The Secret to Pulling Insight Out of Your Numbers
Recently, Loan Vision was featured in the annual technology-focused issue of National Mortgage Professional (June issue) with a story about how the right accounting solution can help drive business insight.
Unfortunately, most originators don’t have the analytical power to know exactly what is making them the most money and where costs are out of control. Even if they know where to look, the software they are using is probably not up to the task.
The general ledger is the foundation of the mortgage lender’s financial toolset. Over the years, GL software has evolved and now serves its primary functions, (AP, Cash Management etc), quite well. However, one area in which the mortgage lender’s accounting software too often falls short is in accounting for loan level as well multiple cost centers on a granular level. While even QuickBooks allows a user to track a cost center, tracking data across multiple cost centers is so difficult it is often viewed as impossible for busy managers. Even legacy mortgage specific accounting software makes it far too difficult to analyze cost data effectively.
Looking at costs across multiple cost centers is essential for effective financial management of the mortgage enterprise. In the mortgage industry, we typically see customers looking to analyze their loan level costs against:
● Loan number
● Business unit
● Loan officer
● Product type
● And more…
Even the smallest lenders are likely to analyze their expenses against some of these cost centers, but doing so involves a great deal of manual labor if they lack the right software.
How much is your accounting software telling you about your business? Read the entire article online at National Mortgage Professional. You can find the June issue here. You’ll find out a lot more about what the right accounting software can do for you.
By Carl Wooloff
About the author:
Carl Wooloff is Mortgage Bank Accounting Technology Product Specialist at Bestborn Business Solutions, the company behind Loan Vision, the mortgage industry’s fastest growing provider of accounting and financial management solutions. Carl can be reached at Carl.firstname.lastname@example.org.
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