Tustin, Calif.-based Nortridge Software LLC has announced the general availability of its Nortridge Loan System (NLS) escrow analysis module – a feature set that fully automates the tasks associated with maintaining escrow accounts on behalf of borrowers.
Integrated into all editions of the NLS loan servicing software package, the escrow module allows organizations to receive payments from their clients for property taxes, insurance and special assessments, and from which the organization can automatically disburse these sums as they become due to the appropriate vendors. It also allows servicers to specify unlimited types of escrow accounts as well as vendors.
"We're committed to ensuring our customers have access to all of the tools they need to more effectively administer their loans and portfolios," says Greg Hindson, vice president of systems development at Nortridge.
Features of the module include escrow disclosure statements, vouchers, timely disbursement, check printing and electronic transfer of funds, an accounting model, and an interface to First American Real Estate Tax Service. Each facet of the NLS escrow module was developed to meet the accounting and reporting requirements set forth by the Real Estate Settlement Procedures Act.