|By Business Wire||
|March 5, 2014 12:17 PM EST||
Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, today announced Miami-based American Bancshares Mortgage LLC, is using its Accounting for Mortgage Bankers (AMB) system, an accounting system designed specifically to meet the needs of mortgage bankers, to support the company’s 15 percent growth in loan volume and increase the efficiency of its accounting processes.
As a rapidly expanding company, American Bancshares Mortgage LLC needed an accounting system that would enable it to automate its accounting processes and provide its branch managers with detailed financial data faster and more efficiently. In June of 2013, American Bancshares Mortgage LLC chose Advantage Systems’ AMB system. Since launching the AMB solution, the company fully automated its accounting processes, increased the accuracy of its financial reporting and provided its branch managers with detailed loan-level data in real-time. Additionally, AMB enables the company to evaluate profitability by loan, loan officer and branch in real-time.
“AMB enables us to grow loan volumes without adding additional accounting staff and enables branch managers to evaluate the profitability of each individual loan in real-time,” said Chantel Melendi, controller at American Bancshares Mortgage LLC.
“Mortgage companies that want to grow their loan volumes need to make back-office processes, such as accounting, as efficient as possible,” said Brian Lynch, president of Advantage Systems. “This requires that they automate their manual processes or risk impeding that growth.”
About American Bancshares Mortgage LLC
Founded in 1995, Miami-based American Bancshares Mortgage LLC is an approved Fannie Mae Seller/Servicer (Federal National Mortgage Association), an FHA Direct Endorsed Lender (Federal Housing Administration), VA Lender (Veterans Administration) and USDA Lender (United States Department of Agriculture). For more information, please visit www.myabsm.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, visit www.mortgageaccounting.com.