Two new enhancements have been added in our latest quarterly SCEX release.

1. 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.

We are pleased to announce that Cash 1 has chosen Sherman & Associates as their exclusive partner for loan calculations within their loan origination system. Cash 1 will be using the Sherman Calculation Engine with XML Interface (SCEX) to drive the calculations within their new system.

The Cash 1 team consists of over 200 specialized and highly trained employees based in Reno Nevada with 21 branches located in Arizona, Nevada, and Washington as well as a rapidly expanding online presence. Established in 1997, Cash 1 has provided hassle free loans to those underserved by traditional banks and other lenders. Their mission is to offer their customers a first-class experience that surpasses their competitors in every way. Cash 1 focuses on the financial needs of customers in the community by offering Title Loans, Smart Loans, Check Cashing, Money Orders, and of course, great customer service. They strive to provide positive alternative lending solutions in the communities they serve. To find out more about Cash 1 please visit them at their website.

“Here at Cash 1, we have found our new partnership with Sherman & Associates to be nothing short of terrific. From the initial conversations, the folks at Sherman & Associates ensured a smooth transition to implementation of their SCEX product. More than willing to assist with our unique needs, they came through with the necessary customizations to ensure we met our regulatory deadlines in rapid fashion, which not only assured a great time savings in our own development, but also a relief in the burden of compliance. We look forward to continuing our relationship with Sherman & Associates as we further grow our product lines.”

– Don Bills, VP Systems Development

We appreciate Don’s comments and are excited to work with companies serving the underbanked market. Sherman & Associates continues to display adaptability as our expertise in lending calculations is applied in new lending markets. Loan and payment protection calculations are our special niche in the lending market. It’s what we do. It’s all that we do, and we believe we do it better than any other company.

If you are looking for a better way to manage the loan and payment protection calculations you provide to your clients, please contact us. We are confident you will find partnering with Sherman & Associates, Inc. is the best way to go.

Each quarterly release of the SCEX increases its lead as the most functional loan calculation engine, as we continue to implement enhancements requested by our partners.

Recently, many of these enhancements have been made in the area of mortgage calculations. At the end of 2010, the MDIA (Mortgage Disclosure Improvement Act) changes were implemented to ensure that our partners were within compliance by the time the new regulation was mandated. With our most recent release, the following enhancements have been made in the areas of PMI and FHA MIP (Mortgage Insurance Premium) calculations:

As promised in our Recent News segment on November 16, 2010, we are happy to announce that the January release of the Sherman Calculation Engine with XML Interface (SCEX), WinLoan-32, and eWinLoan provides outputs enabling our partners to comply with the new Mortgage Disclosure Improvement Act (MDIA) requirements. The eWinLoan disclosure page below illustrates this new functionality. WinLoan-32 disclosures are similar.

Commercial Loans are now available in eWinLoan, after first being added to the SCEX and then WinLoan-32.

The Commercial module can handle literally any loan structure imaginable. Here are some possibilities: timewise irregular payments, multiple accrual methods, multiple payment streams (even interlocking), multiple advances, fees occurring beyond the loan date, interest capitalization during the loan term, changing interest rates during the loan term. If you can imagine it, the Commercial module can calculate it.