Sherman and Associates, Inc. is the acknowledged leader in loan quotation software, including all credit insurance and debt protection methods in use across the country. We offer PC software, DLL's, calculation engines, Internet solutions, and consulting for consumer loans, commercial loans, mortgage loans, and student loans. Sherman software systems are invaluable in quoting and disclosing even the most complex loan structures, with or without credit insurance/debt protection, quickly, easily, and accurately.
Our lending software covers virtually all of the loan types and payment structures encountered in consumer and commercial lending calculations. These include equal payment and balloon loans, single payment loans, constant principal reduction loans, interest only loans, skipped and irregular payment loans, ARM loans, student loans, and loans containing mixtures of different payment structures. All include complete Truth in Lending disclosures with APR values computed by either the Actuarial or U.S. Rule methods, in strict accordance with Regulation Z. All unit period and actual-day calendar interest accrual methods are available. Amortization schedules for every loan type are also included.
Our software designs and mathematical methods are employed throughout the lending community, from the smallest community banks and credit unions, to the largest financial institutions in the country. Our desktop and internet solutions, WinLoan-32 and eWinLoan respectively, are considered the finest sales tools to help lenders increase their credit insurance and debt cancellation/deferment penetration. Many of the largest Loan Origination Software providers utilize our calculation engine (the SCEX) for the quotations and disclosures provided by their origination systems.
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Within the past few years, the lending market has seen explosive growth in the number of payday lenders. Their short term small loans often result in APR values in the hundreds of percent. Calculating an APR value in compliance with Regulation Z for this type of loan is far more difficult than for more typical installment loans.
Over the past couple of years, we have received numerous inquiries from payday lenders requesting assistance with the APR calculations that their loan origination systems have produced. Our team at Sherman and Associates has been able to provide that assistance through consultation and licensing of our lending software products.
As many of you are aware, there has been a lot of recent pressure against payment protection (credit insurance/debt cancellation) on closed-end loans. Regulation Z has recently been amended to implement amendments to the Truth in Lending Act made by the Dodd-Frank Act. Section 1026.36(i) prohibits the financing of single premium credit insurance on a real estate secured loan.
We are pleased to announce Healthcare Finance Direct (HFD) has chosen Sherman & Associates as their exclusive partner for APR calculations within their proprietary administration system. HFD will be using the Sherman Calculation Engine with XML Interface (SCEX) to drive the calculations within their system.
Two new enhancements have been added in our latest quarterly SCEX release.
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Service charges are now available for single payment, equal payment, and balloon payment loans. A service charge is typically a finance charge added to the loan in addition to interest and spread equally over the payments...