Loan Vision recently announced that its industry-focused mortgage accounting solution has helped Village Mortgage improve its efficiency and gain greater business insight.
Village Mortgage, a technology driven residential lender operating throughout New England, as well as in Florida, Nevada and Colorado, has experienced significant organic growth in recent years, according to press release by Loan Vision promoting the new customer success story detailing how its software has helped Village Mortgage address back office manual workloads and the associated risks, while allowing them to better utilize data.
Faced with an increasing mountain of manual workloads within the finance department, the executive team at Village Mortgage quickly established that their current, off-the-shelf accounting platform was not meeting their needs both from an efficiency standpoint, as well as reporting and analytics requirements.
“Our previous system wasn’t at all specific to the mortgage banking industry, which really limited what we could accomplish,” Village Mortgage Senior Vice President and Chief Financial Officer Justin Girolimon said in the release. “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.”
Identifying a system that contained standard accounting functionality, coupled with mortgage industry capabilities that could scale as the company continued to grow was the desired outcome for the financial management team at Village Mortgage. That solution was identified in Loan Vision – a robust lender specific platform, serving more than 75 customers nationwide.
Carl Wooloff, Sales and Marketing Director at Loan Vision shares, “When we were approached by Village Mortgage to demonstrate how Loan Vision could possibly be the solution they were looking for, they expressed similar struggles shared by previous adopters of our solution. We addressed how these challenges could be addressed and were thrilled when Village Mortgage signed on to adopt the platform.”
“Loan Vision was the answer at the end of the day,” states Mr. Girolimon. “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 the individuals we have in the accounting department tremendously. Everything was housed within the system, there weren’t any add-on modules, and its Microsoft interface was very familiar for us.”
Village Mortgage noted that because the implementation approach was extremely well-defined and well-managed, they were able to go live Jan. 1, 2016, on time and on budget, without the need for an elongated parallel process.
“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,” Girolimon said.
Since going live, Village Mortgage has been able to operate much more efficiently, spending more time on tasks that move the company forward, rather than just trying to get work done.
“We’re able to operate quicker, leaner...,” Girolimon said. “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.”
The fact that Village Mortgage has grown significantly in the recent past and continues to credit their improved decision-making process to making the software switch, speaks volumes to the abilities of the solution.
“Loan Vision has helped us to make careful, educated decisions rather than trying to guess the future,” Girolimon said.
“The Loan Vision team is grateful to Village Mortgage in having faith in what the solution could do for them,” Loan Vision President Martin Kerr said. “We look forward to see how Village Mortgage continues to utilize the solution and the partnership we continue to build with them.”