New SCEX Enhancements
Our Sherman Calculation Engine with XML interface (SCEX), already the industry standard, continues to expand at our customers’ requests. The SCEX has become the calculation engine of choice for Loan Origination Software (LOS) providers across the country, as well as financial institutions seeking to develop their own platform systems.
Two of the most significant recent enhancements expand the usefulness of the SCEX beyond the direct lending areas:
- The availability of individual retirement annuity (IRA) calculations, and
- The addition of dealer reserve calculations to Auto Loans.
On the direct lending side, the following enhancements have been completed:
- Three new odd days prepaid types have been added, based upon the interest accrual method in force.
- Principal plus interest Loans (constant amount to principal payments mixed with interest only payments) now allow for the inclusion of skipped payments within that loan structure.
- We have added interest only payments to loans with interest rates that increment during the loan term such as adjustable rate mortgage Loans.
- Student loans consisting of full deferment periods followed by immediate repayment schedules are now supported.
In addition to the general enhancements cited above, there have also been numerous client-specific enhancements. Most of these modifications fall in the area of credit insurance/debt protection, as needed by individual clients.
Lending clients accessing our SCEX, whether directly in their own platform systems or through the origination systems provided by our LOS partners, range from small community banks and credit unions to some of the largest bank holding companies and student loan providers in the country. Our support of this diversity of lenders and their needs keeps the SCEX and our end-user software systems at the pinnacle of loan calculation systems.
The SCEX has made the job of loan calculation much easier and more profitable for many. Please contact us to discuss your needs.