Snervicing and collecting on loan portfolios can be a very time-consuming and resource-heavy job. Wouldn’t it be great to eliminate the need for some of the manual data entry you perform on a daily, weekly or even monthly basis? If you receive a file with data you need imported into your loan servicing software, chances are the processing can be done automatically. With every new software implementation comes the need for understanding the business objectives and discovering how certain processes can be automated and customized. The Nortridge Loan System is designed to perform an array of functions that can be tailored to fit each client's needs. One of the main focuses during implementation is on creating workflows that will improve the speed and accuracy of daily processes.
The Automation Service application that we can provide works with the Nortridge Loan System (NLS) and can take any source file and perform an XML data import into the NLS system. The application goes through the file record by record, eliminating the manual process often required with data entry. Since each case is unique, a developer customizes the application based on the client's requirements. The application can be set up to run weekly, daily, and even hourly according to the type of data being processed.
The application can be modified to detect any anomalies or errors during the processing and then automatically send out emails notifying users of the issue. Additionally, the application will send out an email confirmation, with attachments if needed, of any activity. The email would include any information the client requests. Typically, clients want to see a list of files (processed or not), records processed (or not, per file), and lists of issues encountered during file processing.
Any activity within the application would be logged into a database table, specific to the application, that could be viewed when needed. The data logged would be determined by the client's needs, similar to the email notification. This serves as a historic record of the application's activity over its lifetime and can be used to double-check the activity of the application if necessary. These specifications and settings are configurable and discussed during the consulting and development stages, which are used to ensure all the necessary requirements are met based on a client's needs.
The process starts with the consulting stage where we would need an example file to process and a rough explanation of how the file needs to be processed into NLS. From there, our consulting team would determine some of the key requirements needed in the Automation Service application. Our consulting team would then schedule sessions to better understand how the data is utilized by your business and how it needs to function within the Nortridge Loan System. While this process can take some time depending on the complexities of the data and how it interacts with NLS, in the long run, it will enable your business to run more smoothly, and you’ll have time to focus on the more vital tasks.
Because the application is configured specifically for a particular business, it can be as simple or complex as necessary. For example, one of our clients has a lobby where their borrowers physically come in to make a payment. The client has an existing system they use to enter payments that creates a file at the end of the day. They utilize an NLS Automation Service configured to process the file at 9 p.m. daily. Basically it grabs the file, processes it record by record to create an XML payment import into NLS, moves the file to an archive folder, creates an entry into a database log table, and lastly, sends out an email report with the results.
We have another client that is currently using the NLS Automation Service to complete four different tasks. Because the tasks are separate, the program creates a different log entry and notifies a different set of people via email. Also, it alerts a specific group based on different errors that could occur during the process.
There are a wide range of possibilities for automating processes and tasks in your business using the NLS Automation Service. Are you performing any repetitive manual task like data entry on a daily, weekly or monthly basis that you wish could be automated? Feel free to connect with our consulting team, and we can discuss solutions for improving your efficiency.