Customer Story

Rate Rabbit Masters Daily Operations with Loan Vision

June 23, 2021
Rate Rabbit Masters Daily Operations with Loan Vision

The Challenge

When Jojo Caldwell joined the Rate Rabbit team in 2020, executive management was already on the hunt for a new accounting solution. With the growth of the company, executive leadership knew that they needed to get someone in to take control of the outsourced finance team and get a more granular look into the financials.

“QuickBooks isn’t made for mortgage banks,” were the first words from Jojo Caldwell, Staff Accountant at Rate Rabbit, when asked about their previous solution. “There’s no way to get to the level of detail that we needed to operate. All we had were high-level numbers; nothing for individual branches or loan officers.”

This detail was also important to others outside of the finance department, especially loan officers and branch managers.

“Because we lacked loan-level information, there was no way to see which funder had marked the wrong warehouse line or incorrect lock commitments,” mentioned Caldwell. “Between the time spent manually importing and reconciling, we didn’t have the time nor the tools needed to dive into these issues.”

The Search for a Better Solution

With Loan Vision’s robust, hierarchy-based reporting structure and user-friendly interface, users can drill into the data from the highest level down to a singular loan, and subsequent loan transaction. Also, the ability to make custom loan-level reports gives finance departments such as Rate Rabbit’s an easily digestible and presentable report for executives and other department heads.

“I can now run a quick report, find the inconsistencies, and drill down right then without having to dive into multiple spreadsheets,” said Caldwell. “The custom reports also give us.

The Results

With Loan Vision, not only does Jojo have access to a level of detail Rate Rabbit did not have before, but she also has the time to analyze that data and present it in a practical way for the executives.

“Without having to shoulder the load of manual importing and reconciliations, we’re now able to quickly get to the bottom of any discrepancies we find and correct them in the best way possible,” said Caldwell. “We can easily spot issues and trends, which helps determine if something is a simple one-off mistake or if further training is needed.”  

With her department running smoothly and having more time to analyze the data, Caldwell and Rate Rabbit’s executive team are looking forward to the potential growth opportunities.

“As everyone in the industry, we’ve seen growth over the past year. However, the level of detail we now have with Loan Vision gives us the ability to dive into our profitability, evaluate that growth, and better interpret the needs of the business.”

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