HOEPA Changes for January, 2014

HOEPA compliance calculation changes for 2014 are now supported in the SCEX, WinLoan-32, and eWinLoan.The Home Ownership and Equity Protection Act (HOEPA) was enacted in 1994 as an amendment to the Truth in Lending Act (TILA) to address abusive practices in refinances and closed-end home equity loans with high interest rates or high fees. Mortgage loans which fall under HOEPA (hereafter called High Cost Mortgages, or HCMs) are subject to special disclosure requirements and restrictions. Since the very early days of the Sherman Calculation Engine with XML interface (SCEX) (circa 2002), Sherman and Associates has provided functionality to check if a given loan falls under the HOEPA regulation, and it is used by many of our partners today.

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New Partnership with Cash Time Loan Centers

Cash Time Loan Centers has selected Sherman & Associates as their exclusive partner for loan calculations within their loan origination system.We are pleased to announce that Cash Time Loan Centers has chosen Sherman & Associates as their exclusive partner for loan calculations within their loan origination system. Cash Time is using the Sherman Calculation Engine with XML Interface (SCEX) to drive the calculations within their new system.

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Key Sales Tool Features of WinLoan-32 and eWinLoan

eWinLoan and WinLoan-32 increase both borrower satisfaction and fee income from credit insurance / payment protection sales.If your organization is interested in increasing both borrower satisfaction and fee income from payment protection sales, then eWinLoan and WinLoan-32 (Sherman & Associates' two end-user loan quotation products) were developed with you in mind.

There are two main features contained in the WinLoan family of loan quotation software that form a powerful combination to help you in working with your customers. We have detailed the features in an article for eWinLoan, and a separate article for WinLoan-32.

If you are interested in these features and are a current or prospective eWinLoan or WinLoan-32 partner, please contact us so that we can put the power and flexibility of these tools in your hands.

APR Calculation Software for Payday Lenders

The SCEX, WinLoan-32, and eWinLoan support loan and APR compliance calculations for payday lenders.Within the past few years, the lending market has seen explosive growth in the number of payday lenders. Their short term small loans often result in APR values in the hundreds of percent. Calculating an APR value in compliance with Regulation Z for this type of loan is far more difficult than for more typical installment loans.

Over the past couple of years, we have received numerous inquiries from payday lenders requesting assistance with the APR calculations that their loan origination systems have produced. Our team at Sherman and Associates has been able to provide that assistance through consultation and licensing of our lending software products.

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Ready for Mandatory Payment Protection?

The SCEX (Sherman Calculation Engine with XML Interface) allows an application to indicate that payment protection products included a given loan should be considered as part of the finance charge.As many of you are aware, there has been a lot of recent pressure against payment protection (credit insurance/debt cancellation) on closed-end loans. Regulation Z has recently been amended to implement amendments to the Truth in Lending Act made by the Dodd-Frank Act. Section 1026.36(i) prohibits the financing of single premium credit insurance on a real estate secured loan.

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