Preferred Credit, Inc., Selects Nortridge Loan System to Support Servicing Direct Sales Loans
LAKE FOREST, Calif., May 16, 2013 – Nortridge Software Company, a leading software provider for loan servicing companies nationwide, today announced that Preferred Credit Inc., has selected, implemented and completed its first phase of loan conversions to the Nortridge Loan System (NLS) software application. Preferred Credit provides financing and loan servicing for the direct sales industry.
According to Laurie Brown, director of strategic initiatives for Preferred Credit, the company needed to find a software product that could manage both their pre-compute installment loans and revolving lines of credit, while also addressing the complexity of their compliance and accounting needs.
"Nortridge was a clear frontrunner from the start," Brown said. "We do business in all 50 states plus Guam and Puerto Rico. We need a system that can support our long-range strategic plans to expand our product offerings. NLS's flexibility and assurance that we remain compliant in all of these states was important."
As Preferred Credit transitions to the new software, the NLS team continues to develop new features that support Preferred Credit’s needs. "Shortly after we started the implementation process, we learned that they needed added functionality for rebates and same-as-cash transactions," said Greg Hindson, president, Nortridge Software Company. "We were able to accommodate those requirements."
"The implementation team had decades of experience," said Brown. “It's a real benefit to have a Nortridge project manager oversee the implementation process and acceptance testing. Our project manager understood our business and why we're asking the questions we're asking. We're so pleased we chose NLS.”
Brown also states that NLS will support them in growing their business. Their previous servicing system couldn't do loan interest deferrals, stepped interest or loan deferments to help customers who had gotten extremely past due. All of these features come standard with NLS.
“Preferred Credit has always been a forward-thinking organization on behalf of their clients, and we are proud to help them continue extending their brand in the market,” Hindson said.
About Preferred Credit, Inc.
Preferred Credit, Inc., based in Saint Cloud, Minn., was founded in 1982 by Gene Windfeldt to provide financing to one of the most successful direct sales distributors in the world. Preferred Credit takes pride in its commitment to being a partner in success by consistently providing its family of distributors with dependable, long- term financing. For more information, visit: www.preferredcredit.com.
About Nortridge Software
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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