API Calculator
Calculate amortization schedules with extreme precision, all through LoanPro's modern API.
LoanPro's built-in calculator is extremely accurate and can match virtually any loan calculation. We frequently run our own tests against the software created and distributed by the Office of the Comptroller of the Currency (OCC) to make sure our APR calculations are accurate to at least four decimal places. Our calculator has also been verified by Cross Check Compliance, and the change-management process is audited as part of our SOC 1 certification.
When creating a loan, the calculator uses the configuration settings to compute value like, APR, amortization schedules, daily interest accrual, and days past due. Once a loan is created, it runs daily using stored loan data to keep all numbers up-to-date and accurate.
In addition to the LMS calculator, LoanPro provides an API calculator, designed as a stateless service that operates independently of the LMS database. The API calculator doesn’t retrieve or store loan data within a specific environment. Instead, all required loan details and configuration settings are provided with each API request. This setup allows lenders to deliver near-instant loan offers within their own application to prospective borrowers, without needing to create a new loan in the system. The faster response times also help reduce application abandonment.
For more information about the API calculator, reach out to your LoanPro contact or read our API documentation.
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