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Marlene Spidel

SmartCalcs is a suite of lending calculation software components designed for integration into a client’s loan origination and/or loan processing systems, providing enterprise wide computational compliance.

The Carleton SmartCalcs modules can be provided in a variety of different formats including Web Services, Windows DLLs, shared objects for Unix/Linux environments, COM wrapped DLLs, and with JNI interfaces for Java based environments.

Carleton has also leveraged the company Wintellect, who are leaders in Windows development, to perform a third party source code review to ensure its modules were thread safe since many of their clients are in multi-threaded environments. Carleton also uses software from Compuware called DevPartner Studio to ensure there are not memory leaks and for code analysis. Thousands of examples are recorded using Compuware’s TestPartner application for regression testing when code updates occur.

Cross Platfrom Campatibility

Carleton’s development staff is experienced in most of the popular hardware and operating systems. SmartCalcs modules have been installed and are available under the following system environments:

  • Windows
  • Red Hat Linux
  • Fedora Linux
  • AIX Unix
  • HP Unix
  • Solaris Unix
  • IBM Mainframe
  • AS400/OS400

If your enviroment is not listed, Carleton would be happy to work with you.

Accuracy and Compliance

Carleton has long been recognized in the industry for the accuracy of its calculations and compliance with federal and state lending regulations. Carleton’s software components have the flexibility to meet the computational requirements of the lending institution and the regulatory requirements of the federal and state governments, and SmartCalcs are backed by the exclusive $3 Million Calculation Compliance Warranty.

Ease of Integrating

Many of the leading lending institutions and major loan origination software companies use and depend on SmartCalcs for their loan computations on a nationwide basis. Carleton’s open architecture design of the software makes integrating to another system an easy task. Most new installations are completed in a four to six week time frame.

Ongoing Support

The major advantage for using SmartCalcs is knowing that the professional staff at Carleton stands ready to support compliance concerns and required software modifications on a very timely basis. When regulations change, Carleton’s support means having new software in place before the effective date.

SmartCalcs Modules

Loan Origination CALCS - provide accurate computations for all types of consumer loans, with or without credit insurance. Carleton has integrated the Loan Origination CALCS into its popular payment quoting products, SmartPC and SmartNet. Review the SmartPC profile to get an appreciation of the robust financial computation capabilities.

Compliance CALCS - provides loan compliance verification and validation giving lenders the assurance that direct and indirect lending loan portfolios meet all financial and credit insurance federal and state compliance requirements as well as established institutional guidelines.

Leasing Module
The leasing module will compute the capitalized cost, residual value, monthly lease payments and other items needed for Reg. M disclosures. The rent charge can be computed as either money factor or simple interest inputs.

Adjustable Rate Module
The adjustable rate module will compute payments with a variety of user defined interest rate change periods, payment change periods. Payments are computed using a defined margin, index, periodic rate cap, and lifetime rate cap.

Payment Processing Module
The payment-processing module will allocate an input payment between interest and principal by the actuarial method and determine the appropriate remaining account balance. The module supports a number of widely used time counting calendars and intermediate interest rounding methods.

Refund Module
The refund module will determine an appropriate refund of interest, credit life premium, credit A&H premium, credit property, and/or credit IUI premium. The module supports all common refund methods such as Sum of the Digits (R78’s), Actuarial, Rule of Anticipation, Mean Between and Pro-rata.

Late Charges Module
The late charge module will compute late charges according to the rules in the user defined data file. The structure supports the different statutory requirements for late charges such as “the greater of 5% of the unpaid installment or $15”.

NSF Charges Module
The NSF charge module will compute NSF charge according to the data and criteria in the user defined data file.

Extension/Deferral Charges Module
The deferral module will compute deferral charges by the data and methods outlined in the user defined data file. The structure supports the different statutory requirements for deferral charges.

APR Check Module
The APR check module will verify Truth-in-Lending APR values by both the actuarial and U.S. rule methods as outlined in Regulation Z. The user inputs the contract data and the module computes and displays the appropriate ARP values.

Amortization Module
The amortization module will produce an amortization schedule using input contract data. The module supports several time counting calendars and interest computation methods.

Yield Module
The yield module will compute an effective rate of return based on user-defined criteria in the data file.

HOEPA Module
The HOEPA module will validate whether a closed-end Real Estate transaction has exceeded either of the points and fees or APR thresholds as outlined in Section 32 of Regulation Z. The module is flexible due to it being data driven and can be set-up to validate both State and Federal Predatory Lending restrictions. Indicators are passed back if the trigger limits are exceeded.

Recasting/Loss Mitigation Module
The Recasting module will take the principal balance at a given point in time and compute a new payment/final payment based on several properties passed to the module. This can be used for loans subject to the Soldiers and Sailors Act where the loan payment is recalculated at a different interest rate. It can also be used for loss mitigation where after a loan is in default the payment is recomputed for a given term at an alternate interest rate and then the normal payment is resumed for the remaining term which will result in an odd final payment. This module can be customized to fit your needs.

Additional CALCS - Payment processing, Student Loan APR calculations, and other modules can be customized to meet your needs.

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