2008-10-09 17:50:03 -
- Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that Home America Mortgage, a Lawrenceville, Ga.-based residential mortgage lender that offers financing to consumers throughout the Southeast and in Colorado, selected Advantage Systems' Accounting for Mortgage Bankers (AMB), an accounting solution designed specifically for mortgage bankers, to streamline its accounting
practices.
Home America Mortgage moved from a gross loan funding process to a net funding process in early 2008. It implemented AMB in March to track funds at the loan level for its new funding process. The company, which prides itself on the ability to close a loan in typically 10 days or less, also uses AMB to reconcile its bundled loans for resale through the system's ability to search individual loans by loan number.
"Before joining Home America Mortgage, I served as the lender's independent auditor. Now that Home America Mortgage uses AMB, I know our audit in 2009 will be smoother and quicker than those in the past because all the information an auditor needs to examine is located within AMB," said Eric Danley, chief financial officer of Home America Mortgage. "Software features, such as the transaction by loan report that includes all transactions in a debit and credit format, are intuitive enough for individuals without an accounting background to understand."
"AMB not only reduces the redundancies of using multiple spreadsheets to track debits and credits, it also provides reliable financial records. Auditors do not need to question the authenticity of transaction records compiled with AMB as they would with information pieced together through Excel spreadsheets and QuickBooks," said Brian Lynch, president of Advantage Systems. "Creating accurate, easy-to-read loan-level reports will continue to be a priority for lenders who want to streamline their back-office processes."
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 reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.
About Home America Mortgage
Founded with one employee in 1996, Lawrenceville, Ga.-based Home America now has more than 400 employees. Home America has multiple offices throughout the Southeast and across the country. The direct lender with wholesale rates offers a wide variety of loan programs, including conventional, FHA, VA and Alt credit programs. For more information, visit www.homeamericamortgage.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 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 about Advantage Systems, visit www.mortgageaccounting.com.
For Advantage Systems
Media Contact:
Sarah Cannon, 678-781-7216
