Advantage Systems Updates Accounting for Mortgage Bankers (AMB) Solution

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 executives, 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.”

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.

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