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#64589 - 03/01/03 10:00 PM Re: Geocoding: Legal address
Anonymous
Unregistered

Since Large Banks are required to geocode all of these loans, I wanted to get this discussion going so that someone new to CRA didn't get a very nasty surprise on their HMDA submission. I was afraid that a comment further up this thread might be misleading. When our bank started into this arena, I did a lot of research trying to find a way out of it, but no such luck.

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#64590 - 03/01/03 10:04 PM Re: Geocoding: Legal address
SMQ, CRCM Offline
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SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
The Anony.. above is me, got logged out somehow.
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#64591 - 03/01/03 10:07 PM Re: Geocoding: Legal address
HRH Dawnie Offline
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HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
Good idea to point that out. I just thought I'd throw my one and a half cents in I think that while it might be a requirement, I think it's a great idea. Yes it could be a bit of work but the benefits might be greater than you'd think. Every weapon I have to "Spin" during an exam I want in front of me from the get go.
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Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

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#64592 - 03/03/03 05:18 PM Re: Geocoding: Legal address
CarlD Offline
100 Club
CarlD
Joined: Apr 2002
Posts: 215
Two handy resources are
- Microsoft MapPoint
- www.landvoyage.com/individual_map/location_search.asp?PortalID=1&SessionID=183991

It may not apply in this situation, but many appraisal and flood survey services use GPS to provide a longitude and latitude.
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#64593 - 03/03/03 09:48 PM Re: Geocoding: Legal address
Anonymous
Unregistered

Please don't laugh, I know this is probably a goofy question. A lender closed a home improvement loan secured by a CD. The property where the improvements are to be made is located in PERU (South America). The customer is a South American military officer who is at our local military base for training. Since Peru is definitely outside our assessment area, just want to confirm that this is not a reportable loan. Thanks!

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#64594 - 03/03/03 10:41 PM Re: Geocoding: Legal address
MRJ Offline
100 Club
MRJ
Joined: Jun 2001
Posts: 174
Quote:

This was a small business (CRA) loan where this plot of land was taken for collateral. No construction, no appraisal.




This statement seems to indicate that this plot of land is not the location where the funds are going to be applied, ie. business headquarters or some other location where the loan funds will be used, then the location of this collateral is not relevant. Dawnie makes a great point in a prior post regarding call code classification, and the fact that is may not even be considered a "small business loan". These are a couple of points to consider when looking at a loan like this.
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