Although 2020 was a challenging year for most, we’ve decided to look for the silver lining. We took some time to reflect on our progress these past 12 months, and it turns out, our talented development team was busy and productive. Here’s a summary of some of the best features we rolled out in 2020.
- Supporting COVID-19 relief programs.
- Back-office automation.
- Payment processing improvements.
- Communication improvements.
Supporting COVID-19 relief programs, deferrals, and CARES Act.
One of the core reasons lenders love our loan management system is because of its flexibility and robustness. Very few events highlight Nortridge’s flexibility in loan servicing as our rapid response to deferral programs implemented in the wake of COVID-19. Core features include:
- Payment deferrals. Deferrals were already supported in NLS, so we implemented a quick training program that included a webinar you can watch here .
- Credit reporting improvements. We fast-tracked features that enabled easy compliance with the CARES Act. This included updating the METRO 2 files and reporting logic on deferred payments. Customers can learn more about these features here.
Watch the deferrals webinar:
Back-office automation.
This year we focused on two key integrations that help lenders automate and improve routine tasks. Earlier this year, we rolled out integrations with:
- BankruptcyWatch. This integration helps lenders significantly improve the process of managing bankruptcies. What used to be an error-prone and labor-intensive process can now be run efficiently. Lenders can automatically update bankruptcy statuses, prepare Proofs of Claim, and ensure the correct collection activities occur when cases are dismissed. We have two webinars on the topic you can watch below.
- Sonnet. Sonnet by Palinode makes it easier and more efficient to manage credit disputes. Learn more about it here.
Watch the BankruptcyWatch webinars below.
BankruptcyWatch Part 1
BankruptcyWatch Part 2
Payment processing improvements.
Not only are we able to natively process ACH, but have also integrated with the best payment processors in the lending space. This year we rolled out:
- New borrower portal. Our new borrower portal is not out of the box, it’s better. Our borrower portal allows for a high level of customization and hosting options, including self-hosting, private cloud, and classic SaaS. In the year where everything moved to the internet – we made it easier for lenders to accept payments online.
- Miscellaneous improvements. All improvements are minor, until you need them, and then they are critical. Improvements include one-time grace period for automated payments, the ability to re-open closed loans on ACH reversal, and adding card payment options like convenience fees and representment configurations.
Watch the borrower portal webinar:
Communication improvements.
We always aim to make it easier for lenders to communicate at scale. This year, we made improvements to our Solutions By Text integration to allow two-way texting. This was a much anticipated feature that allows collectors to reply to messages.
Watch the 2-way texting webinar:
What’s next?
This year we published hundreds of improvements and enhancements guided by our customers in auto finance, consumer, CDFI, nonprofit, and many other types of lending – and we have big plans for the year ahead. I won’t give anything away here. As is customary, our CEO, Greg Hindson, will share our 2021 roadmap at our Annual User Meeting, slated for March 9-10, 2021. Stay tuned.
