Regional Management Corp. Successfully Opens Virginia Branches with Nortridge Loan System
New Mexico Branches Also Complete Transition to NLS
LAKE FOREST, Calif. - August 30, 2016 – Nortridge Software LLC announced today that Regional Management Corp. (NYSE: RM) (“RMC”), a diversified specialty consumer finance company providing a broad array of loan products, opened eight branches in Virginia earlier this year successfully using the Nortridge Loan System (NLS). RMC is currently rolling out NLS to its other 330 branches in eight additional states and has already completed the transition successfully in New Mexico.
Switching to NLS provides RMC with a system that improves operational efficiency, allows for faster turnaround times to adapt to shifting requirements, and provides a technology platform for building out enhanced integrations. In addition, RMC's implementation team has worked with Nortridge Consulting Services to incorporate in NLS a risk analysis and decision matrix for automated underwriting. As a result, RMC branch personnel can quickly review multiple loan options in person or over the phone with the consumer, which allows for informed borrower decisions while ensuring RMC compliance.
"We have been excited to partner with Nortridge and our close working relationship is allowing the implementation process to proceed smoothly,” said Ralph Warchol, RMC vice president and chief information officer. “Our successful engagement with Nortridge Consulting Services has been vital to the development of an automated underwriting capability. Without the need for customization, we are now able to very efficiently use NLS to collect loan application information, process credit decisions, and generate loan document packages. We believe the new system’s easy functionality will significantly enhance our marketing and credit functions and position RMC well to grow the company in the long term.”
Bret Davis, managing partner of consulting services at Nortridge, has been an integral part of the implementation process. “The RMC implementation perfectly illustrates the flexibility of NLS for both loan originations and servicing,” Davis said. "The pilot project in Virginia proved that the platform could meet RMC’s varied business needs and provided a foundation for a phased roll out to all their branches. We're pleased to partner with such a professional, friendly company."
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.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified specialty consumer finance company providing a broad array of loan products. Regional Management began operations in 1987 with four branches in South Carolina and has since expanded its branch network across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma, New Mexico, Georgia and Virginia. Each of its loan products is structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments and is repayable at any time without penalty. Regional Management’s loans are sourced through its multiple channel platform, including in its branches, through direct mail campaigns, independent and franchise automobile dealerships, online credit application networks, retailers and its consumer website.
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