Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, has announced that Denver-based MegaStar Financial Corporation selected Advantage Systems’ Accounting for Mortgage Bankers (AMB) to streamline its accounting practices. Founded in 1999, MegaStar Financial is one of Colorado's largest privately held mortgage companies. The company selected AMB because the accounting system is tailored to the specific needs of the mortgage industry and offers general ledger transaction detail down to the loan level to increase accuracy and reduce research time.
“Using AMB greatly reduces the amount of research time we spend on out-of-balance situations. Reconciliations at both the general ledger and loan level are much easier to perform and take at least two-thirds less time to complete,” said Scott Pieper, chief operating officer of MegaStar Financial. “The system makes it easy to import and export transaction data. Also, we can easily train new staff members to use the system when needed.”
“Lending organizations such as MegaStar Financial see the need for an accounting system that was developed specifically for mortgage professionals to provide loan-level detail of accounting transactions,” said Brian Lynch, president of Advantage Systems. “By selecting a specialized product like AMB, mortgage lenders avoid spending large amounts of time and money developing custom features to modify generic accounting systems that do not have the functionality they need.”
AMB provides general ledger, accounts payable and report writing capabilities. A Web-based branch reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.
For more information, visit MortgageAccounting.com or MegaStarFinancial.com.