Frequently Asked Questions
Why
did you develop such a comprehensive accounting system and not just
an add-on
module to a more generic system?
AMB™ provides a completely
different system architecture than the “Modular” framework
of historical batch oriented systems. It is this architecture that allows
AMB™ to track loan level detail without cluttering the general ledger.
It is also this architecture that allows the system to match monies received
from the borrower to those spent on his or her behalf. It would be extremely
difficult with most modular systems to do this. Monies received would
be entered through the Accounts receivable system where the borrower
is
treated as a customer. Payments made on behalf of the borrower would
be done through the AP module to the Appraisal company or the Credit
reporting
company. Most modular systems would have no way to link these two transactions.
We believe this architectural difference is the main reason AMB™ is the
only system meeting the needs of Mortgage Bankers today.
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How much does AMB™ cost?
The
investment in the AMB™ software will
depend on the functionality and number of users purchased. Should implementation
assistance be required, it is billed based on the hourly rate of the individual
providing the assistance. Please call for a quote today.
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How long will it take to convert my data?
How long
it will take to convert your data will depend on two things, the
accessibility of the data and the timeliness of the data. Clients
who were able to provide us up to date information in a format suitable
for import were converted quickly. Additional time is generally
required
when the necessary data cannot be extracted from the existing accounting
system. Please call so that we can discuss the specific requirements
of
your implementation.
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What
Workstation operating systems are supported?
Windows® XP Professional
Windows® Vista
Windows® 7
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What
Data Server platform does AMB™ run
on?
Windows® Server 2008
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How
easy is AMB™ to
use?
We believe the real-time
nature of the system, as opposed to older “Batch” systems
makes the system extremely easy to operate. Users need only learn how
to enter the various transactions. There are no time consuming posting
routines to memorize.
There are prompts along the way. At almost every field, a description
of the data being requested will be presented at the bottom left corner
of the form.
Transactions can be
edited after being entered and even deleted if the period has not been
closed and the person doing the editing or deleting has the authority
to do so.
The year end close
is without consequence. You cannot hurt yourself with our year end closing
process and you can close again and again if you like and you can still
print prior year financial reports. The closing process simply creates
an “Income Summary” entry that has the effect of closing each
P&L account balance. The actual P&L detail is not purged as it
is with many systems. When reporting on prior periods, the “Closing”
entry is simply ignored, allowing you to do “Rolling P&Ls' or
even place fiscal and calendar year entities on par.
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How
many periods can be open at a time?
As many as you like but we would recommend that periods be closed to
prevent erroneous entries to a period which has been reported. Users with
the proper authority can open a period at any time.
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Can AMB™ integrate
with my Loan Production system?
One of the major benefits
of the AMB™ software
is its ability to import loan related transactions, such as the Funding
transaction. Doing so has allowed clients with growing loan volumes to
not have to increase staff. Currently, the import functions are designed
to work with comma delimited text files (.csv files) and many of the loan
production systems available today have been able to create these exports.
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How long has Advantage Systems been in business?
Advantage systems was founded in 1986 to market an accounting and project management system called CONTRACK. CONTRACK had been designed for Real Estate developers. In 1991, Advantage Systems was approached by a local mortgage company to modify the CONTRACK product to meet the client’s need to manage “Trust” deposits made by borrowers primarily for credit applications and appraisal fees. To do this meant providing the capability to record transactions at loan level. Once that initial project was completed, it was clear that other types of transactions would benefit from being recorded at loan level, such as Fundings, Advances, Purchases and Payoffs. Providing the capability to record transactions at a loan level along with the related reporting resulted in a new focus for Advantage Systems and a new product called Accounting for Mortgage Bankers or AMB.
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How many clients do you have?
As of 12/31/2006, Advantage Systems had over 250 active mortgage clients.
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How do I learn more about AMB™?
Contact Joe Ludlow
at Advantage Systems, directly at 949-250-0260x201. or email him at jludlow@mortgageaccounting.com.
Joe can provide additional information and arrange a presentation of
AMB’s unique
capabilties.
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