IRVINE, Calif.--(BUSINESS WIRE)--Advantage Systems, a provider of accounting and financial management software for the mortgage industry since 1986, has upgraded the Advanced Reporting Module within its Accounting for Mortgage Bankers (AMB) product to comply with version three of the Nationwide Mortgage Licensing System call report, which states that submitted XML files that do not adhere to new requirements regarding the order of items presented within financial schedules will be rejected.
The Advanced Reporting Module enables lenders to comply with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which mandates all state mortgage licensees have to submit a mortgage call report on its financial condition and loan activity to NMLS on a quarterly basis. Using the updated module, these reports are submitted faster and more accurately so lenders can focus on other areas of their businesses, such as growth and enhancing profitability. The module also comes with prebuilt templets for the various schedules comprising the “Financial Component” of the NMLS call report.
“Our upgrade reduces the time and headache factor associated with keeping up with changing regulatory requirements,” said Brian Lynch, president and founder of Advantage Systems. “The Advanced Reporting Module enables lenders to significantly reduce the time it takes to complete the NMLS call report.”
About Advantage Systems
Founded in 1986, Irvine, Calif.-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 www.mortgageaccounting.com.