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.

The Truth in Lending Act (TILA), now in effect for decades, was designed to provide consumers with the costs associated with their credit obligations. One of the primary purposes of TILA is to provide meaningful disclosures to enable consumers to compare credit terms available in the marketplace more readily and avoid the uninformed use of credit.

Some loans are so complex that they don’t fit into a simple category. Accrual methods may change during the course of the loan; multiple payment streams can exist, or payments may have no regular periodicity. For these situations, and others, our commercial loan module was designed.