i20a APRChecker^® and Dealer Reserve
WebService Product Features

• Fast, accurate & reliable loan validation calculations
  with dealer reserve
• Easy to use, works over the internet with any browser
  using any operating system (PC, Apple, Linux, ...)
• Virtually no maintenance costs
• Unlimited number of users, no 'per-copy' license hassle
• Dealer reserve (participation) and buydown calculations
• Qualifies as a Reg Z calculation tool
• XML output available for system integration
• Detailed specifications

Fast, accurate & reliable calculations

The i20a WebService provides fast, accurate, and fully-featured validation calculations to any user with a browser and internet connection. This includes not only PC's runing Windows, but also Apple or Linux systems, as well as many handheld devices which have a web connection.

The i20a WebService uses formulas and algorithms that have been in use for over 30 years -- you can count on the same reliable and correct calculations that you have received from other PROM Software products over the years. Moving these calculations to a web-based platform is the next logical step in providing our services to the financial and insurance industries.

PROM's i20a WebService is hosted at redundant sites in data centers with backup facilities.

Easy to use, works with any browser

One of the biggest advantages of PROM's i23a WebService is that it works on any internet browser. It doesn't matter whether it's on a Windows PC, Apple, Linux, PDA, or a front-end or back-end system. There's no special training required for end-users.

Virtually no maintenance costs

Two other major advantages of the PROM i20a WebService is that it virtually eliminates any maintenance costs for you. Because no software is installed on client PC's, there's no need to maintain the software throughout your organization.

Even if PC software is "free" there is a significant maintenance effort and associated cost in maintaining the software and required hardware.

Upon an update to the "free" PC program, all PC's have to be tracked down and updated. If some are missed, they will continue to run the old version, likely producing incorrect results. It is quite often very hard to find all the installations that need to be updated.

If you're using the i20a WebService and a change in the calculations becomes necessary (due to a regulation change for example), the i20a WebService is updated on our webhosts at the appropriate time. From that point forward, ALL clients will be running the new version.

Unlimited number of users, no per-copy license hassle

Because our i23a WebService is delivered over the internet, you can give an unlimited number of users in your organzation access to the service. There is no 'per-seat' licensing and none of the associated complicating issues such as restrictive copy-protection schemes that often fail to work easily or properly.

As a WebService client, you're free to use the service on any PC or system you want, and you can change or update any system without having to uninstall, reinstall, obtain a new license, and so forth. Your employess can use the service from home or in your customers' offices. If you're an indirect lender, you can allow your dealers to access the system to get accurate calculations.

(Access to the i20a WebService is protected by a User Name and password to prevent unauthorized use. You can change the password from time-to-time if you want, and you can have different User Names and passwords for different WebServices -- for example for use in different states where the credit insurance plan varies.)

Dealer reserve (participation) and buydown calculations

If you specify a 'buy rate' (the lender retention rate), the i20a WebService will calculate the dealer reserve. If the buy rate is greater than the loan interest rate, the dealer buydown payment will be calculated (the amount the dealer has to remit to the lender in order for the lender to maintain their desired return).

Qualifies as a Reg Z calculation tool

There are benefits to an institution under Regulation Z when they use a calculation tool both from the perspective of disclosure violations and of meeting the requirement to use an alternate tool to verify calculations.

Footnote 45d to Section §226.22(a) of Regulation Z states:

"An error in disclosure of the annual percentage rate or finance charge shall not, in itself, be considered a violation of this regulation if: (1) The error resulted from a corresponding error in a calculation tool used in good faith by the creditor; and (2) upon discovery of the error, the creditor promptly discontinues use of that calculation tool for disclosure purposes and notifies the Board in writing of the error in the calculation tool."

And Section 1305.14 of the Examination Handbook (January 2004) of the Office of Thrift Supervision states:

"When a financial institution claims a calculation tool was used in good faith, the financial institution assumes a reasonable degree of responsibility for ensuring that the tool in question provides the accuracy required by the regulation. For example, the financial institution might verify the results obtained using the tool by comparing those results to the figures obtained by using another calculation tool."

XML output available for system integration

PROM's i20a WebService can generate XML output which makes it very easy to incorporate its calculation ability into other computer systems. The i20a WebService Engine can be called directly (without having to go through a HTML form) using GET and POST protocols. This option enables a back-end system, website, or document generation system to use the highly accurate calculations of the i20a WebService product. Operation is transparent and seamless to the end-user.

Specifications

Validates installment loans with varying first periods, prepaid finance charges and can calculate the dealer reserve for indirect loans.