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RE: TILA and Reg Z requirements for Alabama

Fri, 2021-11-19 04:06
From : Communities>>Open Forum
Please note: I wanted to revise my post but I cannot. We ARE legally in compliance with our documents. This is more of an inquiry to learn more about navigating the Alabama Bank and Alabama as a CDFI lender. We're bit of a unique model. :) ------------------------------ Allison Yates Solar and Energy Loan Fund (SELF) Fort Pierce FL (772) 468-1818 ------------------------------

Contract Examples for Underwriting Loans

Thu, 2021-11-18 17:09
From : Communities>>Open Forum
Hello all, Did anyone put out an RFP to process their loans when they were starting out? Looking for examples of RFPs and contracts for underwriting/processing loans.  Thank you in advance for any guidance.  Lucy Sasser lucy_sasser@kenan-flagler.unc.edu  ------------------------------ Lucy Sasser Student Eastern Native CDFI Pembroke NC 9107754065 ------------------------------

RE: Character Based Lending

Thu, 2021-11-18 17:04
From : Communities>>Open Forum
Hi Amber, You could also check out Common Future who is has launched a new character-based lending program: https://www.commonfuture.co/. We at ICA also do non traditional underwriting if you'd like to learn from our team. Let me know if we can be helpful. Allison ------------------------------ Allison Kelly CEO, ICA allison@ica.fund www.ica.fund ------------------------------

RE: CDFI Insurance Coverage

Thu, 2021-11-18 13:53
From : Communities>>Open Forum
@Ruben Alonso it was a long search for our team, but I understand that we were able to secure D&O thorugh USI Insurance Services Northwest 601 Union St, Suite 1000, Seattle, WA 98101.  (206) 441-6300 www.usi.com Wishing you success!​ ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: Board Compensation

Thu, 2021-11-18 13:36
From : Communities>>Open Forum
This is a terrific thread and one that deserves a lot more focus and consideration than it has received in the past. I am of two minds on the issue of board compensation and compensation policies in general at CDFIs. On the one hand, those of us who have benefited from our participation in the CDFI ecosystem have an obligation to give back or "tithe" as Martin Eakes always says. Those starting in the industry know that they are never going to be members of the "one percent" or the "forty percent" [More]

TILA and Reg Z requirements for Alabama

Thu, 2021-11-18 13:33
From : Communities>>Open Forum
Good afternoon! Are there any CDFI lending organizations that are currently lending in the State of Alabama, and if so, would you mind sharing some information regarding your TIL documentation regarding written itemization of the Amount Financed, including the amount distributed directly to the consumer, the amount credited to the consumer's account with the creditor; and any amounts paid by the creditor to third-parties on the borrower's behalf, including disclosing their name? Or maybe we can [More]

RE: Loan Modifications_Pymt due date and maturity - Requirements and Best Practices

Thu, 2021-11-18 13:03
From : Communities>>Open Forum
Thank you, Caprice! You have been so helpful! I will definitely check that out.  One day I'll get back up to Alaska to visit my home state. :)  Have a great weekend and Thanksgiving holiday! ------------------------------ Allison Yates Solar and Energy Loan Fund (SELF) Fort Pierce FL (772) 468-1818 ------------------------------

RE: Board Compensation

Thu, 2021-11-18 13:00
From : Communities>>Open Forum
Dear Micah, Jason, Sr. Corinne and others: I am following this conversation also as this topic and suggestion arose at a board meeting this week for one of the organizations I support.  My thoughts on the topic are tied to inclusion, the reality of the racial wealth gap, the desire of many organizations to focus on "JEDI" work, and the disproportionate load of that work that could land on board members of color.   The give/get guidelines are fine, and does it limit those we solicit to serve based [More]

RE: Board Compensation

Thu, 2021-11-18 12:16
From : Communities>>Open Forum
Sister Corrine - thank you so much for weighing in; most people on this forum don't know that you are a pioneer in the industry, and have played a major role in demonstrating and funding the 'proof of concept' of CDFIs and their impact. I was amused by other members of this forum that told me offline how surprised they were that I didn't take a position on the subject of board compensation. Well, only 7% of not-for-profit hospital board members were paid in 2013 or 2014, according to a Modern Healthcare [More]

RE: Board Compensation

Wed, 2021-11-17 14:31
From : Communities>>Open Forum
I appreciate Jason's resource on the issue of paying board members.  This concerns me because instead of CDFI's offering an alternative economic model it seems that they are adopting what our current economic system does.  And this had been the problem in a many of our communities, the system has its biases etc.  and is not providing economic opportunity for all.  I hope every CDFI has representatives from the community that they serve on their board, otherwise are you truly in touch with what is [More]

RE: Strategic planning firm recommendations?

Wed, 2021-11-17 11:47
From : Communities>>Open Forum
We used Consulting for Change in 2020. My Board and I were thrilled with the process and result. https://www.consultingforchange.com/ ------------------------------ David Lipsetz President and CEO Housing Assistance Council Washington DC 202.842.8600 ------------------------------

RE: Character Based Lending

Wed, 2021-11-17 11:45
From : Communities>>Open Forum
Wishing you much success @Amber Cordoba When I was researching this subject, @Ruben Alonso at AltCap was a wealth of information. (See the release about their AltCap Growth Loan for details.)  They are a great resource!​​ ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: Board Compensation

Wed, 2021-11-17 10:14
From : Communities>>Open Forum
Hi Micha - I sit on a board of a CDC that recently updated it policies to include a specific call out in the reimbursement category for childcare. We now allow for a reimbursement of up to 2 hours of childcare costs at $15/hr for each meeting. We felt that would allow us to break down one common barrier to participation. I've heard of other nonprofits offering childcare during the meeting, ensuring meetings can be attended remotely in a variety of ways, and of course, just talking with the folks [More]

RE: Character Based Lending

Wed, 2021-11-17 09:27
From : Communities>>Open Forum
Amber, Lakota Vogel, the Executive Director at Four Bands Community Fund in South Dakota, might be a good resource for you. Four Bands has done some work re-thinking the traditional 5 C's of Credit to find other ways to evaulate the "creditworthiness" of borrowers. https://fourbands.org/ Rob ------------------------------ Robert Hammock Commercial Lending Underwriter Self-Help Ventures Fund Charlotte 7044095914 ------------------------------

RE: Character Based Lending

Wed, 2021-11-17 09:21
From : Communities>>Open Forum
Hello Amber, we do character-based lending/relationship lending with vehicle financing. Would love to share more about our approach, impact and results. Thanks for reaching out ------------------------------ Lonnie Smith SVP Business Development On The Road Lending Irving TX ------------------------------

Strategic planning firm recommendations?

Tue, 2021-11-16 21:29
From : Communities>>Open Forum
Hi all, Community Vision is going into its next round of strategic planning in 2022. I'd appreciate recommendations for great strategic planning firms that are strong in robust community engagement and staff engagement. Extra points for firms that have knowledge of California, and firms that are good with working with strategic planning skeptics. Thanks in advance, Cat Catherine Howard President P: 415.392.8215 x336   COMMUNITY VISION communityvisionca.org ------------------------------ Catherine [More]

RE: Loan Modifications_Pymt due date and maturity - Requirements and Best Practices

Tue, 2021-11-16 16:38
From : Communities>>Open Forum
@Allison Yates we also use DownHome to manage our portfolio and could not be happier!  Loan documentation, however, has been through LaserPro, which I have found to be very common in the traditional banking world, but not user friendly for the CDFI community.  (We are, however, looking to transition to Hawthorn River in the near future as our document solution and keeping DownHome for management.) In the short-term, perhaps you could adapt a "Change in Terms" template to suit your needs.  (I have [More]

RE: Loan Modifications_Pymt due date and maturity - Requirements and Best Practices

Tue, 2021-11-16 15:57
From : Communities>>Open Forum
Thank you, Caprice! This is very helpful!  As of right now, we utilize DownHome Loan Management (DLM) for our loan closings. We have our own templates that we utilize and mail merge fields are updated. It's still too manual, so we're always looking for ways to streamline. Are you using LaserPro as your software?  ------------------------------ Allison Yates Solar and Energy Loan Fund (SELF) Fort Pierce FL (772) 468-1818 ------------------------------

RE: Loan Modifications_Pymt due date and maturity - Requirements and Best Practices

Tue, 2021-11-16 15:53
From : Communities>>Open Forum
Thank you, David! I will take a look. I appreciate the feedback and reference. ------------------------------ Allison Yates Solar and Energy Loan Fund (SELF) Fort Pierce FL (772) 468-1818 ------------------------------

RE: Loan Modifications_Pymt due date and maturity - Requirements and Best Practices

Tue, 2021-11-16 13:30
From : Communities>>Open Forum
@Allison Yates you don't mention how you are currently generating your loan documents. If you are using loan documentation software (i.e. LaserPro, etc.), you can use the program to produce a loan modification document (labeled as a "Change in Terms" agreement in our system) to streamline your process. (It's just a couple of pages with one signature block.)  Ours references the current loan documents and allows us to just change the parameters needed (i.e. first payment and maturity) leaving all [More]

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