LAKE FOREST, CA – Nortridge Software LLC, a leader in loan servicing software, today announced that ACCION Texas, which owns and manages the nation's largest active micro-finance loan portfolio in the U.S., has adopted the Nortridge Loan System (NLS) to support the servicing and management of more than 2,000 loans.
According to ACCION Texas Chief Financial Officer Gustavo Lasala, scalability, speed, tracking and reporting capabilities set the Nortridge System apart from others.
"NLS is faster than our two previous loan servicing products and it provides a more robust platform for control and better interface for management reports, all of which enhances our decision-making process," Lasala noted.
"We're excited to have been selected by ACCION Texas as their servicing platform and look forward to helping them grow and continue to create value," said Greg Hindson, president of Nortridge Software.
According to Lasala, ACCION Texas closes between 70 and 100 new loans every month and has an active portfolio valued at $25 million. The organization has disbursed more than $85 million in loans to more than 7,000 clients since its founding in 1994 and since January 2008 has provided application and loan management services to 8 other Microfinance Institutions across the United States.
"With our growth accelerating, it was clear we needed a more robust and powerful tool, something that would allow us to get the information out of the system a lot easier for the reports we needed to perform our everyday management tasks. Nortridge fit that bill," Lasala said.
"All conversions are complex projects. Our conversion to NLS was not an exception. We took the necessary time to complete it successfully and climb the learning curve before doing the switch. We did our homework. Nortridge Software technical support made a huge difference. During the entire process we counted on a highly skilled dedicated team to help us complete this conversion successfully."
ACCION Texas, a 501(c) (3) non-profit organization based in San Antonio, Texas, has the largest microloan fund in US. Since its inception in 1994 it has disbursed more than $85 million and more than 10,000 loans to more than 7,000 clients. With its Microloan Management Services (MMS), ACCION Texas also provides portfolio management services to other microfinance Institutions across the United States. Through its loans and services, ACCION Texas helps micro-entrepreneurs strengthen their businesses, stabilize and increase their incomes, create additional employment and contribute to the economic revitalization of their communities. More information on ACCION Texas and MMS can be found at www.acciontexas.org.
Nortridge Software LLC, provides lenders and loan servicers with the automation needed to more profitably originate, service, collect and report on loan portfolios. Since 1981, Nortridge has leveraged its experience in banking, lending and software development to provide clients with quality software solutions and excellent support services. Today, the Nortridge Loan System is valued by loan servicing companies representing a wide range of industries and loan portfolio sizes. The company is headquartered in Lake Forest, Calif. For more information, visit: www.nortridge.com.
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