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Don’t Get Hung Up on Finance Charge
March 13, 2013 Most loan docs for consumer installment type loans have a field called ‘Finance Charge’ which is supposed to represent the amount of interest that you would pay if you made each and every payment on this loan on its due date; never early and never late. If you compare this to the […]
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Payments Reductions and Write-offs
When is a payment not a payment? When is a transaction that is not called a payment, actually a payment? These are questions that come up due to confusion that some loan servicing system users have with the naming conventions used in some of the standard transaction codes. Blackboard_Loan_Servicing_Definitions.jpgLet’s start with some definitions (in context […]
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Matching Conversion Loan Balances
Back when I spent most of my time doing trainings and implementations for new customers, I had an interesting conundrum come up: A lender using an old servicing system was in the process of converting loans into their shiny new Nortridge Loan System. One of the requirements was to match the amortization schedules from the […]
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Software Powers Two of Inc. Magazine’s Top Job Creators
A pair of Nortridge customers are prominently listed in Inc.’s “Hire Power Awards” featured in the magazine’s January 2013 edition. Pacific Dental Care, ranked fourth while Heartland Dental Care was listed sixth in the magazine’s inaugural list of businesses that are adding jobs and rebuilding the economy. The Inc. Hire Power Award “celebrates…the entrepreneurs who […]
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Calculating the Rule of 78s: Add-Ons and Simple
In Part 1 of our series on how to calculate APR, we discussed the mathematical procedure for deriving the APR from a payment flow. In that example, we had 24 even monthly payments of $230 for a total repayment of $5,520 on a loan of $5,000. The procedure told us what APR would result in […]
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5 Things Distressed Debt Servicers Should Expect From Their Loan Servicing System
The good news: You just won that large pool of distressed debt loans. The bad news: You’re not in a position to maximize the potential value and profitability of this newly-acquired portfolio because you (or your bad debt loan servicing partner) may not be adequately staffed nor possess the internal controls, audits and system capabilities. […]
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The 411 on Incomplete Conversion Loan Balances
August 29, 2012 Striking a balance between “critical” and “optional” data You just purchased a bundle of loans. You need to enter all of these loans into the Nortridge Loan System. Now the fun begins. This blog is about doing conversion loans, because unless you purchased newly-originated loans, you are NOT going to want to […]
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Don’t Play Games With Security
The year is 1983. David Lightman, a high school junior, is failing biology. Besides being somewhat of a computer prodigy, David is also a class clown, a characteristic that one day lands him in the principal’s office. David knows that the grades are already on the school computer and that the principal and his secretary […]
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