Skip to main content

Cornerstone Mortgage selects Accounting for Mortgage Bankers from Advantage Systems

NationalMortgageProfessional.com
Jun 07, 2010

Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, has announced that St. Louis-based Cornerstone Mortgage Inc. has selected its Accounting for Mortgage Bankers (AMB) system for the lender’s mortgage accounting needs. Cornerstone chose AMB through a recommendation from its loan origination software (LOS) provider in order to streamline its accounting process and receive more loan-level detail than was provided by its previous accounting system, which was a generic software package not designed for mortgage lending. Since implementation, Cornerstone has seen significant improvement in several areas, including the audit process, reporting and commission calculations. “Due to the reporting capability within AMB, our latest audit was the smoothest we have experienced,” said Chris Prost, controller at Cornerstone Mortgage. “In addition, we are able to capture and use more loan level detail, and we expect the commission calculation process to be reduced from two weeks to less than half an hour. These operational improvements have been complemented by quick, comprehensive service from the Advantage Systems team and a smooth transition into AMB.” “AMB has provided Cornerstone Mortgage with tools that assist the company in its efforts to grow without increasing expenses,” said Brian Lynch, president of Advantage Systems. “By creating a seamless transition experience, we are able to get lenders such as Cornerstone up and running without taking time away from business.” AMB is an automated accounting system specifically designed for mortgage lenders and 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. For more information, visit www.mortgageaccounting.com.
Published
Jun 07, 2010
Fannie Mae Plans To Restart Credit Risk Transfers In 2021

Paused Since March 2020, New CRT Transactions To Begin In October

Regulation and Compliance
Sep 21, 2021
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
CSBS Changes Servicer Liquidity Policy

CSBS And MBA Encourage States To Adopt Consistently

Regulation and Compliance
Sep 08, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021