CDFI Connect Community Discussions

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Updated: 8 min 36 sec ago

Challenges in Collecting loan covenants from small business clients

Mon, 2019-05-06 09:39
From : Communities>>Open Forum
For those of you that must annually collect information from small business clients to fulfill loan covenants or other reporting requirements: How do you do it? Do you have any tips or ideas that we might employ to overcome the challenge we find in collecting personal and business financial statements and tax returns (and other items such as jobs, impact, etc.)? Do you have any Loan policies/procedures or documented processes addressing this area? We are trying to improve this specific area of our [More]

Time allocation

Sat, 2019-05-04 20:05
From : Communities>>Open Forum
We have multiple programs, with staff time allocated across multiple programs. Do any of your organizations use a specific time tracking or timesheet software to help ease up the burden of keeping track of time manually?

RE: Loan Documents

Fri, 2019-05-03 16:26
From : Communities>>Open Forum
This is Patrick at Meda,  we use Finastra or formerly referred to as Laser Pro.     The question will be is how many loans do you process as Laser Pro pricing has a minimum amount of loans for a term of years so can be spend y if you do not process a lot of loans.  Is some other solutions but Laser Pro gives you  multiple states and once you get familiar with the system works very well.   Hits all small business, residential, and consumer.  Patrick Meda Minneapolis ------------------------------ [More]

RE: Loan Documents

Thu, 2019-05-02 17:09
From : Communities>>Open Forum
Heather, What types of loans do you primarily originate?  Small business loans, personal, owner occupied, etc... ------------------------------ A.J. Poulin Applied Business Software www.themortgageoffice.com www.theloanoffice.com aj@absnetwork.com 800.833.3343 x 118 Long Beach, CA ------------------------------

Living Wage Press Conference and Panel Discussion

Thu, 2019-05-02 14:53
From : Communities>>Open Forum
Living Wage Study Press Conference and Panel Discussion 25 years ago, Alternatives Federal Credit Union released the first Living Wage Study for Tompkins County and the City of Ithaca, NY. The study has been updated biennially. The study was originally intended for internal use by Alternatives, but its release to the public was encouraged by Alternatives' Board of Directors. Since 1994, the Living Wage Study has stimulated important discussions about the meaning of earning a Living Wage and provided [More]

RE: Loan Documents

Thu, 2019-05-02 12:02
From : Communities>>Open Forum
Using Laser Pro docs might solve your problem.  They also guarantee that if any of the language in their notes is unenforceable in court Laser Pro will indemnify your organization against the loss. ------------------------------ Carlton Stephen Special Assets Manager Carolina Small Business Development Fund Raleigh NC (919) 803-1437 ------------------------------

RE: Loan Documents

Thu, 2019-05-02 11:17
From : Communities>>Open Forum
Thanks everyone for the responses... I actually posted this a year ago. I am not sure how the question re-emerged, but I appreciate the responses. We've resolved these questions. Heather Gurewitz Executive Director Economic Development & Financing Corp 208 B. South Oak St. Ukiah, CA 95482 (707) 234-5705 http://www.edfc.org

RE: Loan Documents

Thu, 2019-05-02 10:03
From : Communities>>Open Forum
CEI uses Laser Pro as well but we occasionally rely on outside counsel to document more complex or multi-lender loans John Egan Chief Investment Officer Email: John.Egan@ceimaine.org Tel: 207-504-5869 Mobile: 207-607-9711 www.ceimaine.org Coastal Enterprises, Inc. 30 Federal St Brunswick , Maine 04011

RE: Loan Documents

Wed, 2019-05-01 13:52
From : Communities>>Open Forum
Heather, We use LaserPro.  Years ago (2003?) we received a TA grant from CDFI to update to this system and it has been great for us.  It is the same system we had at the local banks I worked at.  We receive software updates that take into account new laws and regulations which is something that you can't really do on your own.  A few years back we processed several loans for you guys, so you probably have a sample in a closed file somewhere.  I'll give you a call. ------------------------------ Ross [More]

RE: Loan Documents

Tue, 2019-04-30 18:51
From : Communities>>Open Forum
Technology products include LaserPro - it's a large commercial product used by Native CDFIs, large and small financial institutions and Common Goals Software - a CDFI specific product.  OFN compiled a study of loan origination and portfolio servicing products about 5 years ago. ------------------------------ Cindy Mittlestadt Fund Manager Bristol Bay Development Fund 111 W 16th Suite 400 Anchorage, AK 99501 email: cmittlestadt@bbnc.net (907) 265-7865 ------------------------------

RE: Landlord/Investor owner training programs

Tue, 2019-04-30 16:39
From : Communities>>Open Forum
Hi Calvin, It's Jessica Sivels from Community Investment Corporation in Chicago. I am the Director of our Property Management Training workshops for Landlords. Here is my contact information if you wanted to get more information about how I run my program. http://www.cicchicago.com/documents-training/property-management-training/ Jessica Sivels Director, Property Management Training Community Investment Corporation 222 S. Riverside Plaza, Ste 380, Chicago, IL 60606 Main: 312-258-0070 ext. 214 Direct: [More]

Strategic Planning RFP

Mon, 2019-04-29 14:46
From : Communities>>Open Forum
Does anyone have an RFP for Strategic Planning consultants they are willing to share?   Thanks! ------------------------------ Kim Jacobs President/CEO Community Capital New York Elmsford, NY 914 747 8020 ------------------------------

Job Opportunity: Small Business Loan Officer @ Wacif in Washington, D.C.

Mon, 2019-04-29 14:04
From : Communities>>Open Forum
TITLE: Small Business Loan Officer POSITION OVERVIEW The Washington Area Community Investment Fund (Wacif) seeks to fill the full-time position of Small Business Loan Officer, which will be responsible for identifying, acquiring, and expanding lending opportunities in target markets with a focus on providing loan financing and technical assistance to small businesses and nonprofit organizations. The Small Business Loan Officer will analyze, structure, and negotiate credit requests. In addition, [More]

Files Attached Document
Job Opportunity: Small Business Loan Officer @ Wacif in Washington, D.C. Attachments

Loan Officer/Developer Position Description

Mon, 2019-04-29 11:05
From : Communities>>Open Forum
Does anyone have a loan officer or loan developer position description that they would be willing to share? Thank you, Heather Heather Gurewitz Executive Director Economic Development & Financing Corp 208 B. South Oak St. Ukiah, CA 95482 (707) 234-5705 http://www.edfc.org

Accounting software used with Down Home other than Quickbooks?

Fri, 2019-04-26 22:49
From : Communities>>Open Forum
A question for an organization doing microfinance and small business lending and growing rapidly: DownHome is working well but auditors are not happy with audit trail in Quickbooks. Has anyone used an accounting system other than Quickbooks with Down Home and successfully integrated with its API to link the two systems? If so, what accounting system are you using? Thanks for any input! ------------------------------ Marianne Vermeer Principal Vermeer Consulting Group Richmond VA ---------------- [More]

RE: R&D and Product Innovation- Small Business/Consumer Lending

Fri, 2019-04-26 15:04
From : Communities>>Open Forum
Hoping for some activity, but if not....then it's definitely something that should be considered for an OFN panel.  I've marked it as a favorite to keep watch.  All the best and here's hoping for some great ideas! ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: R&D and Product Innovation- Small Business/Consumer Lending

Fri, 2019-04-26 09:46
From : Communities>>Open Forum
@Caprice Pratt , unfortunately I haven't received any responses.  It feels like a great case study or panel at OFN!  I know there are innovative CDFIs out there who are probably constantly doing R&D on their products.  We might not have R&D departments, but I'm confident there are practices we could learn from to embed client-centered R&D in our work!  Thanks for bumping this, hoping it encourages others to share how they keep an eye on continual improvement with their products and services! ------------------------------ [More]

RE: R&D and Product Innovation- Small Business/Consumer Lending

Thu, 2019-04-25 17:23
From : Communities>>Open Forum
@Tamra Thetford   have you received any responses to your inquiry?  We're very interested and following this thread - it's always good to learn from others with experience.  Unfortunately we are still too "new" to offer any real assistance in this regard, but would really appreciate learning from other more experienced CDFIs and their staff. ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ----------------------------- [More]

RE: Landlord/Investor owner training programs

Thu, 2019-04-25 12:02
From : Communities>>Open Forum
The Housing Network of Rhode Island has a great Landlord training program and NeighborWorks Blackstone River Valley has a great program for tenants  Rent RIte Rent RIte is a 5 hour educational series (two-hour classes for two consecutive weeks and ne 1:1 session) for those who are looking to become tenants.  Topics include: Overcoming housing barriers Understanding credit (includes a free credit check) Budgeting and money management skills Moving in and achieving housing stability http://neighborworksbrv.org/homeownership-center/financial-empowerment/ [More]

RE: CDFI Loan Software and Legal Documents

Thu, 2019-04-25 11:27
From : Communities>>Open Forum
Hi Robin, I don't know much about Portfol, but others can weigh in on that.  As far as the rest of what you wrote, you sound like our ideal customer!  Our system has CDFI compliant loan servicing software that integrates with QB, as well as a front end Loan Origination system that is RESPA and HMDA compliant.  Everything is totally integrated, which is nice.  Our site is here: www.themortgageoffice.com Also, there are 130+ loan servicing systems out there, and as many loan origination systems. You [More]

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