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.

The SCEX Loan Server goes one step beyond the SCEX, turning the SCEX into a multi-platform calculation engine, allowing applications hosted on platforms without the SCEX to harness the power of the SCEX. Some of our customers like to think of it as a loan calculation server. The SCEX Loan Server provides a TCP/IP communication wrapper around the SCEX. So long as the platform on which your application resides can communicate via TCP/IP, you can use the Sherman Calculation Engine in your product.

As of the October, 2010 release, Sherman and Associates is pleased to announce that the SCEX Loan Server is now available for the 32-bit and 64-bit Linux platforms. The server is implemented as a preforked, multi-process model that can take advantage of systems with multiple CPUs or cores, which are frequently encountered within today’s servers. As an added bonus, the SCEX Loan Server is written in Python, so your developers can extend or modify the application as you see fit.

If you are interested in the SCEX Loan Server Service, the SCEX for 32-bit and 64-bit platforms, or have any other questions, please feel free to contact us for further information.