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.
Please take your time and browse through our web site. If you have any questions or comments about the web site or any of our products, please contact us.
We are pleased to announce the general availability of the SCEX for the 64-bit Windows and Linux platforms. This means that our industry leading loan calculation engine is now supported natively on four platforms: 32/64 bit Windows and 32/64 bit Linux. Of course, should your application operate on a different platform, the power and flexibility of the SCEX can be made available to it via the SCEX Loan Server.
Each quarterly release of the SCEX usually contains client specfic enhancements, which we define as enhancements made at the request of an individual partner or partner's client, which may not be of much interest to most of our partners. However, every so often we introduce general enhancements, which we believe will have a more sweeping impact for all of our partners. With our July, 2010, release, we are pleased to announce just such an enhancement with the addition of PMI insurance to the SCEX.
Central States Health and Life Co. of Omaha (CSO) is an old friend of Sherman & Associates, having purchased our loan calculation programs for their accounts back in the 1980’s. So we are especially pleased that CSO has chosen Sherman and Associates as their exclusive partner for the loan and insurance calculations within their new debt protection administration system. CSO's system will be using the Sherman Calculation Engine with XML Interface (SCEX) to drive the calculations.
In the previous update under “recent news” on the website, we mentioned the addition of the HPML analysis to SCEX, among other enhancements. There has been so much interest in the HPML analysis that we thought it deserved special mention.
Defining Higher Priced Mortgage Loans
Higher Priced Mortgage Loans are defined as consumer-purpose, closed-end loans secured by a consumer’s principal dwelling that have an annual percentage rate (APR) equal to or greater than the Average Prime Offer Rate (APOR) by 1.5 percentage points for first-lien loans, or 3.5 percentage points for subordinate-lien loans for a comparable transaction.
The APOR is published weekly by the federal government, and the two files (one for fixed rates and one for adjustable rates) are available for download at the this web site. These files need to be updated weekly, or else the SCEX will not be able to determine if a loan is a HPML for loans whose lock in dates fall outside the range of dates provided in the APOR files.
We have received a request to provide the service of downloading the weekly files and sending them to individual partners for inclusion in their systems, and we are willing to provide that service to all who desire it.