Greensburg, PA – January 21, 2021 – While the increased volume in 2020 was great for origination numbers, it also shed light on the inefficiencies of back-office processes and technologies, including accounting departments. To alleviate these stressors, 43 lenders looked towards the Loan Vision accounting solution. Adding a 30.5% increase to their customer base, 2020 proved to be the best year for the HousingWire Tech100 repeat winner since their inception in 2013.
“Between record volumes and moving to a remote workforce, mortgage banks were forced to go to extraordinary means to just get their jobs done. Older technologies were not equipped to handle such a quick and drastic change in working conditions,” said Martin Kerr, President of Loan Vision. “By moving to Loan Vision, these 43 lenders, along with the 142 who had already moved to the solution, were able to have the flexibility needed for this new working environment while streamlining their processes and gaining valuable insight into their financials.”
Many lenders, feeling the strain of increased workloads accompanying the tidal wave of originations, were confronted with a strategic decision: upgrade their technology or hire more people? Between the challenges of remote hiring and the well-documented shortage of available experienced individuals, a vast number of originators chose to pursue the technology route. Striking, however, was the amount of which looked to peers for guidance when looking to innovate. In 2020, Loan Vision saw almost 50% of new clients recommended by peers and partners, the highest in the company’s relatively short history. This shows that despite the inability to have any type of in-person meetings, mortgage bankers were still making efforts to have open discussions and looked to each other for support and guidance.
“This year brought us many great successes; however, it also highlighted the shortcomings of our accounting software and the manual workarounds we had put in place to compensate,” expressed Paul Gigliotti, COO at Pinnacle Home Loans. “We recognized that our finance team was struggling with the increased workload, and after speaking with peers at other lenders who had faced similar challenges, it was clear that Loan Vision was the way forward. Now, not only are we better equipped to handle the current workloads, but we also have a clear lense into our profitability, making us more prepared for what the future may bring.”
“For seven years, we’ve set out to show finance teams that there’s a place for innovation in their department,” said Igor Pchelnikov, CTO of Loan Vision. “To have so many customers propagating that message to others on our behalf is fantastic and hugely appreciated.”
About Bestborn Business Solutions, Inc.:
Founded in 2006, Greensburg, PA-based Bestborn Business Solutions are the creators of Loan Vision, a mortgage industry specific financial management and accounting software. Combining the functionality of Microsoft Dynamics and Bestborn’s industry toolset and expertise, Loan Vision has quickly established itself as a platform trusted by some of the largest as well as the fastest growing mortgage lenders in the country. Their ever-growing list of functionality includes the ability to interface with any Loan Origination Software, loan-level accounting, commission calculations, a branch reporting portal, as well as lease accounting management. For more information about Loan Vision, visit www.loan-vision.com.
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Media Contact: Jordan Pavelka
Bestborn Business Solutions