This product is specially designed for lenders in New York State for group credit insurance. For those lenders using single-premium credit insurance, this
product will replace the 623J product.
The 623N program computes full and truncated single-premium credit insurance premiums and
refunds in accordance with recently (2000) revised New York Regulation 27.
The life insurance can be limited by either a "level-excess" or pro-rate method. (The
method used is determined by the particular credit insurance plan.)
Interest is computed by the U.S. Escrow Rule, using the Actual-to-First Payment calendar system.
This program performs the same calculations as the PROM 523N LoanMaker PC Program.
This program has the following capabilities:
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Computes installment loans with full or truncated single-premium credit insurance. The payment can be computed from an entered loan amount, or
the available loan amount can be computed from an entered payment amount.
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Computes credit-insurance single-premium refunds for life and disability
insurance. The original loan term and date, as well as the payoff date are entered.
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Computes single-payment loans.
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Computes residual-value (balloon) loans where the final payment is known. (For
example, a balloon loan where the balloon is tied to the expected value of a vehicle at the end of the
loan.) Single-premium insurance (full-term only) can be computed for terms up to five
years.
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Computes dealer reserve and interest rate buy down amounts for indirect lending.
The dealer reserve can be computed by three different methods.
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Computes Truth-in-Savings interest rates and interest earned amounts.
For more information, read or download the current
623N User's Guide.
For optional printer, see Accessories.
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