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#408533 - 08/15/05 04:26 PM Line of Credit renewals
15jwolander Offline
100 Club
Joined: Jan 2004
Posts: 208
PA
My mind just doesn't want to work today. I need some help. If we do a line of credit to a business of which we have numerous, does this get reported as CRA if all other segments of the loan fit? I thought on annual renewals we could report them each year, but now I'm second guessing myself. If we can, was there ever a time that you didn't report them?

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#408534 - 08/15/05 07:38 PM Re: Line of Credit renewals
Anonymous
Unregistered

Yes you can report them! You may have to hunt for them if they do little more than change a maturity date. Our commercial department was also using the maturity date as a "tickler" for annual financial statments, so I had a new field put on the system "Approved LOC Renewal date". I still have to enter these in manually to my CRA software. You can only count one renewal or increase per loan per calendar year - look at the CRA Q&As.

You may also have to hunt for modifications, and any other creative ways new money is advanced which is reportable.

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#408535 - 08/15/05 08:05 PM Re: Line of Credit renewals
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
Right on Chris perfect answer. And jwolander, back in 2001 (off the top of my head so I could be a year off) the reg changed and LOC renewals and modifications became reportable as regular old loans.
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