12/1/2007 - Math Corp. unveils new reverse mortgage calculation component
Math Corporation
610 South Street
Green Lake, WI 54941
Contact: Michael Shohoney/920-294-0180
December 1, 2007
Math Corp. unveils new reverse mortgage calculation component
Green Lake, Wis. – Math Corp. recently released ZMathReverse, a new product that calculates reverse mortgages. A calculation engine, ZMathReverse is supplied as a component that is embedded into the user’s software system. It is invisible and operates with any loan calculation software application. ZMathReverse automatically calculates reverse mortgages, including the U.S. Department of Housing and Urban Development’s (HUD) Home Equity Conversion Mortgage (HECM) and Fannie Mae’s HomeKeeper Mortgage. Moreover, ZMathReverse can be customized to provide private-label reverse mortgage offerings.
ZMathReverse allows reverse mortgage originators, lawyers, financial planners and lenders to instantaneously calculate Total Annual Loan Costs (TALC) and TALC tables that comply with the Federal Truth in Lending Act (Regulation Z).
The new product came as a result of considerable client urging, years of development, and complete product testing, according to Michael Shohoney, president and director of development at Math Corp. “Reverse mortgages are on the rise. In 2006, more than 76,000 senior citizens secured a federally insured reverse mortgage, up from around 6,600 in 2000,” he said. “In today’s mortgage climate, the number of reverse mortgages will continue to grow.”
Integrating ZMathReverse is quick and simple, according to Shohoney. Each ZMathReverse calculation engine is customized to fit perfectly into the user’s software application. Users simply pass it data and ZMathReverse responds with correct reverse mortgage calculations.
To discover more about ZMathReverse, visit www.mathcorp.com or call 920-294-0180.
Established in 1982, Math Corp. delivers technologically advanced software products to seamlessly and accurately perform a myriad of complex loan, savings and deposit calculations. Math Corp. products are backed by unmatched personal service and support and are available in a variety of formats, including Web-, desktop- and component-based.
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