Heat oven to 350°F. Line baking sheet with foil. Arrange chips on baking sheet; set aside.
In bowl of food processor fitted with metal blade, process American and cottage cheeses about 1 minute, until creamy. Scrape down sides of bowl occasionally. Add 1/3 cup salsa; pulse to combine.
Heat refried beans in microwave until warm. Evenly spoon beans over tortilla chips. Spread cheese mixture over beans. Bake 10 minutes, or until bubbly.
Sprinkle nachos with tomato and olives. Serve with remaining 1/3 cup salsa and sour cream.