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#1966174 - 10/01/14 06:02 PM CRA Reporting - Increase to LOC
Paradise Offline
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Joined: May 2008
Posts: 68
We have a line of credit that was originated in 2013 for $5,000. This year we are refinancing the LOC for $7,500 (increase of $2,500) and extending the term out 2 years.

In 2014, do we report the full $7,500 on the register or only the increase of $2,500?

In reading the guide I see contridictory statements as to the correct reporting and need help here.

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#1966187 - 10/01/14 06:26 PM Re: CRA Reporting - Increase to LOC Paradise
Kathleen O. Blanchard Online

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,285
You will report the full note, with the increase. Where are you seeing a contradiction? Whenever you extend a maturity, you report the full amount, new money or not.

New money is an issue only when you already have the loan listed in the current year. In that case you can report twice (once with the original and once with the new) or just report the full amount after increase once.

If you are in a new year, you report the full amount that is being extended.
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Kathleen O. Blanchard, CRCM "Kaybee"
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#1966292 - 10/01/14 08:32 PM Re: CRA Reporting - Increase to LOC Paradise
Paradise Offline
Member
Joined: May 2008
Posts: 68
Thanks Kathleen, that was my interpretation too. When I was reviewing the Q&A section of the 2013 Guide to CRA Data Collection and Reporting I became confused when reviewing Q&A#s .42-3; .42-4; and .42(a)-5 on pages 48-49.

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#1967280 - 10/06/14 07:58 PM Re: CRA Reporting - Increase to LOC Paradise
Ryan Yager Offline
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Joined: Apr 2014
Posts: 21
IL
From my understanding, if you originated the loan in 2013 for $5,000, and increased 2,500 in 2014 WITHOUT extending maturity, then you would report just the 2,500 in 2014.

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