SCEX News - July, 2012
Two new enhancements have been added in our latest quarterly SCEX release.
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. With more lenders making very small loans now, service charges are more in vogue, and we have responded to the increased demand. The charge may be entered as a per payment charge or as a total amount, from which the equal amount per payment is calculated. The setup files allow the choice of rounding, and the option of an irregular final amount to so that the total paid matches the entered charge exactly.
Construction loans may now be converted into ARM loans for permanent financing. With this latest addition, the SCEX now allows construction loans to be converted into any type of mortgage loan structure. This was a partner-requested enhancement, in response to a request from one of their clients.
These changes exemplify our customer-driven approach. This philosophy has always enabled our SCEX and other loan-calculation products to remain the most comprehensive products of their type.
If you are looking for a better way to manage your loan and payment protection calculations, and disclosure requirements, in your own platform system or in software you provide to clients, please contact us. We are confident you will find that partnering with Sherman & Associates is that better way.