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What to Look for in Loan Servicing Software

As a lender, you know the importance of having an efficient and effective loan management system. But with so many software choices on the market, how do you know which one is right for your institution? Here are some things to look for when making your decision.

Loan servicing software should be easy to use and navigate

Leave the rocket science to the engineers and reap all the benefits of a well-built system. The software engineers are the ones who create the user experience, afterall, and they do so keeping in mind that many times users are technically challenged. Go with a software like our Nortridge Loan System that was built for both beginners and experts alike. It’s supposed to make your work life easier, not more complicated.

It should be able to manage a variety of loan types

Your lending platform should be able to manage as many different types of loans as possible. Some of the ones you’ll want to be sure are included are: term, non-revolving and commitment types, as well as pool funding. Leveraging the Nortridge Loan System will give you this wonderful variety of options, and more.

It should be customizable

Each lending organization is unique to themselves in the things that they need and want in a loan management software, and those needs and wants will likely evolve over time. That’s why it is crucial that the system you go with offers total customization. You’ve got to be able to build a platform that meets your exact business needs or it’s just not going to work. You need to trust that you will be able to fully serve those who may want an extra layer of cake on top of their favorite loan product!

Check to see if the software has any reporting features

Reporting features in a loan software allow the lending institution to closely track and monitor the loans in their portfolio. It’s important to keep a watch over how they are performing so it makes it convenient to have them organized all in one place. You may want to find out if the loan servicing software in question can generate reports in different formats, such as PDF or Excel. By having the ability to print and review reports, you can ensure that your operation is running at its optimum prime.

There should be customer support available when needed

Loan software can be a valuable asset to lenders, but only if it comes with excellent customer support. Lenders who experience problems with their loan software should not have to wait long for assistance. Customer service should be responsive and able to solve any problem quickly. Otherwise, lenders may find themselves struggling to keep up with their business operations.

The software should be updated regularly

It’s important to use a loan servicing software like Nortridge that gets regularly updated. This will ensure that the system is keeping up with the latest changes in the industry and that your business can benefit from those innovations. Make sure to ask the software provider how often they update their products. Doing your research ahead of time will save you headaches down the road.

Make sure the software is compatible with your computer system

Not all loan servicing platforms are compatible with all computers. Before selecting a software, it is important to determine if the program will be compatible with your current computer system. Compatibility issues can cause frustration and delays in getting your loans processed, so it’s important to do your homework ahead of time. Schedule a demo with our Nortridge team today so we can answer this and any other questions you have.

Ask about the price of the software

Price is always a consideration when making a purchase, and that’s especially true when it comes to something as important as loan servicing software. You’ll be happy to see on our pricing page that the Nortridge Loan System is both affordable and powerful. Notice there that you will get all the features a lender could ever need in order to streamline their lending process and improve their bottom line.

Read reviews from other customers

Choosing the right loan software is an important decision for any lender. By reading reviews from users, you can get a good sense of what software will work best for your needs. And by taking the time to research you can find the software that makes the process of lending as streamlined and efficient as possible. To make things a little easier, we’ve gathered reviews from some of our clients and you can see them here: Nortridge Case Studies and Reviews.

Settle for nothing less than the power of Nortridge’s Loan System

Customized loan servicing software like Nortridge enables you to automate your sales pipeline. Our platform also integrates with other supportive software solutions that can ultimately create a masterful loan servicing powerhouse, giving you a streamlined process throughout the life of all the loans in your impressive portfolio.

Would you like your loan process to be more automated and efficient? If so, then let us know your questions! Or just go ahead and schedule a demo and we will show you what true cutting edge technology looks like!

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