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:
- Red Hat Linux
- Fedora Linux
- AIX Unix
- HP Unix
- Solaris Unix
- IBM Mainframe
- DEC VAX
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.
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.
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
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.
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
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.
The amortization module will produce an amortization schedule using input contract data.
The module supports several time counting calendars and interest computation methods.
The yield module will compute an effective rate of return based on user-defined criteria
in the data file.
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
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.