The Challenge
Atlantic Bay Mortgage Group, headquartered in Virginia Beach, Virginia and licensed in 15 states, has been serving customers for over 25 years. Like many other mortgage banks, Atlantic Bay saw tremendous growth throughout 2020 and 2021. Due to the increase in volume, the company was no longer able to ignore the issues they were having with their industry-specific accounting solution.
“The processing speed was not good,” said Jennifer Byrd, Director of Accounting. “The support was even worse.”
Atlantic Bay found that even though their solution claimed to be automated, nothing about their system truly was. The team found themselves wasting valuable time each day due to their system requiring multiple steps to complete any simple task.
“We had to get the files manually from the Loan Origination System and warehouse lines, get them all into the correct format, load them all in, and then reconcile,” recalled Byrd. “Just in reconciling, we were probably at 3 hours each day, at least.”
However, the problems didn’t stop at reconciling. They also trickled into other areas like importing and commissions, as well.
“The biggest issue came from anyone trying to do an import over a certain size. It bogged everybody down, locked everybody out. Only one person could be working at a time,” said Byrd. “And commissions would take 4 to 5 hours a pay period. Just to calculate and send the emails.”
These issues made it very clear that Atlantic Bay needed to make the switch to a system that could support the company’s growth, by providing a level of automation that their current system could not.
The Solution
Loan Vision was a familiar product to Atlantic Bay, as it was introduced to Chief Financial Officer Morgan Wise back in 2014. However, the team had just implemented their current accounting solution and weren’t looking for a change. But 6 years later, after the team had run into another problem with their system, they were more than ready for an upgrade.
“What really flipped the switch for us was when we purchased the ACH module for our old system, and we never got the support we needed to get it fully implemented,” remembered Byrd.
