NOVA Homes Loans, headquartered in Tucson, Arizona has been in business since 1980 and is currently licensed in 19 states. Despite a tough economy, NOVA have seen tremendous growth in the past couple of years thanks in part to making the business IT systems more efficient, but also as those without such a sound financial footing have fallen away. In 2008 having out-grown QuickBooks, Oystein Konsmo, Chief Financial Officer was keen to find a system that could give the granular level of accounting detail he was looking for, whilst still being easy to manage.
"To grow we needed an enterprise platform with all the facilities , in order to move and keep information that is acceptable from a GAAP and a controller position...Loan Vision meets that need."
After considering the options available to NOVA, Oystein, saw in Microsoft Dynamics NAV, not only the core functionality he needed, but with the help of Bestborn, the customization potential to meet the demands of the NOVA organization. Bestborn worked closely with NOVA to create a system that meet the needs of the mortgage banking industry but did not abandon the key workflow processes of Microsoft Dynamics NAV.
One of the key challenges for any mortgage banker is the managing of information once it passes through the LOS and needs to be entered into in the business accounting system; with all the requisite loan level detail maintained. The Loan card serves as the central repository for all loan related information for each specific loan, and makes reporting and the loan reconciliation process much more efficient. This automated process eliminates manual keying into the accounting system, and has streamlined a workflow that previous took considerable time and effort on behalf of the loan accounting team.
After the initial go live, and as NOVA and Bestborn’s relationship grew, additional functionality was added to the system all of which continued to support the growth of NOVA by streamlining process and functionality.
“Bestborn has been proactive in learning the industry and has continued to bring new ideas forward"
Features such as 1098 reporting and increased integration with partner systems such as the IRS, have allowed NOVA to function more efficiently.
In March 2013, NOVA Home Loans made the natural progression to the 2013 platform and with this some major changes were made to the Loan Vision system. With the initial integration of NAV 5.0 of Loan Vision most configurations to reports and functionality had to be hardcoded into the system. Bestborn have developed the new Loan Vision to be fully configurable by the end user reducing their reliance on Bestborn and increasing the speed at which they can make the system work more efficiently for them.
Another of the key functions of Microsoft Dynamics NAV 2013 that Oystein sees having a big effect on the performance of the business is the system’s ability to provide accurate information to key personnel quicker. This functionality will have a big impact on the overall business accounting process.
“Moving to the latest version of Loan Vision will allow us to automate more and get more information to the decision makers in the branches without them having to reach out to the head office”
The development of Loan Vision for NOVA Home Loans has left Oystein excited about the partnership that has formed between the two companies and what it could mean for the future.
“As the Loan Vision product continues to develop through deployment in other mortgage banking companies, this can only mean good things for us as we take advantage of Bestborn’s growing industry experience and future enhancements to the system”
Oystein also appreciates the level of support Bestborn has offered throughout the relationship as well as the personal nature of the engagement Bestborn has with its clients.
“I really like the personal relationship we have with Bestborn and the fact they are very responsive to our needs and turn around requests very quickly”
