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.
About the Author
Jordan Pavelka is the Marketing and Communications Manager at Loan Vision, the mortgage industry’s fastest growing provider of accounting and financial management solutions. She is responsible for the company’s marketing efforts and brand management. You can reach her by email at [email protected] or by phone at (724) 216-5266.