Nortridge vs. Finastra - Comparing Loan Management Software

December 1, 2022

When it comes to finding the right loan management software for your business, there are a lot of options to choose from. Two of the most popular choices are our very own Nortridge Loan System and our competitor, Finastra. Both have their stories, their features and their pros and cons. In this blog post, we'll go over it all, breaking down the key differences between these two software options so that you can decide which one is right for your business. Now, let's get started on comparing Nortridge vs. Finastra!

Nortridge Loan Management Software

How it all began - The Nortridge Journey

One of the grandfathers of loan management software, the Nortridge Loan System was founded by Vale Nortridge in the early 1990s. This was a time when there was a growing demand for a comprehensive and flexible loan management system that could meet the needs of the competitive and transforming lending industry. President and CEO, Greg Hindson, started with the company in the early 90s as a developer and he's still very much involved with product planning and programming today. The company philosophy remains the same after all these years - full dedication to our client's absolute success. Read more on our About Us page.

Special Features

Both Nortridge and Finastra offer the basics of loan management and servicing in a single platform, including default management, payment processing, reports and data analysis, integrations, automations and workflows, hosting solutions and customer support and training, but what makes them stand out from each other? Here are some features that Nortridge has that Finastra does not:

  • Print and Mail
  • Bankruptcy Processing

Pros and cons

The following information came directly from the September 10, 2022 review of one of our happy users, Michael Sen.

Michael stated:

"We chose Nortridge Loan System to handle our loan management going forward due to the fact that we can implement this crucial business function in the cloud. The software we are replacing with Nortridge is not cloud-based. It is completely on-premise. We have had to manage many aspects of this software for the business from servers to segregated networks, and backups to ensure availability. With the ability of the Nortridge Loan Management System to implement in the cloud, we can ensure higher availability to our loan servicing teams and increased insurance that data will be safe with the DR procedures surrounded in the cloud."



Pros:

  • It can be deployed in the cloud making it easier to implement.
  • There are many different options for implementation in our IT environment including on-prem.
  • It can integrate with our Active Directory allowing for easy user management.
  • We can migrate off of old on-premise servers that are out of compliance.
  • The way that the Nortridge Loan System is compatible with the cloud, we can deploy it within AWS promoting long-term scalability.
  • We are able to manage and organize all loan-related data easily and more streamlined with the Nortridge Loan System.

Cons:

  • In some instances, we have noticed there are some latency issues when reading and writing from SQL databases as new code bases get released.
  • API library upgrades could be tested a bit better in each new release.
  • Cloud implementation could be a bit more streamlined.

Finastra Total Lending

How it all began - The Finastra Journey

Formed in 2017, Finastra Total Lending is a much younger entity and partners with a global investment firm called Vista Equity Partners. Since its inception, Finastra has strived to enhance its ability to deliver market-leading products and services, in addition to its role as a strategic partner to its customers. Using the strengths of both companies, Finastra expected to build momentum, delivering innovative and transformational products and exceptional service no matter their size and wherever they were located.

Special Features

As mentioned above, both Nortridge and Finastra offer all of the basics of loan management and servicing in a single platform. There is one feature Finastra has that Nortridge does not:

  • Investment Management

Pros and cons

Some pros and cons we found through reviews on Finastra are as follows:

Pros:

  • It's well suited to the Retail banking system.
  • Community marketing through Finastra is a great feature.
  • The navigation of this software is very user-friendly.
  • It helps a company to become more modernized.

Cons:

  • The financial messaging feature is puzzling.
  • Transactions sometimes take a lot of time.

More words from a Finastra user:

"It is an almost perfect software that should be used by banks in this very digital era of modern banking. It can change a traditional banking system to a modernized banking industry by its user-friendly software and by proper research of your customers' priorities. In the case of retail banking, transactional banking is a huge milestone for us. It increases our new customers daily by improvising financial solutions by engaging and educating account holders."



Which is better for your business needs?

Finastra wears an alarming amount of hats and is a global solution covering many areas of banking besides just a loan management system. It's difficult to find anything about the pricing of the product, except for brief mentions in some reviews saying it was quite expensive--which makes sense they would have to charge a lot, offering so much more than the average lender needs.

Nortridge pricing is humble and transparent and available to anyone looking. We start at $1,000 per month and offer customization add-ons based on needs.

While both of these companies offer modern and top-notch features and benefits, it's clear that when looking at Nortridge vs. Finastra and wondering which one is going to be best for you, comes down to whether you need -- and can afford -- a global giant or a down-home and humble

Really the best way to find out which is going to be a great match for your organization is to schedule a no-cost no-obligation demonstration of our Nortridge platform. You'll see that we offer all the bells and whistles without getting too big and busy for our valuable customers--and that we won't break your bank while doing so.

Nortridge's Promise to You

Lenders and services shouldn't have to change processes to match the capabilities of a software platform. It should be the other way around. Nortridge Loan Management System aims to align with your business requirements to help your organization meet its goals. NLS is the culmination of years of asking the right questions and listening to our clients. We want to deliver a flexible and robust toolbox to efficiently service loan portfolios - all on your terms.

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