Frequently Asked Questions
Q: What makes NLS better than the other systems on the market?
A: In a word . . . Flexibility. NLS can be configured to meet your needs. It is a powerful, highly efficient, full-featured loan servicing system.
Q: We don't make "traditional" loans. Our lending business is very unique. I need a software package that can accommodate my "irregular" loans. What kind of flexibility does NLS offer?
A: One of the strengths of NLS is its ability to handle multiple loan types. NLS readily accommodates step payments, seasonal payments, increasing and decreasing payments, and any payment period imaginable. You can even have a payment due every . . . let's say . . . 41 days. Payments can be level, interest only, fixed principal and/or percent of principal. You name it, and NLS most likely can do it.
Q: We operate a very small lending operation. Currently, we use Excel to manage our 25 loans, but that's getting to be cumbersome. We need a different solution, but with our small volume, most loan servicing software is too expensive and / or the systems we can afford don't offer much/any flexibility. How would using NLS help us?
A: NLS is available in hosted form, meaning you don't have to buy an upfront license or have an IT team on staff. With NLS in our Software as a Service delivery platform (hosted), you can start small and add on as needed. For as little as $300 per month, you can start servicing your loans with a top notch, industry-leading system. By automating your servicing, you'll have more time to increase your business and bring in more loans. By keeping your servicing costs down, you'll also have more resources to allocate to growing your business. With NLS, real-time and reliable information is delivered to your desktop at a minimal cost.
Q: You might call our organization a "sub-prime" lender. Our borrowers are not the most credit worthy. Will your software work for us?
A: NLS is a loan servicing AND collection system tightly integrated for maximum efficiency. You can increase your cash flow, decrease collection costs and reduce delinquencies all with one software program. Multiple past due and delinquent reports provide real-time information in as much or little detail as needed. You can build collector campaigns using the criteria you select. Action and result codes are user defined. Promises made, kept and broken are at your fingertips. Unlimited notes, using shortcut keys, can be maintained on your borrower. You can design your own collection letters. There's no limit here either. The collector screen can even be customized (by you) showing the data you consider to be most important.
Q: How can I begin using NLS?
A: NLS also provides flexibility in delivery formats. NLS can be purchased either through an owned license copy or in a hosted environment.
Q: What is the difference between a purchase license and the hosted environment?
A: A purchased license would be installed on your computers at your site. You would own and maintain the system as you see fit, in whichever way best suits your business needs and goals. Technical support and upgrades would be purchased through a renewable annual contract.
The hosted application is accessible via a Web connection. Once your account is setup, you simply need to login into the application and start working. The software operates just as it would if it were loaded on your personal computer system.
Note: You may also hear "hosted" applications referred to as software as a service (SaaS),application service providers, ASPs, or web-based software.
Q: What are the advantages of purchasing a license?
A: For larger sites, purchasing a license copy may provide long-tern cost savings. Existing IT staff can easily install and maintain NLS within your existing network. You handle control of all data and are free to formulate all interfaces with third party software.
Q: What are the advantages of using a "hosted" loan servicing application?
A: There are several advantages. First, because there is no license to buy, software to upgrade or IT staff to hire, it is especially cost effective for smaller sites. Second, because you can pay a simple, flat monthly fee, you can manage your money more easily. Third, because we store all data associated with our products at the world-class CyberTrails data center in Phoenix, you know that your data is secure and in a relatively natural-disaster-free area of the world. The bottom line . . . Using NLS in a hosted environment is a cost-effective and easy way for you to access a very secure loan servicing system.
Q: How do I access the software in "hosted" or SaaS form?
A: It's easy. All you need is an Internet connection and a computer or workstation with RDC. RDC stands for "remote desktop connection." If you are running Windows XP, then you already have it. If your computer runs on a different platform, you can download it free from the Microsoft Web site.
Q: Do you provide technical support? If so, how do I access that service?
A: Yes. Both online help and a user's manual are available. Additionally, our knowledgeable technical staff is available by email or telephone.
Q: How secure is my "hosted" data?
A: We store all our customer data at the CyberTrails data center. The CyberTrails data center is custom-designed with raised floors, HVAC temperature control systems, redundant power, UPS back-up and power conditioning
systems and generators. They provide 24/7 physical security, including: state-of-the-art smoke detection and fire suppression systems, motion sensors, biometric access controls, as well as video surveillance and security breach alarms.
Q: Will I have to update/upgrade the software once I've purchased your "hosted" service?
A: No. When you login to our system, you will always be using the latest version of the lending application.
Q: I'm not technically inclined. How difficult is NLS to use?
A: NLS is a Windows-based application that is designed with the user in mind. You can customize many of the product's features to meet your unique loan servicing needs. Many lenders find that a brief overview of the product is all they need to start using the product right away. However, if you would like a more comprehensive explanation of the product's features, online help and a user's manual are available. Additionally, our knowledgeable technical staff is available to assist you.
Note: Are you new to loan servicing, and/or do you prefer to learn in a classroom setting? We offer both on-site and off-site NLS training. Please contact our sales team to discuss how we can meet your training needs.
Q: I need to be up-and-running with a loan servicing package as soon as possible. How quickly can I start using NLS once I purchase it?
A: In the hosted environment, once your account has been set up, there are two things that you will need to do: (1) customize NLS to your unique lending needs (i.e. codes to sort and group reports by, user defined fields to track additional borrower information, and general ledger account information, if desired); and (2) convert your existing loans (if any) to the NLS system. The speed at which these two tasks are accomplished will depend on the number of users, number of loans and the complexity of the loans that you are managing.
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Or call (800) 993-6227 or email us at sales@nortridge.com
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