Village Mortgage Tackles Manual Workloads with Loan Vision
During times of growth, disruption to daily operations is commonplace; that’s just business for you. To be able to best handle ongoing growth, organizations must always take the time to evaluate current processes to determine if they are following the best path. For Village Mortgage, a well-established lender in New England, Florida, Nevada and Colorado, the welcomed growth from 2012 through 2015 brought with it a disruption to the accounting department. The increase in loan volume was not supported by their current accounting system, QuickBooks. The manual workload to complete daily tasks like recording deposits, paying vendors, and recording journal entries was overwhelming the team.
“Our previous system wasn’t at all specific to the mortgage banking industry, which really limited what we could accomplish. We wanted to automate commissions and recording funded loans and purchased loans, and even utilize a branch portal where managers can see exactly how their branches are performing. We didn’t have any of that with our old system,” said Justin Girolimon, Senior Vice President & CFO at Village Mortgage.
Settling on hiring more employees was not an option that appealed to Justin and the team, however technology investment did. Village Mortgage identified what could and should be automated in the accounting department to alleviate manual processes, and set about finding a solution that would meet their needs. During their search, it came down to two mortgage industry specific tools that from a distance could be like comparing apples to apples, but one was more polished and met exactly what Village Mortgage was looking for. Village Mortgage found that Loan Vision enabled them to drill down into multiple layers of data that were not accessible before when producing reports manually and when comparing the functionality to Loan Vision competitors, the process just wasn’t as easy.
“Loan Vision was the answer at the end of the day. The fact that we could automatically import the loans that are funded and purchased and vendor payables so we could have recurring monthly invoices automatically come up has freed up both of the individuals we have in the accounting department tremendously,” expressed Justin. “Everything was housed within the system, there weren’t any add-on modules, and its Microsoft interface was very familiar for us.”
The transition to the Loan Vision solution was an easy conversion for Village Mortgage. A clearly defined implementation timeline established by the software team provided clear direction and deadlines. “We’ve changed systems many times and I’ve never been through an implementation that has been as structured as Loan Vision. Our team knew exactly where we stood throughout the entire process,” shared Justin. He continued, “The support team exceeded our expectations back then and to this day they are quick, responsive, and know the industry. They’re not just on the IT side, they actually understand what we do, which is invaluable.”
Village Mortgage went live with Loan Vision January 1st, 2016 and saw immediate gains as former manual processes were now automated. Getting data from the LOS into the G/L, daily reconciliations, producing P&L reports on a particular branch, and issuing financials were no longer time-consuming tasks. By being able to work more efficiently with the Loan Vision solution or by using it with other business intelligence and forecasting tools, the finance team is now definitely on the right road!
“We’re able to operate quicker, leaner, and a lot of our success this year has shown now after being on Loan Vision for a full year. We wouldn’t have been able to do any of these things before, since we didn’t have these tools readily available to us. Loan Vision has helped us make that next step, and we’re reconciling our accounts every single day because it’s so easy with this system. Loan Vision has helped us to make careful, educated decisions rather than trying to guess the future.”
About the author:
Carl Wooloff is the Director of Sales and Marketing at Loan Vision, the mortgage industry’s fastest growing provider of accounting and financial management solutions. You can reach Carl at firstname.lastname@example.org.
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