NLS 5.21 has dozens of enhancements and small updates. Below, we highlight some of the more significant changes that we think users will really appreciate.
Two-Way Texting is Here!
We’re happy to announce this latest enhancement with NLS 5.21. Lenders can now have conversations via text, or SMS, with their borrowers.
Our previous integration with Solutions By Text allowed lenders to send text messages based on triggers, such as days late, payment posted, or statement sent. Two-way text improves this by allowing lenders to respond within the Nortridge Loan System when borrowers reply to template-based messages.
Within the collections module, lenders can see and reply to text messages, such as when a borrower replies to a late notice, or a program offering deferrals if they meet eligibility.
Two-way texting adds to a collection of tools that improves communication with borrowers, raises collection rates, and provides a better customer experience.
Contact Management
We’ve improved the way NLS tracks borrower employment history. The features below are part of those improvements. Most notably, we have created defined areas with dedicated fields to track employment history. The new employment tab streamlines and improves the old way of relying on general contact and address book records with User Defined Fields (UDFs) to track employment information.
Improved the Process of Adding a Contact Relationship
Modified the contact relationships set up to allow for pre-configuring the relationship of the relationship code. Adding a contact relationship has been improved by dynamically showing only the options required for the relationship code selection.
See the documentation here.
Employment Contact Tab
Employer type relationships are now managed in a separate Employment tab in the contact view. It includes a whole new set of dedicated fields to track employment information.
See the documentation here.
Payment Processing
NLS 5.21 brings a set of improvements to the way the Nortridge Loan System processes payments. These improvements enhance configuration options.
SAC (Same As Cash) Based Payment Distribution for Commitment Loans
Added repayment option to loan template for commitment loans to distribute payment to the earliest expiring SAC to be paid first.
Lenders that provide commitment loans can now offer the option to have payments applied to the closest expiring SAC loan.
See the documentation here.
Payment Reversal into Global Suspense
Added an option to the transaction entry dialog to apply payment reversals to the global suspense for the associated loan group.
Sometimes, an employee may incorrectly assign payments from global suspense account. This option allows lenders to correct the said mistake by reversing the transaction and moving the payment back to global suspense.
See the documentation here.
Suspend ACH/AFT for Excessive Returns
Added a new option for specifying the number of consecutive ACH/AFT returns allowed before suspending the current ACH/AFT for a loan.
By setting the maximum set of ACH/AFT returns before suspending the payment option, lenders can reach out to borrowers, get an alternative payment method, and limit return fees.
See the documentation here.
Many other improvements
We have many other improvements to credit reporting, global search, and stability. See them all here.
