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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