We are pleased to announce a new Loan Origination Software provider has joined the Sherman and Associates family of partners.
Open Solutions, a leading provider of enabling technologies for the financial services industry which includes a suite of loan origination applications, has partnered with Sherman and Associates for its payment and insurance calculation needs. Open Solutions will be using the Sherman Calculation Engine with XML interface (SCEX) for their clients’ loan quotations.
While lending calculations have certainly been our bread and butter, our mathematical experience extends into many different areas of your financial institution's needs. In the past, we provided deposit calculations for some of our customers on a custom basis. Now, in response to requests from some clients, we have added deposit calculations to the WinLoan family of software. WinLoan-32 and the Sherman Calculation Engine now offer IRA and CD calculations. Take a look at some of the specifications below. Of course a wide array of compounding frequencies and interest accrual methods are available in these calculations.
Actually, there's quite a bit that's new to report. We are continually enhancing the SCEX (Sherman Calculation Engine with XML Interface). Our partners, who employ the SCEX to provide the loan calculation portion of their software, are usually the first to experience the expanded capabilities. Their clients, through requests for specific calculations to precisely match their back-end systems, are the primary sources for these enhancements. A specific request may come from just one lender, but all users of our engine benefit, as new versions of the engine are sent to all partners.
As the provider of the most robust and complete loan quotation software available, we're once again lengthening our lead on the competition.
At the request of one of our strategic software partners, we've added construction loan capabilities to our Sherman Calculation Engine (SCEX), broadening the already wide scope of loan structures offered. Because the SCE is the calculation heart of our WinLoan-32 and eWinLoan, these new construction loan types also become available to everyone using eWinLoan and WinLoan-32. Of course, the loan calculations are in compliance with the special construction loan disclosure requirements set forth in Regulation Z.
We are very pleased to announce a new partnership with one of our long time customers, Individual Assurance Company (IAC). Our Sherman Calculation Engine with XML interface (SCEX) will now supply all of the loan, insurance, and debt protection calculations for IAC's new software. The IAC software will work beside lenders' systems to promote and process the sale of credit insurance (whether single premium or MOB) and debt protection products. From the initial quote, through the monthly collection, reconciliation, and reporting processes, the IAC software will help generate increased fee income for lenders. With our SCEX at the front end of the IAC software, IAC's clients are assured of accurate calculations and disclosures for all of their loan, insurance, and debt protection products.