Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that Mesa, Ariz.-based Cascade Financial Services selected Advantage Systems' Accounting for Mortgage Bankers (AMB) automated accounting system to address the lender's mortgage accounting needs.
After searching for an accounting system that catered to mortgage bankers, Cascade was introduced to Advantage Systems and participated in several demos. AMB was chosen by the company for its industry-specific software, loan-level, general ledger detail and flexibility.
"Advantage Systems' AMB has enabled us to easily import borrower and transaction data without having to key each entry individually. The loan-level P&L reporting also helps us to clearly track all accounting aspects for a particular loan and better manage our profitability," said Wayne Bond, chief financial officer for Cascade Financial Services. "In addition, we utilize AMB when selling Ginnie Mae securities, as well as in the construction lending side of our business, all without making any modifications to the product."
"In the current economic environment, lending organizations such as Cascade must have a heightened awareness of all of its financial details. Using AMB, Cascade is able to track all aspects of accounting across the business, down to the loan level, providing detailed, accurate P&L statistics that enable the company's leadership to make better strategic decisions," said Brian Lynch, president of Advantage Systems.
AMB, an automated accounting system specifically designed for mortgage lenders, provides general ledger, report writing capabilities, and a Web-based branch reporting module for branch managers, along with a module to calculate commissions, bonuses and overrides.