What's the next travelling adventure for each of you? I'm thinking I'd like to go see fireworks on the 4th (my favorite holiday) somewhere I've never been before. I've got some googling to do. Suggestions welcome.
What is the impetus in the marketplace for a busy banking season, Chuck? I'm curious.
Well, it's a lot to explain....not necessarily the marketplace, just our existing clients. The best way to explain is with BetterMost.
The fiscal year for a lot (about 95%) of our clients causes work for us in June.
Loans have a static maturity date. A loan that matures in 2015 will be paid off in 2015, and requires very little work on my part. A line of credit is active as long as the customer wants it. This means it's renewed every year, and renewal season starts mid May and ends mid July. When a line reaches maturity (6/30) the line will "lock" and the customer loses access to the funds, so there's a big crunch to get everything renewed by end of June. However, there are quite a number of steps to go through:
Let's say that BetterMost has a loan and line of credit with my bank. The guarantors on these facilities are Phillip, Clarissa, Paul, Meryl, and Chrissi:
I have to run an OFAC check on the name of the business (BetterMost) and all the guarantors, to determine they are not involved with possible criminal activity.
I have to run a check on BetterMost to determine there is no negative news about the company....bankruptcies, floods/fires, takeovers, things like that.
I have to run a credit check on each guarantor (Phillip, Clarissa, Paul, Meryl, and Chrissi) to find out the same information for them.
If the loan has real estate/property as collateral, I need to run flood checks to make sure the property is not in a flood zone and at risk to damage. If it is, I need to get a copy of their flood insurance to determine they have enough coverage for any damage, so that the bank doesn't suffer a loss.
I have to review their reporting requirements as stated in their loan documents. I need to make sure they've submitted their current taxes, financial statements, and any other financial reports they need to submit.
If all that is in order, the "deal" is submitted to our credit committee, for their review, to make sure everything is in place. Once they give me their approval, I can then order new documents. I contact the Documentation area, and have them prepare the necessary docs. When they're done, they're emailed to me, and I review them to make sure they're accurate. Correct names, addresses, interest rates, payment terms, and things like that. When that's done, they're given to the Relationship Manager, who takes them to the customer. Once the customer signs and returns the docs to me, I review again to make sure everything is signed properly, and then submit them to the Operations area. They are the ones who update the computer system, which can take up to 4 business days.
Once the system is updated, I then need to review what's on the computer system, to see if they did what they were supposed to. If not, I need to contact them to get them to make changes.
And then I get the next request and start over.
As all this is going on, I need to assist the customers with their daily activities (wires, transfers, advances, payments, check orders, copies of statements) and also work on setting up any new deals that I am given. Right now I have two or three new deals that I need to get documented and on the system, while doing all the stuff listed above.
Whew!
As for upcoming trips, I want to go to Indianapolis in August, and UK in November.
Topic: Cellar Scribblings (Read 9040225 times)