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Wyndham Capital Mortgage Scales with Loan Vision’s Automation Process
Overview Life on QuickBooks at Wyndham Capital Mortgage had reached an unacceptable level of manual data entry, Excel spreadsheets and data manipulation. Having squeezed every last drop they could out of the off-the-shelf financial tool, CFO Jeremy Abig and Controller Lisa Gawlik, determined that if they wanted
Four Tips For Communicating More Effectively with Your Branches
It’s no secret that most branch managers were (and may still be) high performing loan officers and because of this, the vast majority naturally tend to be hyper-focused on production goals when it comes to performance review time. However, despite its undoubted importance production is not the be-all, end-all performance measurement metric. Working and speaking
Open Mortgage Leverages Loan Vision to Automate Processes and Provide Granular Financial Information
When we began discussions with Open Mortgage’s accounting department, they had been straining under heavy workloads, doing all they could to get a glimpse into loan-level data for years. Lacking the information the company craved, we found that their combination of Quickbooks, a proprietary sub-ledger, and multiple Excel files just wasn’t cutting it anymore. Not
Your Company Received a PPP Loan. Now What?
Whether your company elected the 24-week (168 day) period or the 8-week (56 day) period now is the time to be thinking and preparing for the loan accounting and subsequent forgiveness reporting. PPP Loan Accounting By now most Companies should have recorded the loans on their financial statements. What’s next? In June 2020, the AICPA
Coronavirus Tax Relief Under the Stafford Act
The President issued an emergency declaration in response to the coronavirus pandemic under the Stafford Act and subsequently approved major disaster declaration requests under Sec. 401(a) of the Stafford Act for all 50 states. Jurisdiction for the state of emergency, which took effect January 20, 2020, provides relief and assistance to businesses – including tax
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
4 Reasons an FHA Lender may have to file a Notice of Material Event
Within the myriad of rules and regulations FHA lenders must follow is notifying the FHA of a change to the information provided at approval, or a change that affects the lender’s FHA-approval status. One way they can do this is with a Notice of Material Event, which is submitted via LEAP. In our 30 years
FBC Mortgage Smooths Out Accounting Processes and Gains Invaluable Financial Insight with Loan Vision
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,
Three Questions to Ask if You are Considering Migrating to the Cloud in 2020
The past few weeks have certainly been interesting to say the least. Every department within a mortgage bank has been stretched like never before as lenders look to convert swollen pipelines, and deal with mounting forbearance requests all while shifting entire office bound workforces to remote. Before Covid-19 approached these shores, cloud migration was a
COVID-19 Federal Tax Update and the CARES Act
We were originally asked to write about the tax changes to employee business expenses under the Tax Cuts and Jobs Act of 2017 but we would be remiss to not provide an update on the tax law changes and the CARES Act due to the impact of COVID 19. With the growing uncertainty we are
