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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 For mortgage bankers using a system that is not industry specific or a system that is outdated, this process can take even longer.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.pavelka@bestborn.com.

 

 

About the Author


Beth Johnson

 

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.

 

 

The accounting department at FBC Mortgage, LLC (“FBC”) was trying to keep up with the rest of the company's growth, however they had outgrown the legacy system that was implemented in 2011. Dissatisfaction came to a head when a system upgrade ended up shutting their department down for days. Even after the system was fixed, the department was still having more issues than before. 

Dyron Watford, CFO at FBC, began searching for a solution that would expand on the loan level capabilities of their old tool, while providing some much-needed reliability to the department and a frustrated team. Knowing the cost to customize a generic accounting system was too high, he came to the conclusion that Loan Vision was the solution to many of their problems and began to prepare for its implementation. However, with an understaffed department and a go-live set for the beginning of the year, the accounting team at FBC still had an uphill battle. Luckily our implementation process, which has been honed over 150 different mortgage banks, is not only clear and concise, but also a key driver in the success of our customers on the system. Dyron and his team got first-hand experience with this, facing adversity that was out of their control, but still able to make their go-live a reality. Since starting on the Loan Vision system, the accounting team at FBC is operating more efficiently than they have in years, with Dyron stating, “We’re twenty times the size we were the last time we operated this smoothly.”

How is this possible? Firstly, they aren’t spending hours manipulating their LOS data to get the information they need due to Loan Vision’s import automation bringing that data in overnight. It allows them to get in to work, start the day, and know the information they need is available to them. This automation also eliminates a number of errors, giving them the freedom to move forward. “We typically have 95-97% of our imports going in correctly the first time without us having to look at it. It’s been a huge time saver for the group,” said Dyron. “When we come in, we’re able to put yesterday to rest and concentrate on how we can benefit the company for the rest of the day.”

Secondly, Loan Vision reports on real-time data, so there’s never any guess work. They are able to supply accurate, analytical reports that their executives can use to make the hard-hitting decisions. “Our executives always want to know where we are at this very minute and with Loan Vision, we’re able to make that happen,” expressed Dyron. “In today’s market especially, analyzing data at a speed where you can make an appropriate decision is a must. I have the confidence in this system that when I provide that data, it’s real-time and it’s correct.”

While Dyron and his team are in a much better spot, they are still excited about what more they can do on the system and what advancements Loan Vision will bring in the future. “It took us years to master our old accounting system. A little over a year after implementation, I realize we really have just scratched the surface with Loan Vision,” Dyron admitted. “Not only do we continue to learn more about the solution’s capabilities, the team at Loan Vision is constantly improving, adding new tools that further smooth out our processes. It really makes a difference, systematically, for teams and for companies our size.”

To learn more about FBC Mortgage’s successes with Loan Vision, check out the case study here. 

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Testimonials
With Loan Vision, growth has been facilitated through allowing the business to run reports and extract key data quickly and efficiently"
Oystein Konsmo, Chief Financial Officer, NOVA® Homes Loans
Moving to the latest version of Loan Vision will allow us to automate more and get more information to the decision makers in the branches without them having to reach out to the head office
Oystein Konsmo, Chief Financial Officer, NOVA® Homes Loans