PMI Now In WinLoan32 and eWinLoan

PMI (private mortgage insurance) calculations are now supported in the eWinLoan and WinLoan-32, our two end user loan calculation software products.Sherman and Associates is excited to announce the addition of private mortgage insurance (PMI) support to our best of breed desktop and internet based loan quotation tools, WinLoan32 and eWinLoan. Mortgage loans may now be covered with private mortgage insurance, with premiums paid monthy or as a single premium. Any number of monthly premiums may be paid up-front. PMI is dropped at a loan to value ratio (LTV) of 78%, with a warning given at 80%, assuring compliance with federal regulations. Furthermore, the 78% and 80% values are configurable, assuring future compliance with federal or organizational needs.

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SCEX Now Supported on 64-bit Platforms

The SCEX is now supported on the 64-bit Windows and Linux platforms.We are pleased to announce the general availability of the SCEX for the 64-bit Windows and Linux platforms. This means that our industry leading loan calculation engine is now supported natively on four platforms: 32/64 bit Windows and 32/64 bit Linux. Of course, should your application operate on a different platform, the power and flexibility of the SCEX can be made available to it via the SCEX Loan Server.

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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.

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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.

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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.

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