Here are 3 money-losing myths about mortgage technology

Lenders have always had a love-hate relationship with technology. This HousingWire article addresses three common myths about mortgage technology—and the ways to avoid them:

https://www.housingwire.com/articles/print/41558-here-are-3-money-losing-myths-about-mortgage-technology

 

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

 

Advantage Systems Experiences Significant Growth in 2016

– Celebrates 300th financial institution using Accounting for Mortgage Bankers solution –

 IRVINE, Calif., Jan. 31, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, increased the number of Mortgage Lenders using its Accounting for Mortgage Bankers (AMB) software to over 300 in 2016.

The company’s client base increased by over 10 percent, while the number of clients using the AMB Commission Module increased by 25 percent. Advantage Systems also succeeded in modifying the AMB product to use Microsoft’s SQL server database as well as Oracle’s, giving clients more choice.

In 2016, Advantage Systems achieved several major milestones. These included:

  • The return of Louise Bright as Director of Support Services.
  • Continued enhancement of the Commission Module most notably in the area of managing payroll “Draws.”
  • Continued enhancement of the company’s “Approvalsoft®”product.
  • The addition of an Interim Servicing module.
  • Being named a winner of the HW Tech 100 award for a second year in a row due. to its continuing innovation and market influence over the years.
  • Expanding its development team.
  • Holding its second annual user conference in June 2016. The annual user conference has grown each year and the company expects a larger gathering in 2017 at the Balboa Bay Resort in Newport Beach, CA.

One of the factors leading to Advantage Systems’ growth is the level of functionality the AMB product affords its users. Advantage Systems has achieved its success by continually enhancing its systems to meet the needs of mortgage lenders not just based on user feedback but on real situations encountered by its clients. ASI’s philosophy has been to include those changes in the product so that the next client facing the same issue has a solution at hand.

“Advantage Systems is dedicated to the mortgage industry and AMB was designed from the ground up to provide the loan level detail needed by mortgage bankers,” said Brian Lynch, president of Advantage Systems. “Because the loan level detail is such a fundamental aspect of the entire product, the system is simply easier to use than generic systems where the loan level detail is added on. We have always said that AMB allows you to grow your business without growing your staff and that is especially true today.”

AMB is a robust accounting system that was designed specifically for mortgage bankers.  The product provides extensive capability to import data to the system which in large measure makes the task of managing loan level detail possible. Once captured, that detail can be used to analyze profitability by loan, loan type, loan officer and branch or to quickly reconcile balance sheet accounts. The “Real Time” nature of the product means that users have access to the most up to minute information possible and the architecture of the system ensures that the user can report on any date at any time.

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 mountain of 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:

Debbie Harris

William Mills Agency

678-781-7220

deborah@williammills.com

Advantage Systems Announces Mountain West Financial Successfully Uses Accounting for Mortgage Bankers as a Recruiting Tool

– Mortgage lender attracts talented branch managers through accounting system –

 IRVINE, Calif., January 4, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces that Redlands, California-based Mountain West Financial, a full-service, privately held mortgage banker, has used its AMB (Accounting for Mortgage Bankers) solution as a recruiting tool to attract talented branch managers.

Mountain West Financial selected AMB as its accounting system to streamline its accounting needs. The mortgage lender was able to produce detailed reports via the system in less time and was able to reduce manual entries.

Mountain West Financial has been able to use AMB as a recruiting tool for valued branch managers and accounting staff, who express a preference for using AMB. The lender was also able to use AMB’s loan level detail to track impound amounts for its reconciliation processes.

“AMB has helped us in our efforts to attract the most talented staff,” said Stacy Mohr, vice president of capital markets at Mountain West Financial. “We heavily tout our use of the most advanced mortgage technology when recruiting, and Advantage Systems’ software has been instrumental in hiring the best qualified branch managers and accounting staff.”

“Our system solves a wide variety of mortgage lenders’ specific needs,” said Brian Lynch, president of Advantage Systems. “Not only does it enable lenders to eliminate manual processes when reconciling accounts, but it serves as a valuable resource for branch managers who want access to data about the performance of individual loans or loan officers.”

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 Mountain West Financial

Founded in 1990, Redlands, California-based Mountain West Financial is a full-service, privately held mortgage banker. Mountain West Financial currently has 40 branches and is currently licensed in 10 states. It has won numerous awards, such as Mortgage Executives 50 Best Companies to Work For, Top Mortgage Employer and Corporate America Finance Awards.  For more information, visit mwfinc.com

 About Advantage Systems

Founded in 1986, Irvine, California-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

 

Advantage Systems Offers MS SQL Server Database Support for its Accounting for Mortgage Bankers Solution

– Offers mortgage lenders an alternative to Oracle Database –

 IRVINE, Calif., December 14, 2017 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces that it is now supporting   Microsoft’s SQL Server database for its AMB –  Accounting for Mortgage Bankers product.

Advantage Systems had relied on the capacity and reliability of the Oracle database for almost twenty years but saw the need to support Microsoft’s database. Advantage Systems will continue to offer the Oracle database and in so doing provides lenders the choice between the two databases. Many lenders have demonstrated a preference for MS SQL Server, making this additional choice more convenient for them.

“Oracle’s database has served us and our clients well. The performance and reliability of the Oracle database has been the reason many Fortune 500 companies use this database,” said Brian Lynch, president of Advantage Systems. “We are very excited about the technology we have developed that allows us to support different databases and believe that technology will be critical in the years ahead.”

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 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