Advantage Systems and LendingQB Announce First Automated Accounting Integration with LOS
Costa Mesa, CA (PRWEB) April 03, 2016 -- Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, and LendingQB, a provider of loan origination technology solutions, announced today the completion of an integration that enables mortgage lenders to seamlessly transfer loan-level accounting data from the LendingQB LOS to the AMB (Accounting for Mortgage Bankers) platform.
“Most of the integrations we have done involve an LOS system pushing data to us. The integration between Advantage Systems and LendingQB allows us to reach in and get the information we need,” said Brian Lynch, president of Advantage Systems. “This tool allows us to minimize implementation costs to our clients and gives them the flexibility to make changes when needed.”
LendingQB's open architecture API (application protocol interface) allowed Advantage Systems to quickly build a first-phase integration. "We specifically built our API to provide a simple but secure method for outside companies to access virtually any field in a loan file," noted LendingQB president Binh Dang. "Our API is ideal because all lenders perform their accounting and reporting in a slightly different way. It has built-in flexibility and extensibility to allow AMB and the lender to customize the data they want to access."
A benefit of the integration is that it encourages lenders to perform accounting functions on a more frequent basis. This reduces the work level at month-end and improves completeness of data. "Lenders have to staff for peaks, not valleys," said Lynch. When transactions and reconciliations are recorded on a daily basis, there is much less to do at month end and peak periods of activity are kept to a minimum.
“This approach eliminates the veritable avalanche of data at month’s end that needs to be reconciled,” Lynch noted. “The books are closed more quickly, and because reconciliations are done more often, there is a higher degree of confidence in those financials. We believe the integration with LendingQB allows lenders to perform better accounting with less staff.”
LendingQB noted that the integration with AMB is an extension of their ‘Lean Lending’ solution strategy, which promotes operational efficiency through the implementation of best practices and partnering with best of breed industry providers. “We want to provide lenders with technology solutions that do more than just exchange data with any third party company,” said Dang. “Advantage Systems is an innovator and respected provider of accounting solutions for mortgage lenders. We are proud to be the first LOS to partner with them to create a solution that helps our clients work smarter.”
About LendingQB
LendingQB is a provider of 100 percent web browser-based, end-to-end loan origination software offering residential mortgage banking organizations lean strategies for optimal performance resulting in faster cycle time and lower costs per loan. For more information, please call 888-285-3912 or visit our website at: lendingqb.com.
About Advantage Systems
Founded in 1986, Irvine, California-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 http://www.mortgageaccounting.com.
Linn Cook, LendingQB, http://www.lendingqb.com, +1 (714) 957-6334 Ext: 2271, [email protected]
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