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#296167 - 12/30/04 03:54 PM Quarterly payments based on calendar quarters...
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Just found this out yesterday....If customer wants to make payments every 3 months we are basing the payment dates on actual calendar quarters. i.e., Loan is made on Feb 9, 1st payment date will be April 1...Loan is made on Mar 2, 1st payment date will be April 1. This eviedently was a mandate from CFO about 2 years ago.(I've been here about a year.) I don't feel comfortable about this, but that may be because I've never heard of this before. What(if any) problems do you see with this practice?
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Lending Compliance
#296168 - 12/30/04 07:25 PM Re: Quarterly payments based on calendar quarters...
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
No problems at all, unless these loans are governed under a State statute that would prevent you from doing it. Also, assuming that your disclosure software could handle them appropriately for the TIL.
Last edited by rlcarey; 12/30/04 07:26 PM.
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#296169 - 12/30/04 07:57 PM Re: Quarterly payments based on calendar quarters...
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Thanks!
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