How Loan Servicing Software Improves the Lending Experience
With so many more consumers in today’s market than ever before, speed and efficiency are a constant top priority for every business under the sun. When it comes specifically to lenders, the best way to streamline business is to have a quality loan servicing software like Nortridge at the core of operations. Without a digital platform running things 24/7 in the background, lenders would be at a great disadvantage, losing new prospective clients to their competitors every time. So, what exactly is loan software and what makes it so important? Keep reading to find out!
What is loan servicing software?
Loan servicing software is a digital platform created specifically for lenders to be able to automate every stage of the loan lifecycle, from application to closing. It provides impeccable analytics and insights for lenders and their borrowers. Before loan management software existed, lenders had to manually create and service loans - which was incredibly time-consuming. But it wasn't a problem back then, they didn’t know any different because there was no other way at that time. It's a very different world today.
Lenders value having a quality loan service software
Smart loan management software leverages automation and big data which is the way of the business world in the 21st century. This software literally takes the place of several human employees with the way it is capable of quickly and accurately handling so many routine tasks. In today’s fast paced digital information age, where everyone is plugged into technology, it’s unimaginable that a lender would ever attempt business without it. It helps them collect and verify applicant information, uncover things about prospective borrowers that prove their trustworthiness and credibility, calculate interest rates and manage payments and collections. All without human errors and limitations.
Borrowers prefer a lender that uses a digital lending platform
The start-to-finish loan process is complex and, without automated loan service software, errors can easily occur at any stage, including assignment, calculation and management. No company or individual wants their private financial information accessed wrongly or an incorrect loan amount showing up on their credit report, and yet these are two common mistakes that lenders can make if they are not using a fail-proof loan software. Plus, millennials and Gen Z - the children of technology - make up the majority of borrowers today. These individuals feel much more secure about their purchases when the lenders they go through offer them digital-only experiences. They are basically always going to be looking for online loan servicing applications and if you don't have it they will go elsewhere.
What’s all included and how much does this software cost?
The Nortridge Loan System supports multiple loan products including installment loans, lines of credit, mortgage, commercial and agricultural loans and peer to peer. We also offer multiple interest types including simple interest, variable interest with base, fixed amortization, same as cash, amortized fees and more. You can run loan servicing applications, credit reports, automate the printing and mailing of statements, manage custom contact records and send texts via our integrated SMS partner. There are features that manage things such as payment processing, security and audit control, as well as bankruptcy automation and workflow and rules engines. Just to make a few!
On our pricing page you will see that our Nortridge Loan System starts at $1,000 per month. However, high loan volume lenders might need something a little more customized and that’s where our enterprise pricing comes in. If you're not sure what level you're going to need, you’ll definitely want to get a quote from our sales team to be sure you get the best fit for your lending model.
How to choose the best loan servicing software for your needs
When it comes to choosing the best loan software for you, there are a few factors you’ll want to consider. The first is what features and capabilities are important to you and your institution? Second is the size of your institution – will the software be able to handle all of your needs? Third is compatibility – can the software integrate with your other systems? And finally, price. Which will depend on all of these things. With all the right pieces in place, you can rest assured that you will be happy with your loan servicing choice, because, at the end of the day, it should run smoothly and efficiently and increase your ROI. All good things.
Stop searching the web and start getting answers.
Talk to the experts here at Nortridge! Our loan servicing software team brings enterprise grade loan software to lenders and has years of experience doing so. It’s simple: contact us and you’ll get a 15 minute discovery call with one of our team members. They will want to make sure that Nortridge is the best fit for you before doing anything else. From there you will get a 1 hour custom demonstration and if, after we have drawn it all out for you and answered all your questions, you are jumping to get started, we will get you all set up and going. Save time. Short-circuit the learning curve by talking to our team today.