Technology is not the enemy. Technology should be a lender’s friend. And technology can solve a lot of problems. For example, Longbridge Financial, LLC., a national reverse mortgage lender based in Mahwah, New Jersey, has decided to implement Loan Vision accounting software for mortgage banks. The company cut over from its existing accounting solution on June 1.
“We are very pleased to have Longbridge Financial join our growing family,” said Martin Kerr, President of Bestborn Business Solutions. “This company is really growing and we’re looking forward to assisting them in that process by giving them more information about how their company is operating than they have ever had access to before.”
“One of our investors knew the team at Bestborn and recommended its Loan Vision accounting solution,” said Mary Riski, Longbridge Financial’s controller. “Loan Vision offered the mortgage loan accounting functionality we needed built in and the solution was more robust than the other solution we reviewed. We wanted to drill down into the specifics that make our company more profitable.”
Riski said that the accounting solution the company had been using previously was not meeting the institution’s needs. She said her department was eager to generate financial reports by channel and product line, to have visibility into the company’s lines of business and their specific P&Ls, instead of settling for a roll-up to a generic corporate level that made it difficult to determine actual performance on a granular level.
“Getting that visibility is really the most exciting thing,” Riski said. “And then with all of the automation to import data from all of our various front end systems, that also is going to save us probably close to at least half an FTE if not a whole FTE, once we’re up and running.”
“With competition tightening, organizations must look deeper into their numbers than ever before to maximize their profit on every loan,” said Carl Wooloff, Business Development Manager for Loan Vision. “The folks at Longbridge, by moving to Loan Vision, have absolutely given themselves an edge over their competition. We are all looking forward to a long and successful relationship.”
About The Author
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 firstname.lastname@example.org.