Tuesday, March 09, 2010

Abacus Accounting merges with Mortgage Banking Solutions

Mortgage Banking Solutions, Austin, Texas, has completed its merger with San Diego based Abacus Accounting Services, according to the two firms.

Abacus offers comprehensive bookkeeping services to mortgage banks in the western US. Mortgage Banking Solutions is a management advisory firm to the residential mortgage finance industry, working to assisting its clients to increase production volume, improve secondary marketing execution, and assist lenders in obtaining warehouse funding. MBS also offers warehouse line reviews, exit strategy planning, CFO2Go accounting and bookkeeping support and corporate valuations.

Shelly Rogers, president of Abacus said, “I am delighted to join forces with MBS. They are the top mortgage banking advisory firm in the country."

“Shelly has done an amazing job creating a ‘best practices’ bookkeeping platform for mortgage banks. She has truly ‘cracked the code’ to offer outsourced bookkeeping.” said Andy Schell, CPA, CMB managing partner for accounting services with MBS.

Ms. Rogers has extensive experience in accounting. She holds a Bachelor’s Degree in Accounting and was an auditor with a CPA firm. She is an expert in accounting systems as well as a veteran in the mortgage business. She was an owner of a mortgage lender, a senior executive of a national mortgage bank, and a consultant supporting the bookkeeping, accounting and audit needs of mortgage banks.

Part of the motivation for the merger may have been the increasing requirements on the part of warehouse lenders for mortgage banks to quickly produce financial statements.

“Most owners of mortgage banks are not great accountants and need help. 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,” said David Lykken, managing partner for strategic services at MBS.

MBS now offers bookkeeping services in addition to their CFO2Go product suite.