LAKE FOREST, CA – Nortridge Software Company, the software vendor of choice for loan servicing companies nationwide, today announced the addition of a same-as-cash feature and an auto payoff option, cornerstones features of its latest software release (Version 4.6).
The same-as-cash feature gives consumer lenders the ability to account for zero-percent interest product offers to consumers. Auto payoff enhances the efficiency of the servicing process by automating the accounting resolutions associated with the payoff and closing of loan accounts where the balance has fallen below a preset threshold.
“This major release is directly in response to customer feedback,” said Nortridge President Greg Hindson. “Our consumer lending and servicing customers have told us that a large percentage of their loan activities require a same as cash or the auto payoff features. Our latest release represents a significant opportunity for time savings and enhanced controls. We are constantly striving to improve the efficiency of the origination and servicing process, automate controls wherever possible and to help our customer reduce operating costs.”
“To be competitive, originators of consumer loans need to be able to offer their customers this form of zero-percent financing” said Ian Berch, of Florida-based Service Finance Company. “Otherwise, they’re just not going to be competitive in this economy.”
As a nationally licensed sales finance company and an approved FHA Title I Lender, Service Finance is a primary lender providing installment loan solutions for qualified borrowers with favorable consumer interest rates and extended repayment terms. “We’ve been kicking the tires on the same-as-cash functionality in the Nortridge software for the past six months, through several billing cycles and a variety of situations and everything works perfectly,” Berch added.
Hindson noted that the latest version of the Nortridge software application also helps lenders and servicers comply more easily with the Regulation Z requirements. “Reg Z,” issued by the Board of Governors of the Federal Reserve System, includes numerous consumer protection regulations afforded by the Truth in Lending Act (TILA).
The new version of the Nortridge software is available immediately either on-premise or as a hosted application (hosted at our IT partner’s secure and highly available data center).
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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