Advantage Systems Updates Accounting for Mortgage Bankers (AMB) Solution

– Provides mortgage lenders with more payment options; reporting capabilities –

IRVINE, Calif., Mar. 14, 2019 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced it has released the latest update to its AMB solution, an accounting system specifically designed for mortgage lenders.

            Key updates focus on giving users more choices and additional tools for managing their accounting processes. The New Preferred Payment feature provides users with the capability to make payments to vendors using a variety of methods. AMB continues to offer existing check printing and ACH capabilities but can now create payment files that can be processed by AMEX, AVID PAY, CHASE, Wells Fargo and others. The new capability allows users to specify how each vendor will be paid so that when an invoice is selected for payment, the system automatically knows which method should be used making the selection process easier and less prone to error.

            AMB’s existing “Pick Invoices” capability, used to select which invoices will be paid, has been modified to allow invoices to be selected for payment regardless of the payment method. This enables users to get a more complete reporting of the invoices to be paid. The actual checks or payment files are then created separately.

            Advantage Systems is also releasing an update to the first phase of reporting in the new AMB7-Sierra platform. This update expands on the capability to present loan officer and branch detail as KPIs or financial reports. In both examples, the user can drill down to the transaction and supporting documentation on any data point or financial statement line item. The real-time transactional nature of AMB means that “C” level excutives, accounting users, regional managers and branch managers can access  up to the minute financial data.

The company’s  AMBfx module, formerly called the “Excel Reporting Tool” allows users to create financial reports directly from Excel. This module has been enhanced to include budget data and to allow users to drill down on loan volume amounts based on when those loans were locked, funded or sold.

            In addition, a new module has been created to  allow users to amortize loan origination fees on loans held for investment. Monthly amortizations are done accurately and easily and at a loan level.

            “We have continually strived to enhance the capabilities of the AMB software so that our clients have the most relevant and timely information possible,” said Brian Lynch, president and founder of Advantage Systems.  “A major purpose of our annual user conference, the next one will be in June, is to bring clients together to define the enhancements for the following year. The enhancements mentioned above are just a few of the enhancements made since last year’s conference.”

MEDIA CONTACT:

Chuck Meyers

678-781-7204

Chuck@williammills.com

Advantage Systems Co-sponsors Accounting and Financial Management Conference

IRVINE, Calif., Nov. 30, 2018 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced it is a co-sponsor of the Accounting and Financial Management Conference scheduled to be held Nov. 12-14 in Orlando. The company has been a sponsor of the annual event for 19 years and will have a booth at meeting space #1.

            Anyone interested in finding out more about the company is invited to contact Joe Ludlow at jludlow@mortgageaccounting.com.

            The conference is hosted by the Mortgage Bankers Association, representing the real estate finance industry within the United States. More information can be found at https://www.mba.org/

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

Advantage Systems Wraps Up Fourth Annual AMB User Conference for Mortgage Accounting Professionals

IRVINE, Calif., July 3, 2018 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced it had held its fourth annual AMB User Conference at the Balboa Bay Resort in Newport Beach, Calif.on June 21-22. 

              The annual event continued to provide users of AMB, Advantage Systems’ accounting solution that was specifically designed for mortgage bankers, with educational sessions led by prominent industry experts, group training and white board sessions, in which users offered their own perspective to other attendees as well as AMB’s software developers. Guest speakers provided relevant and timely information on topics such as interest rate lock commitments, the new tax law, branch reporting and loan officer compensation.

            Advantage System also used the conference to showcase enhancements including those made to its Excel Reporting Tool renamed AMBfx as well as the solution’s ability to automatically create images of checks as they are created.

            “Our user conference offered an excellent opportunity for clients to learn more about the AMB software, meet with other users and to share how they have addressed common issues,” said Brian Lynch, president and founder of Advantage Systems. “Several sessions were devoted to training and the small group training sessions introduced this year were particularly well attended. The combination of product training, development and industry topics that were the focus of the conference enabled us to exceed last year’s attendance numbers in a year when mortgage lenders’ profit margins have been squeezed.”

            AMB 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

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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