Advisory firm Mortgage Banking Solutions (MBS) has merged with San Diego-based Abacus Accounting Services, which provides bookkeeping services to mortgage banks in the western U.S. The partnership will allow MBS clients to use Abacus' accounting platform and services. Technology can now fully support outsourced bookkeeping activity with remote secure servers, MBS says.
‘MBS is the only firm that offers both expert mortgage consulting and hands-on bookkeeping,’ comments Andy Schell, managing partner for accounting services at MBS. ‘I am confident that the integration of Abacus into MBS will give us the ability to better serve our mortgage lending customers and expand our outsourced bookkeeping service nationally.’
Warehouse lenders have increased their requirement for all mortgage banks to quickly produce financial statements, adds David Lykken, managing partner for strategic services at MBS.
"Most owners of mortgage banks are not great accountants and need help," Lykken says. "This will be a tremendous service for mortgage banks that are under increasing pressure from warehouse lenders, as well as investors, to get their numbers right."
SOURCE: Mortgage Banking Solutions