LAKE FOREST, Calif., Aug. 30, 2016 /PRNewswire/ -- Nortridge Software LLC announced today that Regional Management Corp. (NYSE: RM) ("RMC"), a diversified specialty consumer finance company providing a broad array of loan products, opened eight branches in Virginia earlier this year successfully using the Nortridge Loan System (NLS). RMC is currently rolling out NLS to its other 330 branches in eight additional states and has already completed the transition successfully in New Mexico.
Switching to NLS provides RMC with a system that improves operational efficiency, allows for faster turnaround times to adapt to shifting requirements, and provides a technology platform for building out enhanced integrations. In addition, RMC's implementation team has worked with Nortridge Consulting Services to incorporate in NLS a risk analysis and decision matrix for automated underwriting. As a result, RMC branch personnel can quickly review multiple loan options in person or over the phone with the consumer, which allows for informed borrower decisions while ensuring RMC compliance.
"We have been excited to partner with Nortridge and our close working relationship is allowing the implementation process to proceed smoothly," said Ralph Warchol, RMC vice president and chief information officer. "Our successful engagement with Nortridge Consulting Services has been vital to the development of an automated underwriting capability. Without the need for customization, we are now able to very efficiently use NLS to collect loan application information, process credit decisions, and generate loan document packages. We believe the new system's easy functionality will significantly enhance our marketing and credit functions and position RMC well to grow the company in the long term."
Bret Davis, managing partner of consulting services at Nortridge, has been an integral part of the implementation process. "The RMC implementation perfectly illustrates the flexibility of NLS for both loan originations and servicing," Davis said. "The pilot project in Virginia proved that the platform could meet RMC's varied business needs and provided a foundation for a phased roll out to all their branches. We're pleased to partner with such a professional, friendly company."
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SOURCE Nortridge Software LLC