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#2231308 - 02/19/20 07:32 PM Pick and choose on geocode?
Burgess Offline
Diamond Poster
Joined: Jan 2004
Posts: 1,620
what do you think?
we usually record the geocode on small business loans as where the proceeds are being used at; however we have several loans where we used the home office location.
Do we need to be consistant or can we pick and choose?
My views, not my employer's views.

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#2231350 - 02/20/20 01:53 PM Re: Pick and choose on geocode? Burgess
InFairness, CRCM Offline
Platinum Poster
InFairness, CRCM
Joined: Nov 2010
Posts: 578
I think consistency is always a good idea. Suppose you find out the loans using home office address are all ones where the home office is in an LMI tract but the proceeds address is not?
Opinions are strictly my own, and have nothing to do with my employer.

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#2231393 - 02/20/20 06:18 PM Re: Pick and choose on geocode? Burgess
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Inconsistency, when discovered by the examiners will get you a good clock cleaning. This applies to community development loans as well.

Ask not for whom the bells tolls, brother....
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.

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#2231578 - 02/24/20 10:30 PM Re: Pick and choose on geocode? Burgess
Len S Offline
Diamond Poster
Joined: Oct 2004
Posts: 1,859
In cases where you are providing working capital financing there will be no difference between the home office or where the loan proceeds are used. About the only time they are different is when you are financing real estate in which case you know the proceeds are going to a specific location. And yes, consistency is important.
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