Jun 15, 2020   SOURCE: PR NewsWire

Nortridge and BankruptcyWatch Unveil Fully Integrated Bankruptcy Monitoring

FOOTHILL RANCH, Calif., June 15, 2020 /PRNewswire-PRWeb/ -- Nortridge Software LLC, a leading software provider for lenders and loan servicing companies nationwide, today announced that its Nortridge Loan System (NLS) is now fully integrated with BankruptcyWatch, a bankruptcy monitoring tool. The new feature can detect, respond to and track relevant bankruptcy filings directly within the Nortridge platform.

With the automatic integration and an agreement with BankruptcyWatch, Nortridge clients can automatically update bankruptcy statuses, prepare Proofs of Claim, and ensure the correct collections activities are taking place when cases are dismissed.

"Our clients tell us that bankruptcy is a major pain point for them," said Greg Hindson, Nortridge CEO. "After many hours of research and listening to client feedback, we're excited to launch the BankruptcyWatch integration because it addresses our clients' needs. A top concern for lenders is avoiding legal exposure by knowing precisely when to stop collections activities so they don't accidentally violate an automatic stay order. BankruptcyWatch ensures this is communicated promptly."

BankruptcyWatch provides a direct connection with the court system, PACER, therefore, Nortridge users get the most up-to-date information available, saving countless hours sifting through multiple court websites. This access, tied with BankruptcyWatch's tools, enables lenders to keep bankruptcy filings in sync with the NLS system and to automate a lot of the manual work in claims. Additional charges from BankruptcyWatch will apply.

Some of the significant benefits Nortridge clients will get out of adding the BankruptcyWatch service include: 

    --  Instant notifications when a debtor files a new bankruptcy case
    --  Automated account updates to include bankruptcy filing data and case
        information
    --  Automated Proofs of Claim creation and eFiling
    --  Loans are easily restructured when a plan is confirmed
    --  Loans can be clawed back (returned to the pre-bankruptcy balances and
        terms) if the case is dismissed

"This integration opens the door for Nortridge clients to create a new profit center in an area that has historically been viewed as cost-only," said Lance Wickham, president, BankruptcyWatch. "This is extremely important for lenders seeking to increase collections while simultaneously reducing risk and potentially convert a loss into something profitable."

To learn more about NLS and BankruptcyWatch, go to https://www.nortridge.com/integrations/bankruptcywatch/.

About Nortridge Software
Nortridge Software LLC provides lenders and loan servicers with the automation needed to more profitably originate, service, collect and report on loan portfolios. Since 1981, Nortridge has leveraged its experience in banking, lending, and software development to provide clients with quality software solutions and excellent support services. Today, the Nortridge Loan System is valued by loan servicing companies representing a wide range of industries and loan portfolio sizes. The company is headquartered in Foothill Ranch, Calif. For more information, visit: https://www.nortridge.com.

About BankruptcyWatch
Since 2007, BankruptcyWatch has singularly focused on improving all facets of the bankruptcy process by automating the collection of PACER data. BankruptcyWatch clients enjoy reduced expenses, turnaround time, and improved collectability from bankruptcy. Lenders are able to make critical decisions at every part of the underwriting and servicing process. BankruptcyWatch is revolutionizing the bankruptcy profitability paradigm. For more information visit: https://www.BankruptcyWatch.com

SOURCE Nortridge Software