HOEPA Updates for 2016

The SCEX family provides APR Compliance and Calculation Software for LendersThe CFPB is adjusting two dollar amounts that are used in the "points and fees" trigger for coverage under HOEPA for calendar year 2016. The two dollar amounts are (1) the loan amount threshold (changing from $20,391 to $20,350), and (2) the total points and fees amount (changing from $1,020 to $1,017). All of our core products have been updated to include these new amounts, ensuring that your organization is compliant with the new year's values.

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Announcing Our Partnership with The Plateau Group

The Plateau Group, Inc. (PGI), an insurance and financial services company based in Crossville, Tennessee, has over 30 years of experience working with financial institutions to provide insurance solutions and services to their customers. PGI offers a full range of insurance products, plus debt protection and reinsurance programs from Maine to the Pacific Islands.

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TILA RESPA – Are You Ready? We Are!

HOEPA compliance calculation changes for 2014 are now supported in the SCEX, WinLoan-32, and eWinLoan.In the more than 28 years that Sherman & Associates has been providing lending calculation solutions, keeping our partners in compliance with Truth in Lending has always been a given. In the past, the primary compliance focus was on the disclosure of the APR and other elements that make up the “Federal Box”. However, in recent years we have witnessed a dramatic increase in new federal regulations. First came the Home Ownership and Equity Protection Act (HOEPA), then the Higher Price Mortgage Loans rule became effective in 2009, then HOEPA was revised for 2013, and now the new TILA RESPA rules which go into effect this August of 2015.

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HOEPA Updates for 2015

The SCEX family provides APR Compliance and Calculation Software for Payday LendersThe CFPB is adjusting two dollar amounts that are used in the "points and fees" trigger for coverage under HOEPA. The two dollar amounts are (1) the loan amount threshold (changing from $20,000 to $20,391), and (2) the total points and fees amount (changing from $1,000 to $1,020). All of our core products have been updated to include these new amounts, ensuring that your organization is compliant with the new year's values.

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APR Compliance Software for Irregular Cash Flows

The SCEX family provides APR Compliance Software for Payday LendersJust over a year ago, we published an article entitled APR Calculation Software for PayDay Lenders. This article discusses the allowed 1/8% APR disclosure tolerance, and how dangerously easy it is to violate this Federal restriction, when the APR is in the hundreds of one percent. Finally, the article introduces our APR compliance software as a complete solution to this critical, highly sensitive, and difficult calculation.

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