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Continuing Education Coursework

Mon, 2018-11-26 10:38
From : Communities>>Open Forum
Good Morning! I am fairly new to the CDFI world and am looking for coursework that would satisfy my CPE requirements but also be appropriate as I now work for a CDFI. Any thoughts are appreciated. Best, CB Cyndi Barber, CPA Director of Finance & Administration Network for Oregon Affordable Housing cyndib@noah-housing.org 503 501 5542 office 503 730 7486 cell

RE: Loan Service Software Recommendations

Wed, 2018-11-21 12:41
From : Communities>>Open Forum
Hi Jill we use Nortridge- I would like to be using Benedict Group instead....  www.BenedictGroup.com  let me know if you want an intro Mortgage Office Portfol TEA 10 Cloud Lending Solutions are others out there that we have looked at. ------------------------------ Brian Sample Asset Management Vice President Mercy Loan Fund CO 303-830-3339 Asset Management DirectorAsset Management DirectorAsset Management Director ------------------------------

RE: Loan Service Software Recommendations

Wed, 2018-11-21 11:38
From : Communities>>Open Forum
Hi Jil, There are many products out there to choose from. Almost all will handle the basics.  As deals get more complex, some smaller products can fall short.  To see them all and reviews on each product, you can check out the site below: Best Loan Servicing Software | 2018 Reviews of the Most Popular Systems   Also, if you need the system to be CDFI compliant, that'll narrow down the search from 130 products to 5 or 10.  And in the interest of full disclosure, we make The Mortgage Office which is [More]

Files Attached Document
RE: Loan Service Software Recommendations

RE: Loan Service Software Recommendations

Wed, 2018-11-21 09:35
From : Communities>>Open Forum
Hi We utilize Portfol for loan servicing and Walters Kluer CASH for loan processing and Compliance One for loan closing documentation. We are a SBA micro-lender and under an affiliate loan pool (following the same mission) we provide term/LOC up to $250k and owner-occupied up to $500k. Both systems allow for allocation of loans by loan pool. The CASH/Compliance is a bit expensive and may be too much but Portfol serves small to large and is a decent software. It doesn't do everything we need but it [More]

RE: Calculating avg interest rate

Wed, 2018-11-21 09:14
From : Communities>>Open Forum
Thank you to everyone who has replied here and over email! I was hoping to find a way that was less time consuming, but it's been worth it to use the average portfolio, as we're now getting avg rates that make sense whereas before it was a bit all over the place. It's a bit surprising that this can't be easily calculated by our database- but I'm glad to have the historical info compiled now as it will be easy to add info to our spreadsheet as time moves on.  I'll also start doing this with our debt, [More]

Loan Service Software Recommendations

Tue, 2018-11-20 15:31
From : Communities>>Open Forum
We are a Women's Business Center and CDFI in need of loan servicing software. We have deployed 70 loans, totaling $2 million. All of these are SBA microloans. We are preparing to scale in the volume of loans, and we will be expanding into small business loans of up to $250,000. I am looking for recommendations from comparable organizations for loan servicing software that has worked well for them. Thank you! ------------------------------ Jill May Director of Lending Grand Rapids Opportunities for [More]

RE: Calculating avg interest rate

Tue, 2018-11-20 15:17
From : Communities>>Open Forum
@Jen Jones If I understand correctly I would think that @Kevin Fryatt ​​ has the right idea with the weighted average interest rate (i.e.  The  aggregate  rate  of  interest  paid on all debt. The calculation for this percentage is to aggregate all  interest  payments in the measurement period, and divide by the total amount of debt.) With this simplified formula you can make as many or as few averages as you want/need (monthly, quarterly, annually).  Use the principal balance and interest rate at [More]

Webinar: Your Tool to Forecast CDFI Growth and Impact!

Tue, 2018-11-20 11:22
From : Communities>>Open Forum
Calling all strategic thinkers, finance gurus and other mission-driven allies! Webinar: Your Tool to Forecast CDFI Growth and Impact ! Wednesday, Dec 5, 2018 1:00 PM CST Register  here . Every CDFI's strategic plan is a blueprint for growth, sustainability and impact. But its tough to develop projections to predict how quickly your CDFI will grow, and anticipate the level of expenses and resources required to scale up. Best guess situations just won't cut it anymore, especially to compete for [More]

Creative Industries loan program or product

Tue, 2018-11-20 10:53
From : Communities>>Open Forum
We are seeing more interest in funders wanting to support creative businesses. Are other CDFIs experiencing this trend? If so, how are you structuring and marketing your loan program or product(s) to serve this small biz target market effectively? Feel free to email me directly with more info or provide a link that shows what your CDFI is doing to address this need and how. Thanks much! Alisa Zimmerman Director of Marketing and Communications Colorado Enterprise Fund 1888 Sherman Street, [More]

RE: Current Interest Rate

Tue, 2018-11-20 09:59
From : Communities>>Open Forum
Hi Syd, I was just doing some research on industry-wide interest rates a couple weeks ago, and although there isn't authoritative consensus on this, most reports put the average for CDFI microloans between 8% and 22%. I found the following report by the CDFI Fund and The Carsey School of Public Policy at the University of New Hampshire to be helpful: " CDFIs Stepping into the Breach, An Impact Evaluation-Summary Report ." It lists the industry median (as of 2012) at 9.38% for microloans. Experience [More]

RE: Current Interest Rate

Tue, 2018-11-20 09:23
From : Communities>>Open Forum
Hi Syd: Last year FIELD published a paper focused on the loan pricing strategies of microlenders with large-scale portfolios.  You can access it here .  If/as you check it out, it's important to note that the paper focuses on lenders with large portfolios of relatively small-scale microloans (average size $10-$15K).  The pricing strategies and rationale for these products and lenders will be different than those for other loan products, and also likely for lenders with different scale and product [More]

RE: Current Interest Rate

Tue, 2018-11-20 09:08
From : Communities>>Open Forum
Sydni, We average 9.50%. It is fixed with no prepayment penalty. The rate keeps us higher than the bank (not looking to compete with those we borrow funds from) and the spread helps support operations. Chris Hudock | Director Rising Tide Community Loan Fund a subsidiary of Community Action Committee of the Lehigh Valley 1337 East Fifth Street | Bethlehem, Pa 18015 T: 484-893-1039 | F: 484-821-2271 | E: chudock@caclv.org Visit us at rtclf.caclv.org | Subscribe to our Blog | Like us on Facebook [More]

FUND Consulting is Growing & Hiring

Mon, 2018-11-19 17:57
From : Communities>>Open Forum
FUND Consulting is looking for a Consultant to join our team in Chicago full-time. The position is approximately 60% grant applications and management (mostly government grants) and 40% research (data collection and analysis) and strategic projects (market studies, strategic plans, etc.). The most important requirements for this position are excellent writing skills, research experience, proficiency with Excel and data manipulation, and experience in project management. CDFI and CRA experience is [More]

RE: Expanding your CDFI's target area

Mon, 2018-11-19 14:48
From : Communities>>Open Forum
I just got this document from my Rep. - Ari ------------------------------ Arisleyda Veloz Chief Operating Officer Lowell Community Loan Fund, Inc. Lowell MA (978) 970-0600 ------------------------------

Files Attached Document
RE: Expanding your CDFI's target area

RE: Investor terms and interest rates

Mon, 2018-11-19 14:14
From : Communities>>Open Forum
Hi Maura, We have had some success keeping our interest rates low and are continuing to raise money at the lower rates until the market pushes back.  True impact investors would not need the full market return!  Of course that's the issue these days.  Right now we pay 1.5% for 5 years and 2% for 10.  I suggest testing the waters at lower rates because after all, we are putting the funds to use in areas of need.  You can check in with your investors to see. Also wondering if anyone has figured out [More]

RE: Expanding your CDFI's target area

Mon, 2018-11-19 11:30
From : Communities>>Open Forum
Thank you for the input! This is what my CDFI Rep's response. Attached 2 docs for anyone else who might be looking into this as well.   "In order to expand your target market, you will need to complete the Excel Spreadsheet Attachment A and the CDFI Certification narrative. The two sections in both documents that need to be completed are, target market and accountability. Once you have completed both documents you will upload the documentation in your myCDFI account and sign the signature page. [More]

Files Attached Document
RE: Expanding your CDFI's target area

RE: Investor terms and interest rates

Mon, 2018-11-19 10:55
From : Communities>>Open Forum
We have an individual investor program that operates much like a CD. The return rates range from 1-3% on terms from 1-7 years. ------------------------------ Patrick Fitzsimmons Executive Director Mountain BizWorks Asheville NC ------------------------------

Current Interest Rate

Mon, 2018-11-19 10:50
From : Communities>>Open Forum
I would like to know the interest that all of you are currently charging on your CDFI loan products! Also what do you use as your basis for coming up with that rate? Thank you! Sydni D. Hair CDFI Development Specialist P.O. Box 306 Fort Hall, ID 83202 208-478-3914 "No voice is too soft when that voice speaks for others." -Janna Cachola

RE: Audit Presentation Question - Net Interest Income/Margin calculation or not?

Sun, 2018-11-18 17:26
From : Communities>>Open Forum
This is exactly what I was looking for Jenny.  Thanks! ------------------------------ Christopher Linder CEO MaineStream Finance Bangor ME (207) 974-2465 ------------------------------

RE: Recommendations for Good Insurance Brokers or Underwriters

Fri, 2018-11-16 14:39
From : Communities>>Open Forum
Thank you all.  I have forwarded a link to this discussion to our executive director....sounds like we are not alone! ------------------------------ Caprice Pratt Commercial Loan Officer / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

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