Expediting the Mortgage Bankers’ Financial Reporting Form
As you may already be well aware, every quarter, independent mortgage banks who do business with GSEs must submit a completed Mortgage Bankers’ Financial Reporting Form (MBFRF) via the online webMB portal. Failure to report on time doesn’t just lock a lender out of their webMB account, it could potentially mean suspension or disqualification of their status with the federal financial institutions.
Due to the nature of the MBFRF report, the financial information needed is often spread across multiple general ledger accounts, which in turn takes accounting departments hours to organize, compile and submit. Even for those using the Loan Vision solution who have quick access to financial data, it’s traditionally been an exhausting task. For mortgage bankers using a system that is not industry specific or a system that is outdated, this process can take even longer.
To combat this, we were able to utilize Loan Vision’s ability to create custom reports to pull the information needed for the MBFRF report. Rather than searching through all their financial data, spending sometimes an entire day, customers can now fill in the templated Excel workbook with their company-specific information and have the numbers they need at the touch of a button. With this custom account schedule, Loan Vision users can reduce their time from 3-7 hours of searching to approximately 30 minutes of simply copying and pasting the information.
To get access to the template, you can reach out to Jordan Pavelka at Jordan.email@example.com.
About the Author
Beth Johnson is the senior consultant on the Project & Implementation team at Loan Vision. She is tasked with training those new to the accounting solution, both virtually and in-person, as well as instructing her team of training consultants. Beth spends a lot of her days on training and support calls and can often be seen pacing her office while talking to reach her step goal. When she’s not preparing new customers to launch their system, Beth aids the Support & Development team by testing new system improvements and answering support tickets.
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