Growth illustrates increasing stability among mortgage originators
IRVINE, Calif., July 21, 2009 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that revenue for its Accounting for Mortgage Bankers (AMB) system has increased by 41 percent in the first and second quarters of 2009 over the pervious period in 2008.
“We are seeing significant activity within the structure of the mortgage industry. Some companies are growing by acquiring branches while other lenders are being spun off by larger banking organizations. We are even seeing veteran mortgage bankers re-emerging to start new mortgage banking entities,” said Brian Lynch, president of Advantage Systems. “Executives starting new companies want to minimize their own in-house technology development and go with a specialized accounting solution that is tailored for lenders.”
Organizations focused on growth through branch acquisition select the Web-based branch reporting module for AMB that enables branch managers to see real-time financial information on their branch without having to burden the corporate office with requests for information. Organizations that have restructured or split off from a larger organization select AMB because the accounting system can produce the detailed reporting and control requirements their parent companies demand.
AMB is an accounting system that was specifically designed for mortgage bankers to provide loan-level detail of accounting transactions. The system provides general ledger, accounts payable and report writing capabilities. A Web-based branch reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.
CONTACT: Sarah Cannon
Media contact for Advantage Systems