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#1531183 - 04/04/11 06:01 PM CRA Reporting
BNKO Offline
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Joined: Sep 2009
Posts: 213
Example: A loan was purchased on 1/22/10 in the amount of $300,000. The Bank modified this loan to extend the maturity date and change the interest rate on 6/15/10. New loan amount $171,000. The FFIEC software does not let us report the modification, since it has the same loan number as the purchased loan. What is the correct way to report these transactions? Should we combine the loan amounts to equal $471?

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CRA
#1531744 - 04/05/11 08:08 PM Re: CRA Reporting BNKO
bubs63 Offline
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bubs63
Joined: May 2003
Posts: 665
Highland Park IL
Was the loan at Maturity when it was modified? Was the $171,000 an increase to the origianl $300,000?
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Bubs-

"truth does not occur in the database" - Actual search result on a goverment website

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#1533030 - 04/07/11 08:54 PM Re: CRA Reporting bubs63
BNKO Offline
100 Club
Joined: Sep 2009
Posts: 213
Yes, the loan was at maturity. No, the $171,000 was not an increase. It was the remaining pricipal balance that was being extended. I've decided that this cannot be reported, since there was no new money extended.

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#1533068 - 04/07/11 09:21 PM Re: CRA Reporting BNKO
bubs63 Offline
Platinum Poster
bubs63
Joined: May 2003
Posts: 665
Highland Park IL
Since it was a purchased loan and you are renewing the loan you should just change the loan number by adding a code on the end to let you know what the loan is and book it as a renewal for $171,000. You are allowed one origination or renewal in a year.
_________________________
Bubs-

"truth does not occur in the database" - Actual search result on a goverment website

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