Nortridge Software Launches Integration of Sonnet by Palinode to Provide Lenders with Tool to Remain Compliant Amidst Credit Report Disputes

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Nortridge Software, a leading loan management software enabling lenders and servicers of all types to apply more automation to their origination and servicing, announced its partnership with Sonnet by Palinode, a top provider of credit dispute resolution technology. Sonnet simplifies managing credit report disputes for first and third-party financial services organizations.

This integration allows Nortridge clients to focus on revenue-producing initiatives and less time on consumer tradeline dispute administration

Nortridge Software, a leading loan management software enabling lenders and servicers of all types to apply more automation to their origination and servicing, announced its partnership with Sonnet by Palinode, a top provider of credit dispute resolution technology. Sonnet simplifies managing credit report disputes for first- and third-party financial services organizations.

“In this time of consumer uncertainty, we’re seeing higher volumes of credit fraud and payment deferrals where credit data furnishers struggle with accurate reporting that meets regulatory recommendations,” said Greg Hindson, CEO of Nortridge. “We also know that many lender staffs are still working remotely, making it more difficult to keep up with consumer disputes through the credit reporting agencies and e-Oscar.” Additionally, the Consumer Finance Protection Bureau (CFBP) has identified credit furnishers and complaint handling as a focus in 2021.

To mitigate these and other issues, Nortridge Software had partnered with Palinode to fully integrate their Sonnet Dispute Management software into the NLS servicing system so that data is shared and updated seamlessly. A large increase of consumer disputes due to credit repair companies, fraud activity, and deferral and forbearance activity emphasizes the need for a dispute management process that ensures timely responses and credit furnisher Metro 2 updates that satisfy the dispute resolution.

Sonnet integrates with eOscar, a service that is used by all three major credit bureaus to manage disputes to credit reports digitally. Sonnet removes the need to build a connection to eOscar and the maintenance costs incurred with maintaining a custom integration. It helps automate what has traditionally been a time-intensive manual process.

With this new integration, users can:

  • See eOscar and client core system/system of record information regarding credit disputes inside of NLS, all on one screen
  • Keep track of loans with active and resolved disputes
  • Keep a record of resolved dispute documentation in NLS such as images and receipts from eOscar

Other benefits of Sonnet include:

  • Low costs relative to other software offerings sold into the financial services market
  • Financial institution will no longer have to log into the eOSCAR clearinghouse to respond to a dispute inquiry
  • Easy-to-use graphical user interface (GUI)
  • Ability to measure user productivity
  • Retention of account history/steps taken during the investigation process for seven years
  • Reduced human errors that can lead to costly expenses

“Whether you’re a loan originator or debt servicer, investigating and responding to consumer credit disputes should not be an overly time-consuming process,” said Brodie Seider, Palinode executive vice president, business developmental. “The integration of our dispute automation software, Sonnet, with Nortridge puts automation and efficiency at the forefront of the credit dispute investigation process. This integration allows Nortridge clients to focus on revenue-producing initiatives and less time on consumer tradeline dispute administration.”

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: nortridge.com.

About Sonnet by Palinode

Palinode is a software provider for first-party and third-party financial services organizations. The Palinode team has a proven history of creating revolutionary systems to synthesize large amounts of data in ways that exponentially increase speed, accuracy, compliance, and ultimately: profitability. Sonnet, is an effective automated credit dispute resolution system. Sonnet empowers fast and accurate processing of vast numbers of disputes in a way that ensures compliance and clearly demonstrates “reasonable investigation” through comprehensive documentation and reporting that shows disputes are truly resolved.

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Holly Ferris

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