CDFI Connect Community Discussions

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Updated: 52 min 53 sec ago

TA and loans for entrepreneurs with disabilities

Fri, 2019-03-01 12:51
From : Communities>>Open Forum
Do OFN members have any experience serving the needs of entrepreneurs with disabilities? Do you do any kind of internal training or referrals around disability issues? Are you aware of other organizations that provide technical assistance and/or loans to entrepreneurs with disabilities? I appreciate any info or contacts about groups that help entrepreneurs with disabilities access technical assistance and loans. I ask because I serve on a financial inclusion committee convened by the Chicago Mayor's [More]

RE: Credit Reports, pulling, reporting, and pricing

Fri, 2019-03-01 12:03
From : Communities>>Open Forum
Hi Heather I will be interested to learn where you land on this.  I have not found a simple way to do this.  We utilize our membership at CBA in order to gain access to SARMA due to territory issues.  SARMA couldn't help us unless we are members because they are in TX I believe.  I like SARMA because they are inexpensive, responsive, and they provide both reports:  The credit report, and the secondary report that searches for judgements/bankruptcies.  That secondary report is important because we [More]

RE: Credit Reports, pulling, reporting, and pricing

Fri, 2019-03-01 11:27
From : Communities>>Open Forum
We have been using CBA  for credit reporting for years and have found their services and systems to be outstanding.    for pulling credit reports we use 2 different providers CBC and CoreLogic Credco.  We use CBC For all of our hard pulls for our credit decisions on our loans.   we use CoreLogic Credco for our soft pulls under a national pricing agreement with NeighborWorks. However, the pricing between the 2 companies is pretty similar with only a few dollars difference.  Our staff prefers the reports [More]

RE: Credit Reports, pulling, reporting, and pricing

Fri, 2019-03-01 10:32
From : Communities>>Open Forum
We are a micro lender in Philadelphia. We use CBA for credit reporting. They provide a lot of customer support with credit reporting and credit disputes, and they provide training in credit reporting and helpful frameworks for understanding the value/importance of credit.  For checking credit, we use Universal Credit Services. They charge approximately $23 per report (includes all three bureaus). When analyzing credit reports, I have noticed that most standard debt based accounts (mortgages, student [More]

RE: Credit Reports, pulling, reporting, and pricing

Fri, 2019-03-01 09:39
From : Communities>>Open Forum
Speaking from our own experience CBA has been a good service for us. Right now we only use them for reporting out, while there have been occasional issues with that process, they usually originate in our servicing software and not in anything the CBA is doing. They have been helpful in navigating the issues that do come up.   In my opinion whether to report credit or not is firstly an organization philosophy decision. We have observed that reporting personally guaranteed loans to credit bureaus can [More]

Celebrating Women's History Month and Contributions to the CDFI Movement

Fri, 2019-03-01 09:38
From : Communities>>Open Forum
Happy Women's History Month! While we celebrate the contributions of all members of the CDFI industry throughout the year, I thought it would be great if we could take time to acknowledge and amplify the many and diverse contributions of women in the CDFI industry. It could be a story about a mentor, folks you work with, someone who inspired or supported you- and of course, yourself! To start, I'd like to honor the sisters of the orders religious - Sister Corinne Florek and Adrian Dominican Sisters [More]

Credit Reports, pulling, reporting, and pricing

Thu, 2019-02-28 11:19
From : Communities>>Open Forum
Hi Network, We have been looking at two options for running credit reports. One just to pull reports, one to pull and report back. Does anyone have other suggestions or thoughts on these systems? We want to start reporting, but CBA seems pricy to me. But this is all new to me. Also, is it worth it to have all three credit reports? Or is that over the top? Thanks in advance for your responses. CBA Able to also reporting on clients Can add all 3 reporting bureaus Annual membership: $315 Annual Access [More]

RE: Signature authority examples?

Wed, 2019-02-27 15:55
From : Communities>>Open Forum
I would also like to see an example, as we are working on our policies and procedures. thanks Monica Blanton Brightbridge Chattanooga, TN ​ ------------------------------ monica blanton financial reporting and compliance BrightBridge, Inc Chattanooga TN ------------------------------

Blog post: Facing Segregation: Housing Policy Solutions for a Stronger Society

Tue, 2019-02-26 17:03
From : Communities>>Open Forum
Dear Colleagues: NCRC has a chapter in this new book: Facing Segregation: Housing Policy Solutions for a Stronger Society Here is a blog post about the book: https://ncrc.org/facing-down-segregation-half-heartedly-or-with-steely-determination/ Come to NCRC's conference to talk about policies to combat segregation and promote fair lending: https://ncrc.org/conference/ With respect for all you do, Josh Silver Senior Advisor NCRC Josh Silver Senior Advisor Preferred Pronouns: He/Him/His [More]

Development Committees

Tue, 2019-02-26 08:45
From : Communities>>Open Forum
Good morning. I am collecting information about how CDFIs use Development Committees (committees charged with raising loan capital and/or contributed income). We are trying to reinvigorate ours. Since raising funds is a staff function, what does your committee do? What types of people populate it? How often does it meet? If you have a committee charter, I would love to see it. Thank you! Micha ------------------------------ Micha Josephy Interim Co-Director Cooperative Fund of New England MA micha@coopfund.coop [More]

Tip Tuesday: Create an Event

Tue, 2019-02-26 07:10
From : Communities>>Open Forum
Do you have an upcoming event that you would like to post in the OPEN FORUM community?  Need to set up your event 1. Navigate to the OPEN FORUM 2. Click to EVENTS tab 3. Select the ADD EVENT button 4. Enter your EVENT DETAILS (including contact information 5. Click Save when you ready to publish your event If you have any questions or need additional clarification, do not hesitate to reply to this thread or reach out directly. ------------------------------ Seth Julyan Executive Vice President, Membership [More]

RE: Forgiveable Second Mortgages

Fri, 2019-02-22 10:51
From : Communities>>Open Forum
Hi Anthony we include these forgivable loans on our Balance Sheet. I am not setting up any LLR for them. These loans will be closely monitored, especially on each of the anniversary dates until the 5 years are fulfilled, so we can then release that share of the lien. Good luck to you! Cindy W Pullyard Senior Accountant/Operations cpullyard@fourdirectionsmaine.org O: 207.866.2018 F: 207.866.6553 20 Godfrey Drive, Orono, ME 04473 www.fourdirectionsmaine.org Improving the social and economic [More]

RE: Forgiveable Second Mortgages

Fri, 2019-02-22 10:18
From : Communities>>Open Forum
Anthony, We have done downpayment assistance loans for the past 10 years.  They are forgivable over 5 years.  Our auditors have always had us expense the payment day one.  The reasoning was that loans are more likely than not to be 100% forgiven.  If there is a homebuyer who does sell before the 5 years, any amount recovered comes in as income.  As the DPA loans are written off day one, there is no loan loss reserve. Just our experience with that specific program, but I hope it helps. ------------------------------ [More]

RE: Forgiveable Second Mortgages

Fri, 2019-02-22 09:12
From : Communities>>Open Forum
Anthony, We used to have a lot of forgivable second mortgages in the form of down payment assistance.  They were recorded as Contingent Loans Receivables with no loan loss reserve but amortized off the books over the forgiveness period.  We no longer offer this loan product.  Other entities fully reserve at the time the loan is made and if we ever offered this loan product again, that is how we would record.  Hope this helps. ------------------------------ Chuck Wall Chief Financial Officer Renaissance [More]

Forgiveable Second Mortgages

Thu, 2019-02-21 13:39
From : Communities>>Open Forum
Hello All; Does anyone have any experience on how to show a Forgivable Second Mortgage on your balance sheet. We issue Forgiveable Seconds in the form of down payment assistance. Another question would be are Forgivable Seconds included in your Loan Loss Reserve. Any assistance and or feedback would be greatly appreciated!! ------------------------------ Anthony Thomas Associate Director Solita's House Inc. ------------------------------

RE: Operating Liquidity

Wed, 2019-02-20 10:51
From : Communities>>Open Forum
Hi Linda, We just published our audited financials for the period ending 9/30/18 and included the new note on operating liquidity. Feel free to check out our audited financials from our website: https://www.workingsolutions.org/financial-reports Thank you, Forrest Hicks Junior Financial Controller 415-655-5483 930 Montgomery Street, Suite 400 San Francisco, CA 94133

RE: Mortgage Loan Origination Software

Tue, 2019-02-19 15:43
From : Communities>>Open Forum
Hi Lora, Thank you so much for your reply, your information will be very helpful. Have a great afternoon. Linda Grossman NeighborWorks Montana Loan Servicing Specialist 17 5 th Street South Great Falls, MT 59401 406-761-5861 Phone 406-216-3517 Direct Line 406-403-0273 Fax Connect with NWMT on Facebook , Twitter , and AmazonSmile

RE: Mortgage Loan Origination Software

Tue, 2019-02-19 13:04
From : Communities>>Open Forum
Good afternoon!  We purchased the Desktop version of DownHome in 2000 and converted to the Cloud version of DH in 2017.  Unfortunately, I am the only employee in this dept. and have been employed here for 4 1/2 years (lending 40+ years),so I do not know who else they had looked at for other servicing software companies.  What I would say DownHome is that they are very similar to WCHR: we both do not have a large amount of employees, but our customers are still delivered a great customer experience.  [More]

Tip Tuesday: Digest Settings

Tue, 2019-02-19 09:38
From : Communities>>Open Forum
There are several digest options to stay up to date on all community activities and you have the ability to adjust these settings according to your preference! Follow these steps to explore your digest options: Navigate to your PROFILE   Click the MY ACCOUNT tab and select COMMUNITY NOTIFICATIONS Scroll down to NOTIFICATION SETTINGS Adjust the settings to your preference: Daily: Receive a daily email that summarizes the previous day's community activity. Real Time: Do you wish you were a [More]

RE: Operating Liquidity

Mon, 2019-02-18 10:09
From : Communities>>Open Forum
Hi Linda - My name is Ravi Yalamanchi. I can provide you some guidance. Call at your convenience. 248-396-4858. Thanks, Ravi Yalamanchi ------------------------------ Ravi Yalamanchi Chief Executive Officer Metro Community Development Flint MI (810) 767-4622 ------------------------------

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