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.