J.L.Sherman&Associates,Inc.

The Leader in Loan Quotation and Loan Calculation Software

News - page 5

 

Announcing Our Partnership with the Plateau Group

Submitted 2015-09-29 09:54:00 -0700

WinLoan-32 is our loan calculation and quotation software for the Windows desktop, supporting consumer, commercial, and mortgage loans. The Plateau Group, Inc. (PGI), an insurance and financial services company based in Crossville, Tennessee, has over 30 years of experience working with financial institutions to provide insurance solutions and services to their customers. PGI offers a full range of insurance products, plus debt protection and reinsurance programs from Maine to the Pacific Islands.

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TILA RESPA – are you Ready? We are!

Submitted 2015-01-08 10:01:00 -0800

The SCEX is loan calculation software that can be embedded within your own
application, supporting consumer, commercial, and mortgage loan
calculations. In the more than 28 years that J. L. Sherman & Associates has been providing lending calculation solutions, keeping our partners in compliance with Truth in Lending has always been a given. In the past, the primary compliance focus was on the disclosure of the APR and other elements that make up the “Federal Box”. However, in recent years we have witnessed a dramatic increase in new federal regulations. First came the Home Ownership and Equity Protection Act (HOEPA), then the Higher Price Mortgage Loans rule became effective in 2009, then HOEPA was revised for 2013, and now the new TILA RESPA rules which go into effect this August of 2015.

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HOEPA Updates for 2015

Submitted 2015-01-01 11:12:00 -0800

The SCEX is loan calculation software that can be embedded within your own
application, supporting consumer, commercial, and mortgage loan
calculations. The CFPB is adjusting two dollar amounts that are used in the “points and fees” trigger for coverage under HOEPA. The two dollar amounts are (1) the loan amount threshold (changing from $20,000 to $20,391), and (2) the total points and fees amount (changing from $1,000 to $1,020). All of our core products have been updated to include these new amounts, ensuring that your organization is compliant with the new year’s values.

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APR Compliance Software for Irregular Cash Flows

Submitted 2014-04-24 08:35:00 -0700

The SCEX family of products features loan calculation and compliance software for the end user, as well embedded solutions for partners to use in their own end user applications. Just over a year ago, we published an article entitled APR Calculation Software for PayDay Lenders. This article discusses the allowed 1/8% APR disclosure tolerance, and how dangerously easy it is to violate this Federal restriction, when the APR is in the hundreds of one percent. Finally, the article introduces our APR compliance software as a complete solution to this critical, highly sensitive, and difficult calculation.

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HOEPA Changes for January, 2014

Submitted 2013-10-12 11:12:00 -0700

The SCEX is loan calculation software that can be embedded within your own
application, supporting consumer, commercial, and mortgage loan
calculations. The Home Ownership and Equity Protection Act (HOEPA) was enacted in 1994 as an amendment to the Truth in Lending Act (TILA) to address abusive practices in refinances and closed-end home equity loans with high interest rates or high fees. Mortgage loans which fall under HOEPA (hereafter called High Cost Mortgages, or HCMs) are subject to special disclosure requirements and restrictions. Since the very early days of the Sherman Calculation Engine with XML interface (SCEX) (circa 2002), J. L. Sherman and Associates has provided functionality to check if a given loan falls under the HOEPA regulation, and it is used by many of our partners today.

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