Net branch acquisitions are forecasted to increase.
That prediction was made in an announcement today from Advantage Systems.
“As the mortgage lending industry changes and adapts to this new market, we have seen a clear shift towards acquiring net branches as a way for lenders to expand,” Advantage President Brian Lynch said in the statement.
The Irvine, Calif.-based company provides accounting and contract management tools for the mortgage industry.
Advantage claims that its Accounting for Mortgage Bankers is currently in use at nearly 1,600 branch locations. That figure is 64 percent higher than a year ago.
The online system reportedly enables mortgage lenders to provide branch managers with real-time loan-level accounting reports, branch profit-and-loss reports and originator performance reports. The level of detail available to each user can be set by chief financial officers based on the individual’s position.
“This eliminates the burden of bookkeeping and accounting while providing updates on loan status and financial progress,” the statement said. “Eliminating the hassle of compiling this data helps attract experienced brokers and originators who want to originate loans without having the responsibility of managing the operational side of the business.”
