Top Three Keys to Successful Implementation of New Loan Servicing Software
For lenders, deciding to switch to new loan servicing software is a big deal. There are multiple factors to consider, and being prepared for the transition is crucial to having a successful implementation. There are also many benefits of loan servicing software. After all, it is the core of any lending company. It’s what keeps […]
Omni-Channel Communication is Vital In a Pandemic
COVID forced companies to act quickly to mobilize remote operations, and HR, legal, and consumer regulatory compliance was disregarded by the government organizations that laid down the mandates. While delinquencies are holding up on surface level, forbearances and stimulus is masking the true health of consumer loans. Once the forbearance periods are up, and the […]
An Introduction to Two-Way SMS Communications
The 28th anniversary of text messaging is quickly approaching. It’s hard to believe how far we have come since the very first text message was sent way back in December 1992. Today, we send 7 billion text messages each day in the United States and 20 billion messages are sent worldwide (Forbes). Text messaging enables […]
Fun with Maths – Proving Douglas Adams
Aaron Abrams is director of implementations here at Nortridge. Not only is his knowledge of how NLS works immeasurable, he’s also a whiz at math. When he’s not helping Nortridge clients, he’s writing fun blog posts that marry his love of math with his love of Star Wars, quirky books, and various bits of unknown […]
What Does a Nortridge Consulting Services Engagement Look Like?
Part 1: The one-off engagement Have you ever wondered what to expect from a consulting engagement with our team? It’s a complex question, so it’s going to take two blogs. In this first post, I’ll discuss the “one-off” consulting engagement. Next time, I’ll describe the process for a major implementation with multiple moving parts. What […]
Digital Collections Strategy Amidst a Pandemic
It is an interesting time for both lenders and borrowers. The impacts from COVID-19 have been unexpected and far reaching, raising questions for many lenders as their customers seek convenient and applicable repayment alternatives. As delinquencies rise or threaten to rise – creating concern and potential portfolio volatility – many lending businesses are searching for […]
Calculating APR (Part 2)
In a previous blog, we talked about the difference between the APR and the stated interest rate, and the factors that cause the two to be potentially different from each other (fees and interest year calculations). In that blog, I stated that while the accrual and the periodic payment were calculated from the stated rate, […]
Explanation of Deviation from TILA Disclosure
The following is an excerpt from an email I received from a client: Hello Aaron, We calculated a loan in NLS using the following contract terms: NLS is calculating the right monthly payment. However, total loan interest (Finance Charge) does not match the contract’s $10,984.49. The difference is the $18.63 that was adjusted by NLS […]
Switching to Switch – Nortridge’s New Hosted Data Center is State of the Art
Nortridge Software is in the process of migrating to Switch, a state-of-the-art data center that’s considered the best in North America. The move is part of our effort to improve the efficiency and performance of the Nortridge Loan System (NLS). The better hosting environment provides us with increased opportunities for innovation, economies of scale, risk […]
The Unforeseen Economic Consequences of Thanos Finger Snap
This is what Einstein would have called “A Thought Experiment.” In figuring out relativity, Einstein would imagine a premise, usually involving trains moving close to the speed of light, and then he would explore the mathematical implications of this premise. He was able to unlock the secrets of the universe. We won’t be quite so […]
