PRMI Streamlines Financial Statements through Online Accounting System --Dave Zitting, President and CEO, PRMI
SALT LAKE CITY, UT – SEPTEMBER 4, 2007 – Primary Residential Mortgage, Inc. (PRMI) has partnered with Advantage Systems Inc., developers of the Accounting for Mortgage Bankers (AMB) application, to offer PRMI branches nationwide online access to AMB. By utilizing a web-based version of AMB, PRMI’s branches can dispense with hard and soft copy statements and easily access real-time financial information through a secure interface.
“PRMI is constantly looking to enhance the technology used by our branches,” says Dave Zitting, CEO and President of PRMI. “With AMB’s new online capabilities, it made sense to standardize its use throughout the company. AMB streamlines our accounting functions, and we fully expect the application’s reporting capabilities to lead to a more robust bottom line by improving employee productivity and helping managers benchmark their performance on a more consistent basis.”
Previously, PRMI branches relied on weekly e-mails to keep up-to-date on financial statements. Now, by taking the accounting system online, branch managers can access financial statements anywhere Internet access is available. An even greater benefit is AMB’s report writing capabilities via Crystal Reports software. Through AMB, branch managers can view profitability by loan and by branch, and the data can be sorted by date or range of dates and loan or range of loans. The loan level detail allows for profitability analysis by loan, loan officer, loan type, and branch and will help managers make crucial financial decisions.
AMB is a real-time, transaction-based accounting system. Besides loan-level detail, the program offers comprehensive mortgage reports, financial reports, commission calculations, general ledger, accounts payable, and report writing capabilities. By simply pushing a button, PRMI branches can view which loans comprise an account balance.
Headquartered in Salt Lake City, Utah, Primary Residential Mortgage, Inc. (PRMI) was founded
by Dave Zitting, Jeff Zitting, and Steve Chapman in 1998. Since its inception, PRMI has evolved from a four-person business to a nationwide multi-billion dollar operation with 800 employees working in approximately 200 Branches in 47 states. Branches operate under the PRMI brand or as DBAs as part of the Divisional Joint Venture and Consortium Partner programs. Serving all segments of the market, PRMI is a privately-held, debt-free company that focuses primarily on traditional loan products.
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