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Top 8 Benefits of Loan Servicing Software

When you offer loans for your products or services your borrowers are naturally going to expect a certain level of safety and communication from you. Offering the right tools, like an online loan servicing platform, can help your customers feel more in control of their loan, as well as provide them with a strong sense of security. This saves a lender both time and money, and brings unparalleled peace of mind.

Fortunately, Nortridge Loan Software offers a trustworthy loan servicing platform that is available to help you and your borrowers collaborate in exactly this way. Schedule a demo with us to see how it works!

What is loan servicing software?

Loan servicing software is a powerful tool that streamlines and automates many of the processes involved in managing loans. It allows lenders to service their portfolios, maximize profits and gain greater control over risk factors.

Here are the Top 8 Benefits of using Loan Servicing Software:

1. Loan servicing software eliminates inevitable human error

It’s unavoidable: Humans make mistakes. But a solid loan software can help to drastically minimize that. A platform like Nortridge is a reliable and efficient way for you to serve your customers’ loans with complete accuracy. Loan managers who do not use this kind of technology risk making errors that could lead their customers into trouble. The best way for them to avoid these problems is by using an easy-to-operate, yet powerful system. It will help keep things running smoothly and ensure accuracy across the board.

2. It can help lenders reduce their administrative costs

Loan servicing is, no doubt, a time-consuming process. That’s where powerful loan software comes in. Loan software automates the loan servicing process, doing the job of many people. This saves you money on paying additional staff to handle it and saves you time from having to do the mundane routine tasks yourself. So if you’re looking for a way to streamline your loan servicing process, consider using Nortridge loan software.

3. It helps a lender to keep track of all of their loans in one place

Loan servicing software is a great way to stay organized and on top of things. You can keep track of payments, due dates and loan statuses, all in one place. A great platform, like the one our Nortridge Loan System offers, can make managing your loan portfolio so much easier. See our pricing here.

4. It enables lending institutions to identify potential risks sooner

When you have a big-picture view the way you do with a loan servicing platform, you can see any and all red flags that might lead to, or be causing, risk factors for your organization.Loan software can make it easier to keep track of a loan portfolio and help you detect any potential delinquency problems early on, before they have a chance to become bigger issues.

5. It improves the security of client data

Your customers entrust you with very private information. Things like their tax identification numbers, income records and other critical information. If this valuable data falls into the wrong hands it can lead to identity theft or financial fraud for both them as well as your company which may result in litigation expenses down the line. The recent theft of records from major companies has highlighted how easily vital data can be compromised when not properly protected. Nortridge encrypts all PII data in transit and at rest. Protecting your client’s information is your job, and you owe it to them.

6. It provides a secure platform for communicating with borrowers

In a world where technology is constantly evolving, it’s important for businesses to keep up with the latest trends. That’s why more and more lenders are turning to loan software that provides an effective way to communicate with borrowers. Nortridge offers multi-channel communications based on borrower preferences: paper, text, email. Providing a secure platform that helps protect both parties’ information and making communication faster and easier, lending software can save time and money for lenders.

7. It allows a lender to view a customer’s entire loan history

Imagine you have a customer who has taken out several loans from your company in the past, and you need to view that customer’s entire loan history in order to make a lending decision. With traditional software, this would be very difficult – if not impossible. However, with loan servicing software, you can easily see all of the customer’s loans, their repayment history, and more. This information is essential for making sound lending decisions.

8. Sends alerts when payments are due or overdue

Maintaining your loan portfolio can be a time-consuming task. Luckily, there are software programs available, like Nortridge, to assist you with this process. Our platform is one that will send alerts when your borrowers’ payments are due, when they are made and if they are on time or late. This can help you keep your loans organized and in good standing with borrowers.

Where to find a loan servicing software you can trust?

If you’re a lender in today’s fast-paced competitive world, then you’re always on the lookout for new and innovative ways to run your operations. Well, look no further! We here at Nortridge Loan Software are the leading innovators in this field, and we can provide you with all the tools you need to streamline your loan process. See our pricing and contact us today to schedule a demo so you can learn more about our state-of-the-art lending software.

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