Compliance Hurdles Can Be An Opportunity

Compliance can be a burden, but it can also be an opportunity to progress. For example, 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 Moduleenables 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 templates 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 The Author

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Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.