CDFI Connect Community Discussions

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Updated: 24 min 19 sec ago

RE: Loan Documentation Software

Thu, 2020-02-06 21:10
From : Communities>>Open Forum
Thanks AJ, I will reach out to them, put a inquiry in this evening. ------------------------------ Karen Clark Director Enterprise Development Fund of Erie County Erie PA (814) 440-1155 ------------------------------

New NCRC op ed and keep commenting

Thu, 2020-02-06 16:38
From : Communities>>Open Forum
Dear Colleagues: Just wanted to share this new op ed on CRA, we released this afternoon: https://ncrc.org/could-lack-of-impact-assessment-in-occ-and-fdic-proposal-break-cra/ Also...keep commenting. Use this as a starting point: https://ncrc.org/treasurecra/#take-action , but please customize and add your own thoughts to the letter as it would garner more weight that way. Thank you. Josh Silver Senior Advisor NCRC Josh Silver Senior Advisor National Community Reinvestment Coalition 202.464.2733 [More]

RE: Loan Documentation Software

Wed, 2020-02-05 12:09
From : Communities>>Open Forum
Hi Karen, A cost effective solution you may want to explore is DocMagic  - They are technically a competitor on the origination side, but if PA compliance is required, you might want to check them out.  Our main focus is CDFI compliant loan servicing software.   Happy hunting! ------------------------------ A.J. Poulin CRO, Applied Business Software www.themortgageoffice.com www.theloanoffice.com aj@absnetwork.com 800.833.3343 x 118 Long Beach, CA ------------------------------

Loan Documentation Software

Tue, 2020-02-04 19:18
From : Communities>>Open Forum
Hello,  I need some recommendations on reasonable loan documentation software for the state of PA.    I need to do my own loan closings in house and create my own documents.    I know the best way to do this with all of the legal verbiage would be to have adequate software.   What is everyone using out there and are you happy with it?    Are you filing your own UCC's ?   Are you filing your own mortgages? Thanks for the advice and input, Karen Clark ------------------------------ Karen Clark Director [More]

RE: Standard or Boiler Plate Legal Documents for Loan Closings

Tue, 2020-02-04 19:13
From : Communities>>Open Forum
Thank you Tiffany, I am going to look at Ventures+, I think I need a software.  I am not sure of any attorneys in PA that would do the set of documents, our attorney has told me that they are too specific for each loan. If you have any other loan software suggestions, let me know. ------------------------------ Karen Clark Director Enterprise Development Fund of Erie County Erie PA (814) 440-1155 ------------------------------

RE: Standard or Boiler Plate Legal Documents for Loan Closings

Tue, 2020-02-04 19:10
From : Communities>>Open Forum
Thank you Matt, I will look into them. ------------------------------ Karen Clark Director Enterprise Development Fund of Erie County Erie PA (814) 440-1155 ------------------------------

RE: Standard or Boiler Plate Legal Documents for Loan Closings

Tue, 2020-02-04 19:09
From : Communities>>Open Forum
Thank you Heather, I will look into that as well.   I have asked our attorney, but some things are too specific.   She suggested I look into some software. ------------------------------ Karen Clark Director Enterprise Development Fund of Erie County Erie PA (814) 440-1155 ------------------------------

RE: Standard or Boiler Plate Legal Documents for Loan Closings

Tue, 2020-02-04 19:08
From : Communities>>Open Forum
That is great and that is the email.   Try my personal email at kclark528@gmail.com.   I do appreciate your help!! ------------------------------ Karen Clark Director Enterprise Development Fund of Erie County Erie PA (814) 440-1155 ------------------------------

RE: Standard or Boiler Plate Legal Documents for Loan Closings

Tue, 2020-02-04 19:07
From : Communities>>Open Forum
Thanks Julia, the staff is just me, so that is why I wondered if there was a software or boiler plate set of docs to help me.    We will be adding staff this year, but for now, I am trying to do this myself and save the clients the cost. ------------------------------ Karen Clark Director Enterprise Development Fund of Erie County Erie PA (814) 440-1155 ------------------------------

Servicing Asset

Tue, 2020-02-04 11:40
From : Communities>>Open Forum
Seeking some advice on how you account for recording a Servicing Asset for sold loans...historically, we have recorded a servicing asset on an individual loan basis.  This approach has become a monster as the loan portfolio has grown.  Is anyone willing to share how you calculate and record a servicing asset (or liability) for sold loans where the CDFI remains the servicer? ------------------------------ Julie Jurosic CFO Anchor Financial Services Perrysburg OH (419) 873-8322 ------------------- [More]

Now Available: Webinar - "Take Back Control of Your CDFI Fund Application"

Mon, 2020-02-03 20:02
From : Communities>>Open Forum
Dear Colleagues:  the recording for "Take Back Control of Your CDFI Fund Program Application" is now available here or here .  Good luck!  ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

RE: Community Reinvestment Act Resources

Fri, 2020-01-31 13:54
From : Communities>>Open Forum
Terrific statement and blog post! Next week, OFN will be posting our draft recommendations to the OCC and FDIC. I welcome feedback, questions and a continued discussion from everyone in the CDFI Connect Community. The deadline for submitting final comments is March 9. ------------------------------ Jennifer Vasiloff Chief External Affairs Officer Opportunity Finance Network Washington DC (202) 573-2123 ------------------------------

Intercreditor Agreements: Seeking advice on how to make them easier?

Fri, 2020-01-31 11:52
From : Communities>>Open Forum
Happy Friday! I have a questions for folks on the finance side of the CDFI world that regularly deal with loan creditors. At Capital Good Fund we have a cadre of going creditors. While we always push creditors towards unsecured loans, we have a few that have insisted on taking a lien on our loans receivable. Unfortunately, we are not in a position where we can say no to potential loan capital given that loan capital is our current limiting factor towards achieving our goals. From a philosophical [More]

RE: Need advise - Recognition of Revenue

Fri, 2020-01-31 09:51
From : Communities>>Open Forum
Hi Wendy.  We prepare a pretty detailed review each year.  If it would be helpful, we could schedule a call, and I'll walk through it with you?  I'm at kemitchell@enterprisecommunity.org. ------------------------------ Karen Mitchell Senior Director & Loan Fund Controller Enterprise Community Columbia, Maryland 410-884-5741 ------------------------------

Additional CRA resources

Fri, 2020-01-31 09:30
From : Communities>>Open Forum
Dear Colleagues: Glad to see the CRA chatter on this listerv. Important that folks comment by March 9 on the proposed changes. Here are some resources (analysis and sample letters). We encourage folks to customize their letters, adding their analyses, thoughts and experiences. https://ncrc.org/treasurecra/ Best, Josh Silver Senior Advisor NCRC Josh Silver Senior Advisor National Community Reinvestment Coalition 202.464.2733 202.628.9800 (fax) jsilver@ncrc.org Pronouns: He/Him/His 740 15th Street [More]

RE: How to account for EDA funds transferred from another agency?

Thu, 2020-01-30 16:21
From : Communities>>Open Forum
I'm with the organization involved in this debate. A bit more information: The auditor in question here cannot understand how this transfer of funds counts as revenue according to GAAP. Thus, the question is on what basis in GAAP is the transfer of funds classified as revenue, given that if you have to pay it back (e.g., when you cease to operate the revolving loan fund) it's classified as a liability?  I should also say that these EDA revolving loan funds are almost exactly like the RBDG/RBEG funds [More]

How to account for EDA funds transferred from another agency?

Thu, 2020-01-30 13:31
From : Communities>>Open Forum
Hello, CDFI Hive: I have a CDFI client who took over an EDA revolving loan fund from its local economic development agency. The funds came as cash and a small portfolio of existing loans. The CDFI put the cash portion in its financials as income and then shows it as restricted net assets since the funds can only be used for lending. The auditor is insisting the cash received is a liability because there are conditions under which the funds go back to EDA. We are trying to determine what is the correct [More]

CBD Oil Small Business

Thu, 2020-01-30 13:28
From : Communities>>Open Forum
Has there been any discussion/position taken by The CDFI Fund for financing small businesses that sell CBD oil products?  It does not appear that it meets the definition of a "sin business" but could not recall if anything had been said about this type of financing.  I appreciate all thoughts.   Regards, ------------------------------ Chuck Wall CFO Renaissance Community Loan Fund, Inc. Gulfport MS (228) 896-3386 ------------------------------

RE: Need advise - Recognition of Revenue

Thu, 2020-01-30 12:38
From : Communities>>Open Forum
Hello.  Actually FAS 91 was superseded when the FASB Codification was issued.  The Codification section is 310-20 - Nonrefundable fees and other costs.  We also review origination revenue and costs directly related to the origination function and net the two.  The difference has been immaterial for us, so we reflect this in our financial statements.  Thanks. ------------------------------ Karen Mitchell Senior Director & Loan Fund Controller Enterprise Community Columbia, Maryland 410-884-5741 - [More]

RE: Need advise - Recognition of Revenue

Thu, 2020-01-30 10:17
From : Communities>>Open Forum
We currently, and historically, have recorded fees at closing, citing immateriality for not following SAS 91; however, we engaged a new group of auditors last year and they are asking us to provide an analysis of the 2 approaches to confirm if the difference is material. We are in the process of preparing this, so I would be interested to know how others have approached the analysis. I've gathered a sampling of net fees (fees less direct costs for origination) for our loan products and at this point [More]

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