Any lender will tell you that they value anything that helps them in the processing, managing and servicing of their loan portfolios -- and nothing in history has ever done this better than commercial lending software. Some form of loan software has been around for nearly four decades, but can it really increase your bottom line?
In this blog post, we'll take a look at what a commercial loan system is as well as discuss the role our very own Nortridge Loan Software played in the very beginnings of loan servicing software. We will also go over some of the key benefits that commercial lenders can gain from using such software and, most importantly, how it can be used to greatly increase revenue! Happy Reading!
What is Commercial Lending Software?
Commercial lending software is a specialized computer program that streamlines and automates the process of servicing commercial loans. It enables lenders to quickly and easily evaluate loan requests, identify potential risks and track the performance of existing loans. As a result, commercial loan software can provide significant benefits for both lenders and borrowers.
Who is Nortridge?
38 years ago, Nortridge Loan System was born. Founded by Vale Nortridge, an innovator in the banking world. He noticed that there was a growing demand for comprehensive and flexible accounting and loan servicing software that would meet the competitive needs of the lending industry.
When the PC became available to the general public, Nortridge decided he would find a way to use it in conjunction with all of his experience in community banking. He had seen, firsthand, the challenges and pain points those banks experienced, so he had a good idea of how he could make this lending solution work for them.
Today's president and CEO, Greg Hindson, also started with the company way back in the early 90s as a developer, and to this day, he's still heavily involved with product planning and programming. Our company's philosophy remains the same after all these years - we are dedicated to our client's success.
Our promise to you: Lenders shouldn't have to constantly change processes in order to match the capabilities of a loan servicing software. It should be the other way around. Nortridge Loan System aims to align with your business requirements to help your organization meet its goals.
Want to Know More About Us?
Our comprehensive and user-friendly loan software will help your business grow so be sure to contact us today. Our team of experts will work with you one-on-one to ensure that you get the most out of your time spent with us. Be sure and request a demo. We can't wait to hear from you!
5 Ways Commercial Lending Software Helps Increase Revenue
There are many facets to a successful lending business. From acquiring new customers to maintaining customer relationships and gathering timely and accurate data -- it's a lot to keep track of. Here are five ways this software can help lenders be more productive and make a lot more money:
1. Automates Routine Tasks and Processes
Commercial loan software is designed to streamline the loan process for lenders. By automating routine tasks such as account maintenance, sending default notifications and providing regular updates and reminders, loan servicing software can help lenders increase efficiency and speed up the time to funding.
2. Facilitates Communication with Borrowers
One of the most important aspects of running a successful operation is maintaining good relationships with your customers. This is especially true when it comes to financial transactions, such as loans. If borrowers don't feel confident in their communications with you, they may take their business elsewhere. This is where commercial loan software can be a valuable asset. By providing a platform for easy and efficient communication between you and your borrowers, loan software can help to build trust and confidence. In turn, this can lead to more business and higher loan revenue.
3. Gives You a Competitive Edge
In the business world, image is everything. Customers and clients want to work with companies that they perceive as being cutting-edge and innovative, and that means keeping up with the latest technology trends. For lenders, one way to stay ahead of the curve is to use commercial lending software. By using this software, lenders can show their customers and clients that they are serious about staying up-to-date with the latest technology. This grows your customer base and in turn increases revenue.
4. Increases Collection Rate
Commercial loan software often includes tools for tracking customer payments and identifying late payments. This information can be used to improve collections efforts and reduce losses, further increasing loan revenue. This software is a powerful tool that can manage risks and avoid defaults and therefore can have a significant impact on the bottom line.
5. Reduces the Number of Employees Needed
Lending software productivity is off the charts. This software automates many tasks that would normally be done by human beings. This includes tasks such as checking credit histories, gathering data and sending notifications. As a result, fewer employees are needed to do these tasks, freeing up time and money that can be used elsewhere in the business. Not only that, but commercial lending software is more accurate than humans, which means that there are fewer mistakes made. This leads to happier customers, a better company reputation and increased revenue.
More FAQ about Commercial Lending Software
If you're considering commercial loan software for your business, you probably have a lot of questions. Here are some of the most frequently asked questions we get about our software:
How easy is it to use? Our loan servicing software is designed to be user-friendly, even for businesses with no previous experience with lending software. We offer comprehensive training and support to get you started.
How much does it cost? The cost of our software depends on the size and needs of your business, however, our base packages start at $1,050 per month. Request a custom quote.
What features are included? Commercial lending software typically includes tools for loan servicing and collections. Some packages also include CRM and accounting tools.
We hope this has helped answer some of your questions about commercial loan software. If you have any other questions or would like to learn more about our software, please don't hesitate to contact us.
How to get started with commercial lending software
Trust Nortridge when you need excellent lending software productivity. Nortridge is known for being a smarter, faster commercial loan platform. So, if you're looking for comprehensive loan servicing software to help streamline your process, we'd be happy to give you a demo of our product. Our software is designed to make the loan servicing process as smooth and efficient as possible. We have a team of experts who are ready to give you a look into the inner workings of our lending system. So what are you waiting for? Schedule a demo today!