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Updated: 39 min 20 sec ago

RE: Disclosing Borrower-Specific Loss Reserves to Investors

Mon, 2019-02-18 09:49
From : Communities>>Open Forum
Hi Micha, There is a way to quantify loss reserve for each existing loan using some statistical process. I am sure that in the future, this kind of request will become a requirement by market investors. If you're interested, please feel free to contact me at criticalanalyticsllc@gmail.com . Sung Ju Park Critical Analytics LLC 207.838.0410 -- Critical Analytics LLC 207.838.0410

RE: Mortgage Loan Origination Software

Fri, 2019-02-15 17:26
From : Communities>>Open Forum
Hi Lora, I service down payment closing cost 2nd mortgages for NeighborWorks Montana.  We are currently researching an upgrade, our current software is 18 years old.  How long have you had DownHome?  What do you really, really like about it?  What other servicing software did you look at? Thank you. Linda Grossman NeighborWorks Montana ------------------------------ Linda Grossman Montana Homeownership Network dba Neighborworks Montana Great Falls MT ------------------------------

RE: CDFI Fund FA Awards: Revenue Recognition

Fri, 2019-02-15 10:32
From : Communities>>Open Forum
In the past I have recorded a deferred revenue item when the grant is signed and then record revenue (and the related receivable) when it was earned.  Earned is defined as "the completion of the activity designated in the grant".  Therefore, it is possible to recognize revenue over an extended period of time.  Auditors were OK with this approach. ------------------------------ Greg Lambert CFO Community Development Fund of Utah Salt Lake City UT 8018848260 ------------------------------

Operating Liquidity

Fri, 2019-02-15 10:17
From : Communities>>Open Forum
We are a self sufficient CDFI. Our auditor wants us to add a note to our audit discussing operating liquidity. Does anyone have suggestions or examples they can share. It appears they want something that presents information that conveys the nonprofit's views on how it manages its financial assets available for general expenditure. The examples we have to date stem from health care, which really don't translate to a CDFI situation. Thanks. ​ ------------------------------ Linda Salmonson Economic [More]

RE: CDFI Fund FA Awards: Revenue Recognition

Fri, 2019-02-15 10:11
From : Communities>>Open Forum
Ideally the award announcement and the execution of the grant agreement would occur in the same fiscal year.  There could be an argument that the grant should be recognized at the execution of the grant agreement as at the time of the award notification the award is still conditional upon completion of legal review in regards to eligibility and/or other compliance requirements? ------------------------------ Daniel Holmquist Vice President - Finance Metropolitan Economic Development Association Minneapolis, [More]

RE: CDFI Fund FA Awards: Revenue Recognition

Fri, 2019-02-15 09:37
From : Communities>>Open Forum
In my 30 year experience in the CDFI industry, I have found that the accounting treatment varies from one organization to the next.   Some CDFI's do treat their FA Awards as a restricted asset, while others treat them as unrestricted.  This has to do with the receiving entity's interpretation of  the Award's verbiage and how that interpretation is handled under GAAP.    Often FA Awards will contain language that the funds are to be used for the awardee's general business plan, or language to that [More]

Disclosing Borrower-Specific Loss Reserves to Investors

Fri, 2019-02-15 09:15
From : Communities>>Open Forum
Hi folks. We have been asked by a partner wealth management company to disclose changes in loan loss reserves on a project basis- as in, showing all of our borrowers (or maybe only those on a Watch list) and the changes to each of their loss reserves on a quarterly or annual basis. Does anyone do this? Has anyone been asked to do this and refused? I have some hesitation with doing this, so would love to know how common this is. Thank you! ------------------------------ Micha Josephy Interim Co-Director [More]

RE: CDFI Fund FA Awards: Revenue Recognition

Thu, 2019-02-14 14:21
From : Communities>>Open Forum
Jason, Using this logic, what would happen if you were notified of an award at the end of a fiscal year and decided in the next year not take the award. You would record a substantial loss for an agreement that was never executed and funds that were never received? Doesn't the agreement need to be executed before considering it receivable?  Josh ------------------------------ Josh Earn National Housing Trust Community Development Fund Washington NH 202-333-8931 ------------------------------

RE: Mortgage Loan Origination Software

Thu, 2019-02-14 09:46
From : Communities>>Open Forum
Happy Valentine's Day, Lissette! We also originate 2nd mortgage loans for home improvement projects.  We utilize Encompass/EllieMae to produce loan documents, both origination and closing docs.  And we also utilize DownHome, which is cloud-based, since we use them for servicing, which does include producing our standard loan billing  statements.  We also have purchased an additional DownHome module, for CDFI reporting.  Feel free to contact me, if you have any questions about either system. Lora [More]

Mortgage Loan Origination Software

Wed, 2019-02-13 15:52
From : Communities>>Open Forum
Hello All!  We provide 2nd mortgage loans for home improvement projects. We currently use Calyx-Point Central as our mortgage loan origination software. This product has served us well however, it takes up space in our small server.  I am curious to hear what other loan origination systems other CDFI use and whether those other MLO systems are " cloud based " or not.  Thank you,  ------------------------------ Lissette Paukert Program Administrator MCCI Lawrence MA (978) 258-2772 --------------- [More]

Millennials and Money - Community Investing and Impact Capital

Wed, 2019-02-13 11:50
From : Communities>>Open Forum
The new "Millennials & Money: Community Investing and Impact Capital" issue from GreenMoney Journal (Feb 19) is now online – completely written by Millennials including Yuliya Tarasava of CNote, Kelly Coyne of Impax AM, Erika Andraca of Nia Impact Capital, Gabe Rissman of Your Stake, Kate Poole of Natural Investments, and Nikishka Iyengar of The Guild. Also find a new video from Patagonia on regenerative agriculture. All here- https://GreenMoneyJournal.com ------------------------------ Cliff Feigenbaum [More]

Files Attached Document
Millennials and Money - Community Investing and Impact Capital

Delay of FY '19 NOFAs for Financial Assistance and Technical Assistance

Wed, 2019-02-13 09:27
From : Communities>>Open Forum
Dear Colleagues - the CDFI Fund announced yesterday that  the release of the FY 2019 NOFAs for Financial Assistance and Technical Assistance awards under the CDFI Program and Native American CDFI Assistance Program (NACA Program) will be delayed. The CDFI Fund currently projects that these NOFAs will be released sometime during the second quarter of CY 2019. Additional information regarding projected award dates will be forthcoming. This presents you with more time to assess your FY '18 application [More]

Tip Tuesday - Sharing Resources

Tue, 2019-02-12 08:41
From : Communities>>Open Forum
Do you have a resource that you find yourself referencing often? I suspect we all have a couple of "go to "resources. Please share those resources with the community! To Share a Resource via the Open Forum to the Open Forum Library: Navigate to the Open Forum Select the Discussions Tab and click Start A New Discussion Complete the fields including adding a subject and brief description of the resource Click Attach and follow the prompts to add your resource to the post Select Send to post If you [More]

Are We There Yet? The State of Black Business and The Path To Wealth

Mon, 2019-02-11 12:10
From : Communities>>Open Forum
By Brian K. Marshall , Director of Entrepreneurship, Business & Community Lenders of Texas The State of Black Business and Our Economic Impact: While entrepreneurship and small business ownership for minorities including African Americans has made some progress over the past 60 years, there is still much to be done. In his famed 1968 speech "I've Been to the Mountaintop," to assert black independence, King called on followers to strengthen black institutions and businesses by moving their money [More]

Accion is hiring!

Mon, 2019-02-11 11:33
From : Communities>>Open Forum
Hello all. Accion's growing Advancement Department is looking to fill FOUR fundraising positions two grant writers, one Philanthropy Manager, and a Major Gifts Officer! These jobs connect to the Accion HQ'd in New Mexico and covering five South/Mountain West states. Only the Philanthropy Manager has to be based in Albuquerque. The rest can be remote, with preference for location in Colorado, Texas, or Arizona. Please get in touch or spread the word. Contact Grace Lerner glerner@accionnm.org if you're [More]

RE: Smaller CDFIs & Opportunity Zones?

Fri, 2019-02-08 16:41
From : Communities>>Open Forum
PIDC, a CDFI headquartered in Philadelphia, gave a very thoughtful presentation on this topic at OFN's regional meeting last December. I encourage you to reach out to PIDC. ------------------------------ Jennifer Vasiloff Chief External Affairs Officer Opportunity Finance Network Washington DC (202) 573-2123 ------------------------------

RE: Collection, Repossession and Default Rate

Fri, 2019-02-08 15:49
From : Communities>>Open Forum
Hello Everyone, I wanted to provide an update to our procedures regarding the Confession of Judgement--  moving forward BCNA will eliminate the use of this document, which has been used inappropriately by other lenders. Best, Jessica ------------------------------ Jessica Martin Portfolio Manager Business Center for New Americans New York NY jmartin@nybcna.org ------------------------------

RE: Smaller CDFIs & Opportunity Zones?

Fri, 2019-02-08 10:12
From : Communities>>Open Forum
Hi Oscar - I am a big fan of your work. I have done some digging on this and would be happy to share with you. Let's connect early next week. Thanks. ------------------------------ Jason Friedman Principal Friedman Associates 319-341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

Smaller CDFIs & Opportunity Zones?

Thu, 2019-02-07 10:56
From : Communities>>Open Forum
Hello everyone! I am reporting a story for NextCity.org - an online publication for urban policy, planning and design - about CDFIs and Opportunity Zones, and I'm interested in speaking with any smaller CDFIs that are interested in somehow taking advantage of the policy, either managing Opportunity Funds or serving in some (hopefully paid) advisory role to larger fund managers. We've previously spoken with larger CDFIs about it for previous stories:  Stories tagged 'Opportunity Zones' Feel free to [More]

RE: Collection, Repossession and Default Rate

Thu, 2019-02-07 10:04
From : Communities>>Open Forum
Hi Jessica, Thank you for sharing. Though we've been around for 25 years as a microlender and recently within the last  5 years as a certified SBA 7a lender, our process in lending and recovery can still improve. And thank you for your suggestion on the OFN SXS report. I will definitely look at it. ------------------------------ Bee Vang Loan Officer & Business Advisor Neighborhood Development Center Saint Paul MN (651) 291-2480 ------------------------------

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