Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced its Accounting for Mortgage Bankers (AMB), AMB7 Sierra and ApprovalSoft solutions were pivotal in the success of its clients during the course of a difficult-to-navigate year.
With accounting departments across the nation needing better access to reporting and improved, streamlined ways to telework during the pandemic, Advantage Systems stepped up and provided its software users with real-time, online, easily digestible financial reporting, paperless AP workflow, and integrated commissions and override capabilities.
In fact, according to Laurie Petrich, Controller at Nations Lending in a September release, “We’ve had a huge increase in loan volume and activity – up almost 150 percent – and are thankful to work with a system that continues to grow with our company. Advantage Systems has proven to be a value-added business partner, consistently updating the system with features and functionalities that have saved my team a tremendous amount of time.”
The company’s AP technology was critical to mortgage companies, who needed end-to-end paperless AP workflow. From online invoice coding and approval to electronic disbursement via ACH and other electronic transfers, AMB provided accounting staffs the ability to fully work from home. On the HR side, commission, bonus and override calculation capability became increasingly important. “Some clients pay as many as ten people on one loan, including the LO, processors, LOA’s, managers and more. AMB’s ability to easily calculate commissions, overrides and bonuses, then report as frequently as wanted, has allowed clients to recruit and retain the scarcest resource in the industry – qualified professionals,” said Joe Ludlow, Vice President of Advantage Systems.
“As we head into the new year, we must reflect on this year’s impact on the industry. At Advantage Systems, we are proud to partner with mortgage companies across the nation, providing reliability and consistency to our users through our suite of accounting solutions that enables accounting departments to continue their normal day-to-day operations without massive disruptions,” said Brian Lynch, President of Advantage Systems. “Despite the uncertainty of this year, AMB, AMB7 Sierra and ApprovalSoft have proven essential in helping mortgage companies obtain significant, tangible operational savings and helping employees maintain and increase productivity.”