scex

PMI Insurance Now in SCEX

PMI (private mortgage insurance) calculations are now supported in the SCEX, our embedded consumer and commercial loan calculation software engine.Each quarterly release of the SCEX usually contains client specfic enhancements, which we define as enhancements made at the request of an individual partner or partner's client, which may not be of much interest to most of our partners. However, every so often we introduce general enhancements, which we believe will have a more sweeping impact for all of our partners. With our July, 2010, release, we are pleased to announce just such an enhancement with the addition of PMI insurance to the SCEX.

... (Read on for more information)

Tags: 

New Partnership with CSO

CSO has chosen Sherman & Associates as their exclusive partner for loan and insurance calculations in their debt protection administration system.Central States Health and Life Co. of Omaha (CSO) is an old friend of Sherman & Associates, having purchased our loan calculation software for their accounts back in the 1980’s. So we are especially pleased that CSO has chosen Sherman and Associates as their exclusive partner for the loan and insurance calculations within their new debt protection administration system. CSO's system will be using the Sherman Calculation Engine with XML Interface (SCEX) to drive the calculations.

... (Read on for more information)

Tags: 

Higher Priced Mortage Loan (HPML) analysis now in SCEX

The SCEX (Sherman Calculation Engine with XML Interface) supports Higher Priced Mortgage Loan compliance calculations.In the previous update under “recent news” on the website, we mentioned the addition of the HPML analysis to SCEX, among other enhancements. There has been so much interest in the HPML analysis that we thought it deserved special mention.

Defining Higher Priced Mortgage Loans

Higher Priced Mortgage Loans are defined as consumer-purpose, closed-end loans secured by a consumer’s principal dwelling that have an annual percentage rate (APR) equal to or greater than the Average Prime Offer Rate (APOR) by 1.5 percentage points for first-lien loans, or 3.5 percentage points for subordinate-lien loans for a comparable transaction.

The APOR is published weekly by the federal government, and the two files (one for fixed rates and one for adjustable rates) are available for download at the this web site. These files need to be updated weekly, or else the SCEX will not be able to determine if a loan is a HPML for loans whose lock in dates fall outside the range of dates provided in the APOR files.

We have received a request to provide the service of downloading the weekly files and sending them to individual partners for inclusion in their systems, and we are willing to provide that service to all who desire it.

Tags: 

New SCEX and WinLoan-32 Updates

Sherman and Associates offers new releases of our software on a regular quarterly basis, targeting the early part of January, April, July, and October. Occasionally, a partner will request new functionality to be delivered as quickly as possible between quarterly releases. In these situations, we then bundle the requested new functionality with already completed development work into an interim release. Here are some of the latest additions delivered last month in interim release 2010-01-1.

... (Read on for more information)

Tags: 

New SCEX Commercial Loan Module

The SCEX (Sherman Calculation Engine with XML Interface) now supports commercial loan calculations with multiple advances, overlapping payment streams, and interest rate and accrual method changes.The SCEX is the calculation engine that not only is the preferred choice of the major Loan Origination Software (LOS) companies in the consumer / commercial lending space, but is also the foundation of our desktop and internet loan calculation products, WinLoan-32 and eWinLoan. Enhancements start with the SCEX and then flow into WinLoan-32 and eWinLoan as we adapt their user interfaces to accept the changes. Most enhancements are subtle and unnoticed by all but a few, but every so often, we make an enhancement that moves the SCEX significantly forward. Our new Commercial Loan module is such an enhancement.

... (Read on for more information)

Tags: 

Pages