Customer sells mobile homes, we make loan to customer for working capital and take mobile homes as collateral. Would you code this as a type 1 or 3?

I would code this as a type 03 as mobile homes are not residential real estate. (They are essentially vehicles.)

Thanks Bonnie. Sorry, still confused and I am talking about 2003 submission. Note: our loan is to the MH vendor, not the customer buying the MH; and our collateral is dozens of MHs and we have them floor planned.

If the MHs are "essentially vehicles" (in my mind, they are inventory) then why would it be type 3? Isn't type 3 for small business loans that are not reported on the LAR, but rather are held aside to be included in our next CRA exam?

I'm thinking that if the MHs are "homes", report as type 3; but if they are "inventory", report as type 1.

Thank goodness I only have app. 600 CRA loans in the data base.

My bad - I MEANT to type (bad keyboard!) I would code these as a Type 01 because it's not real estate. I agree that viewing them as inventory (or inventory for vehicles) is how to approach this.

Can you tell I just got my submissions done and now my brain has turned into melted jello?

Okay - page 125 of the Call Report Instructions give instructions on what is to be considered as a business loan:

Include loans of the types listed below as commercial and industrial loans. These descriptions may overlap and are not all inclusive.

.......

(9) Dealer flooring or floor-plan loans.

So there you are - Type 01 if the amount is $1Million or less.

Thanks Bonnie, mush? jello? I know what you mean. Submitting today. Then it will be margarita time---and not the virtual kind.

Thanks also for the call report info. We are planning to do a lot more work on understanding the call report and how it interfaces with CRA. Those "not, not" statements give me fits though. You can read something that sounds like do not submit any CRA loans for which you have any real estate as collateral and then in other places you do submit type 1 with real property (hotels, offices, etc.) and type 3 for ALL residences. Then I saw somewhere that if the residence is "abundance of caution" and is not the primary collateral, you can submit as type 1!!!???

Hence the statement, more art than science.

Thanks again for your help and congrats on your early submission.

Good luck SoccerMom. I recommend this product to help with those icey drinks:

http://www.chefscatalog.com/store/catalog/prod.jhtml?itemId=cprod3810302&parentId=cat211001&masterId=cat000155&grandMasterId=cat000154&cmCat=&index=25&showCrumb=true

Or put it this way, its a lot better than putting the ice in a baggie, putting that between a towel, and then hammering the whole bundle. It's too tempting to take out job frustrations, and then you wind up with cracked tile on your sink!

Did I mention that I already killed my blender?

I really like a good frozen margarita; but in a pinch, I learned a new trick. I freeze my pre-mixed brand in a good plastic container that I can dip from. They get good and slushy, not hard, then I add a little of the liquid and a wedge of lime. This way you get the first 2 or 3 sips without brain freeze and then enjoy the slushy rest of it.

After all, why waste time cracking ice. Did I mention that I can do over rocks just as easily?

Would you base your regular CRA entries solely on certain Fed (call) Codes (3, 1B, 4A, 1E)? My confusion is the FC 9B. Would there ever be a loan correctly in that category that would also be a regular CRA loan (not CD)? Thank you.

While we are at it, does anyone have a CRA cheat sheet for the CRA codes? I would like to verify my notes.

For example: Type 1--small business, Type 2--small farm, Type 3--Other small business (1-4 as collateral) Not submitted, but held for CRA exam, Type 4............

Thanks,

I have this on Bankers Tools:

http://www.bankersonline.com/tools/Crainfo.dot

Way kewl!!! And I learned a new trick. All this time I have been going to the tools page and had never clicked on the Compliance Tools banner. I found some other tools not listed on the "tools" page.

I think our lenders would really like the way you have designed the form. Thanks,

Quote:

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Can you tell I just got my submissions done and now my brain has turned into melted jello?

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I actually emailed my examier with the STUPIDEST! question I've ever asked last week because my brain was such mush. He was kind...and didn't reply "What the hell are you thinking Dawn!" Perhaps he's seen this mush syndrome before

Hey Bonnie....on that little cheat sheet: We used to use that but the lenders were so confused we went to type codes and then the cheat sheet. If we only gave them the cheat sheet all loans below one million were type 1 cuz..."it's easier". They forgot all about things like PURPOSE!!!

Have you seen that?