued” and “paid.”

The commissions earned often changes based on the dollar volume or number of units achieved between pay periods within a given month. In many cases, when a higher commission rate is achieved it is applied to all of the loans within a given month and not just those within a given pay period. AMB allows the user to easily manage these changes.
Another upgrade to AMB’s commissions calculator module allows for custom relationships between different job functions for the purpose of calculating custom overrides for processors, managers, loan officer assistants, etc. Similar functionality has enhanced the team commission calculation functions.
The company also made numerous upgrades to its ApprovalSoft solution that allows users to easily gather images and approvals on transactions before posting them to AMB. In addition to the improved control environment, Approvalsoft allows clients to streamline the flow of transactions all over the company.
“The changes we have made are based on feedback gathered from our more than 300 customers,” said Brian Lynch, president of Advantage Systems. “They focus entirely on making the accounting processes for mortgage lenders to be as effortless as possible while expanding the flexibility and level of control over the data being used.”

About Luxury Mortgage

Since 1996, Stamford, Connecticut-based Luxury Mortgage has been a residential mortgage banking firm offering a variety of mortgage products, from conventionl, FHA and jumbo mortgages to its proprietary super jumbo mortgages-all to meet the needs of its clients. For more information, visit luxurymortgage.com.

 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:

Chuck Meyers

William Mills Agency

678-781-7204

Chuck@williammills.com

Here are 3 money-losing myths about mortgage technology

Check out these ways to avoid them

October 12, 2017

Lenders have always had a love-hate relationship with technology. Yet they keep thinking that their next technology solution will be easily adopted, or that some fancy software product will eliminate compliance headaches while simultaneously sending borrowers into fits of delight.

These things never happen. That’s because most lenders buy into three common myths about mortgage technology—but there are ways to avoid them.

Myth 1: Implementation will go as expected

Mortgage technology has a history of being unpleasant. If fact, in a recent Stratmor Group survey of lenders, it still takes everyone 12 months to completely convert to a new loan origination system. As well, only 28% of lenders claimed they were “very satisfied” with their LOS.

Lenders often think technology will automate processes and reduce costs, but that’s not always so. We’ve spoken with unsatisfied lenders who have experienced system implementations that didn’t perform as expected, resulting in costly and time-consuming manual workarounds.

Lenders can also simply be blinded by “shiny object syndrome” and not consider the downstream effects to their processes and other technologies in use. This can often lead to the need to customize and maintain integrations, resulting in additional, unexpected costs.

Today, many lenders with legacy systems are adopting new mortgage technologies to compensate for the capabilities these systems lack. The challenge again is integrating new technologies because of existing legacy code issues or lack of staff expertise. That’s why it’s so important to evaluate the architecture of innovative technology vendors to understand what the solution can or cannot do. For example, do they have flexible APIs that your legacy vendor can use? What happens when something doesn’t work?

Myth 2: Digital mortgages will eliminate errors

Everyone wants to provide a digital mortgage experience to their customers. But how effectively do these solutions create value in the mortgage production chain? Some online mortgage applications are no more than simple data and document entry portals, with no ability to verify and validate data, which still needs to happen. The documents that are submitted online through these solutions can still suffer from quality issues and are susceptible to errors in the uploading process.

In addition, data from the source, which some might assume requires no reverification, may have anomalies and may not always be error free. Lenders still need to validate source data with a “second source of truth” to identify something that just doesn’t look right.

Certainly, a digital mortgage experience has the potential to lower costs and improve accuracy. However, it must be combined with rules based auditing tools that can verify data as it is introduced into the production chain, as well as make sure loan decisions are applied consistently and correctly. Lenders that focus solely on improving how their customers apply for loans without delivering an end-to-end experience by enhancing internal processes will undoubtedly fail to get the digital mortgage returns they were looking for.

Myth 3: All automation is the same

Not so fast. There is a real difference between automating standard tasks, such as populating a form, and intelligent automation, such as incorporating compliance checks through a rules-based architecture that considers your own lending overlays, industry best practices and investor guidelines.

When evaluating technology, it’s critical to look past the technology itself and examine the people and processes behind it. Vendors should be analyzed for their technical capability and whether their content is backed by sufficiently deep mortgage industry expertise. They should also be weighed by whether a solution can be embedded into a lender’s workflow and can flag conditions with the responsible parties that, for example, prevent the Closing Disclosure from being issued if it fails preset tolerance levels.

To be sure, it’s great to be optimistic about technology. Every valuable innovation in our industry was successful because people believed it would be. But we can all get carried away, especially with recent technologies like digital mortgages, and the mistakes can be costly. The truly valuable innovations are not always the most obvious. But if you look past the myths, you may just find them—and improve your bottom line.

 

Advantage Systems Announces Clara Lending uses AMB to Streamline Accounting Needs

– Digital mortgage lender manages investor relations with custom reports –

 IRVINE, Calif., August 30, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces that Clara Lending, a full-service mortgage lender headquartered in San Francisco, has been able to leverage Advantage Systems’ AMB to streamline its accounting processes and adjust for growth.

In 2015, Clara implemented Advantage Systems’ Accounting for Mortgage Bankers technology in order to automate more of its accounting needs. Clara prides itself on using the efficiency of technology to automate as much of the origination process as possible. Similarly, Clara seeks to streamline as much of its operations as possible, using best-of-breed technology to eliminate manual processes.

AMB’s loan level detail capabilities have helped Clara’s growth by enabling the company to analyze the profitability of individual loans. Beyond taking advantage of AMB’s loan-level detail, Clara has found its custom reporting capabilities invaluable when providing financial data to its investors.

“AMB has been crucial to making our accounting as efficient as possible” said Yao Li, Accounting at Clara Lending. “We are building the best technology to automate the lending process for our borrowers and require the best technology from our partners as well.

“Clara Lending is a lender that understands the need for streamlined processes and how this impacts their bottom line,” said Brian Lynch, president of Advantage Systems. “The company has taken advantage of AMB’s capabilities to allow the accounting department to enhance the company’s ability to grow.”

About Clara Lending

San Francisco-based Clara Lending is building the world’s most efficient lending platform to save people time, money, and hassle on their mortgage. By automating and streamlining the origination process with technology, Clara can reduce the time and cost of mortgage-manufacturing. Consumers also have greater visibility and control into the process, making it not only quicker and less costly, but also less stressful to get a mortgage. For more information, please visit clara.com

MEDIA CONTACT:

Debbie Harris

William Mills Agency

678-781-7220

deborah@williammills.com

Advantage Systems Reports Successful Third Annual User Conference

IRVINE, Calif., July 25, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced today that its third annual user conference for AMB and ApprovalSoft users was a resounding success.

The conference was held June 22-23, 2017, at the Balboa Bay Resort in Newport Beach, California. The Balboa Bay Resort was booked to capacity because of the high conference attendance.

Advantage Systems’ annual user conference enhances current users’ knowledge of the company’s flagship AMB, accounting system, designed for the mortgage industry and ApprovalSoft, designed to manage the approval of just about anything. Conference attendees participate in various sessions to gather insight on how to better utilize these tools, ensuring that Advantage System’s solutions address all user needs.

Session topics included: comprehensive use of AMB’s dashboard features; advanced reporting capabilities; tips for calculating complex commissions; and best practices when using specific functionality within AMB. This year, Advantage Systems added a session focused on hedge accounting, featuring industry experts: Phil Rasori from Mortgage Capital Trading and Jennifer Hannah from Richey May and Company. Jared Huff from Alight Mortgage Solutions and Eric Gallagher from KSJG also presented on budgeting and forecasting. Next year’s conference will also be held in June in Newport Beach.

“These conferences offer a fantastic opportunity for our clients to meet other clients, learn more about what can be done in AMB and Approvalsoft®.  Attendees not only get a chance to see what changes are being implemented but they can be a major force in driving those changes.  The feedback we get from these conferences is invaluable,” said Brian Lynch, president of Advantage Systems. “We strive to make each year’s conference an educational experience for all AMB users, no matter their familiarity with the system.”

AMB is a robust accounting system that was specifically designed for mortgage bankers. The solution brings real-time accounting data to users, both accounting and non-accounting staff, in a practical, useable format. Key features include the ability to view loan level data that displays profitability by loan, loan type, loan officer and branch.

MEDIA CONTACT:

Debbie Harris

William Mills Agency

678-781-7220

deborah@williammills.com

Advantage Systems Offers Advanced Reporting Module to Mortgage Lenders

– Automates and simplifies production of quarterly mortgage reports –

 IRVINE, Calif., May 24, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces it offers an Advanced Reporting Module within Accounting for Mortgage Bankers (AMB) to produce specialized quarterly reports required by various agencies within the industry.

The Advanced Reporting Module simplifies the process of producing  the Mortgage Bankers Financial Reporting Form (MBFRF) and Nationwide Mortgage Licensing Service (NMLS) Call report. Without the Advanced Reporting Module, this process frequently takes two or more days to produce but with AMB’s Advanced Reporting Module, preparing the forms takes minutes.

“The Advanced Reporting Module has saved me time and headache when preparing these reports every quarter,” said Kelly Brinkman, controller at Summit Mortgage. “Many mortgage lenders try to prepare the MBFRF and NMLS forms manually and expend time and effort on a process Advantage Systems has fully automated with the Advanced Reporting Module.”

“Many mortgage bankers rely on Excel spreadsheets to prepare these complex quarterly reports, but our Advanced Reporting Module simplifies a tedious process that all mortgage bankers face,” said Brian Lynch, president of Advantage Systems. “The Advanced Reporting Module is just one example of how AMB has been able to save mortgage bankers time and streamline recurring procedures.”

MEDIA CONTACT:

Debbie Rayburn

William Mills Agency

678-781-7220

deborah@williammills.com

 

Advantage Systems Included on HW TECH100™ List of Most Innovative Tech Companies in Housing Industry

– Listed third year in a row with 100 other tech leaders –

 IRVINE, Calif., May 2, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces it has been included for a third year in the 2017 HW TECH100™ list, which recognizes the 100 most innovative technology companies serving the mortgage, finance and real estate industries.

More companies applied to be considered than in any previous year. Advantage Systems’s third straight inclusion since 2015 highlights the company’s significant market influence and continued growth. HousingWire evaluated hundreds of companies transforming the industry and offering solutions to the breadth of challenges and opportunities in the mortgage industry for this year’s awards.

“The mortgage industry is leveraging technology like never before, streamlining processes across the spectrum of lending, servicing, investing and real estate,” said HousingWire editor-in-chief Jacob Gaffney. “The combination of regulatory pressure and consumer expectations have set a high standard for efficiency and transparency, requiring a significant investment of time, money and talent to hit the right notes for both.”

“Our Accounting for Mortgage Bankers solution has continued to evolve with the mortgage industry and represents a collaboration of intelligent design and industry best practices,” said Brian Lynch, president of Advantage Systems. “We are honored to be named for a third year on this prestigious listing of innovative technology companies.”

More information about the 2017 HW TECH100™ is available at: http://www.housingwire.com/articles/39311-the-2017-hw-tech100.

MEDIA CONTACT:

Debbie Harris

William Mills Agency

678-781-7220

deborah@williammills.com

Advantage Systems Announces Alterra Home Loans Leverages Accounting for Mortgage Bankers Software to Achieve Growth

– Mortgage lender gains access to loan-level reporting capabilities-

IRVINE, Calif., March 14, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces that Alterra Home Loans, an independent mortgage bank headquartered in Nevada with offices in 12 states, has been able to sustain significant growth since implementing  Advantage Systems’ Accounting for Mortgage Bankers (AMB) software.

Alterra Home Loans selected AMB as its accounting system in 2015 in order to eliminate manual processes and gain access to detailed loan-level reporting tools. Alterra Home Loans has leveraged AMB’s automated processes to eliminate time-consuming manual entries during the lender’s rapid growth.

Alterra Home Loans is also taking advantage of Advantage Systems’ Commissions Calculation module in order to automate its commissions process, to provide loan officers with more timely and accurate commissions statements.

“Alterra Home Loans is going through a period of explosive growth and we made the decision to implement AMB in order to eliminate manual processes,” said Yvonne Yacono, chief business officer at Alterra Home Loans.

“We understand lenders’ needs, and have developed our software to eliminate time-consuming processes and help achieve growth,” said Brian Lynch, president of Advantage Systems. “We constantly seek to enhance our software’s features in order to help lenders attain tomorrow’s goals today.”

AMB is a robust accounting system that was specifically designed for mortgage bankers. The solution brings real-time accounting data to users, both accounting and non-accounting staff, in a practical, useable format. Key features include the ability to view loan level data that displays profitability by loan, loan type, loan officer and branch.

 MEDIA CONTACT:

Debbie Harris

William Mills Agency

678-781-7220

deborah@williammills.com

Advantage Systems Announces Third Annual User Conference

– Annual conference regarding accounting solutions for mortgage lenders to continue after record high attendance at 2016 event –

 IRVINE, Calif., February 28, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry through its Accounting for Mortgage Bankers (AMB) product, announced today its third annual user conference will be held June 22-23, 2017, at the Balboa Bay Resort in Newport Beach, Calif. Registration information can be found at mortgageaccounting.com/upcoming-events/.

After record attendance of 137 AMB users at last year’s conference, Advantage Systems has established the AMB user conference as an annual event. Advantage Systems’ annual user conferences enhance current users’ knowledge of the company’s AMB and ApprovalSoft solutions, accounting tools designed for the mortgage industry.

AMB User Conference attendees participate in various workshops to gather insight on how to better utilize these tools, ensuring that Advantage Systems’ solutions address all user needs. Breakout session topics will likely include: best practices when using specific functionality within AMB; training sessions for calculating complex commissions; comprehensive use of AMB’s dashboard features; and advanced reporting capabilities. The annual conference also features hands-on training sessions in The Lab, in which attendees receive training in the latest version of AMB.

“Our annual user conference provides an enhanced learning environment that enable AMB and ApprovalSoft users to get more value out of the solutions and make specific recommendations directly to our developers on what changes they would like in future versions,” said Brian Lynch, president of Advantage Systems. “We expect the upcoming conference will exceed 2016’s attendance numbers.”

“Given the scope and depth of AMB and our best practices guidance, AMB users are enthusiastic to learn how to stretch their usage of AMB beyond their day-to-day routine. There is a strong sense of community among our users. They enjoy sharing their ideas and procedures with each other at the conference,” said Joe Ludlow, vice president of Advantage Systems.

AMB is a robust accounting system that was specifically designed for mortgage bankers. The solution brings real-time accounting data to users, both accounting and non-accounting staff, in a practical, useable format. Key features include the ability to view loan level data that displays profitability by loan, loan type, loan officer and branch.

ApprovalSoft is a solution which enables users to scan or link supporting documentation to accounting transactions and record approvals, which streamlines management of financial transactions and makes audits much easier.

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 demand the company saw for a general ledger accounting product specifically designed for the mortgage banking industry. AMB has the ability and reliability to track costs at loan level in real time, eliminating redundant spreadsheets and providing financial data that can be used by CEOs, management and staff who may not be trained as accountants. For more information, visit www.mortgageaccounting.com.

MEDIA CONTACT:

Debbie Harris

William Mills Agency

678-781-7220

deborah@williammills.com