Original message from: SternS@ccuflorida.org
Nicole:
Try FoolProof Education systems at http://www.aboutfoolproof.com/. ('http://www.aboutfoolproof.com/.') It looks really good.
Sara T. Stern
Vice President of Marketing
Community Credit Union
1030 S U.S. Highway 1
Rockledge, FL* 32955
321.637.3135 (work)
321.690.2328 (main office)
321.698.9966 (cell)
sterns@ccuFlorida.org (email)
www.ccuFlorida.org (website)
Facebook at http://www.facebook.com/pages/Rockledge-FL/Community-Credit-Union/20080288284 ('http://www.facebook.com/pages/Rockledge-FL/Community-Credit-Union/20080288284')
YouTube at http://www.youtube.com/results?search_query=MyCCUTube&aq=f ('http://www.youtube.com/results?search_query=MyCCUTube&aq=f')
*Please consider the environment before printing this e-mail.
*
-----Original Message-----
From: bounce-6110075-12930264@list.cornell.edu [mailto:bounce-6110075-12930264@list.cornell.edu] On Behalf Of For more information digest
Sent: Friday, July 16, 2010 12:19 AM
To: communitydevelopmentbanking-l digest recipients
Subject: communitydevelopmentbanking-l digest: July 15, 2010
COMMUNITYDEVELOPMENTBANKING-L Digest for Thursday, July 15, 2010.
1. Comprehensive Financial Literacy Education for the entire family
2. Help with understanding liens
3. RE: Comprehensive Financial Literacy Education for the entire family
4. Re: Help with understanding liens
5. RE: Comprehensive Financial Literacy Education for the entire family
6. RE: Comprehensive Financial Literacy Education for the entire family
7. Share this job opportunity -Director of Lending at LEDC
8. Re: Help with understanding liens
9. RE: Comprehensive Financial Literacy Education for the entire family
10. RE: Comprehensive Financial Literacy Education for the entire family
11. RE: Help with understanding liens
----------------------------------------------------------------------
Subject: Comprehensive Financial Literacy Education for the entire family
From: "Nicole Ridley" <nridley@verizon.net>
Date: Wed, 14 Jul 2010 13:31:27 -0400
X-Message-Number: 1
I am looking for a financial literacy curriculum that is interactive for the
entire family; children and adults. Does anyone know if one exists? If so,
can you guide me to where I can access the materials? Thanks!
Nicole
----------------------------------------------------------------------
Subject: Help with understanding liens
From: "Emmert, Tim" <temmert@moorecountync.gov>
Date: Thu, 15 Jul 2010 06:42:40 -0400
X-Message-Number: 2
Hi everyone.
We are piloting a program in our county through which we invest in the rehab of an empty or vacant home in exchange for that home being used for the purposes of affordable rental housing. A lien will be placed on the home in the amount of the investment and will be forgiven after a period of time.
My question is this - how will that lien affect the credit, and the ability to obtain credit, of the property (home) owner? Does this have the same consequence as a tax lien? Or is this a mechanic's lien? Can lending institutions tell the difference?
Is there a source on the web that clarifies all this? I really don't want our property owner we've been working with to incur harm as the result of trying to help others!
Thank you!
Tim
----------------------------------------------------------------------
Subject: RE: Comprehensive Financial Literacy Education for the entire family
From: "Sulie Richardson" <Sulie.Richardson@desertschools.org>
Date: Thu, 15 Jul 2010 08:21:55 -0700
X-Message-Number: 3
Wells Fargo has a Hands on Banking Program for adults and children. It is computer base and very good.
www.handsonbanking.org<http://www.handsonbanking.org/> ('http://www.handsonbanking.org/>')
Sulie Richardson
Community Education Officer
* 602.335.4312 (C)602.695.9059
7 602.634.4312
* sulie.richardson@desertschools.org<mailto:sulie.richardson@desertschools.org>
<mailto:sulie.richardson@desertschools.org>
[cid:image001.jpg@01CB23F6.CEAC33B0]
________________________________
From: bounce-6107591-10457874@list.cornell.edu [mailto:bounce-6107591-10457874@list.cornell.edu] On Behalf Of Nicole Ridley
Sent: Wednesday, July 14, 2010 10:31 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Comprehensive Financial Literacy Education for the entire family
I am looking for a financial literacy curriculum that is interactive for the entire family; children and adults. Does anyone know if one exists? If so, can you guide me to where I can access the materials? Thanks!
Nicole
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
----------------------------------------------------------------------
Subject: Re: Help with understanding liens
From: ajloubert@aol.com
Date: Thu, 15 Jul 2010 12:26:49 -0400
X-Message-Number: 4
The lien is to serve the purpose of protecting the interest of the funding source whether or not there are any requirements for repayment. If there is no actual amortization that calls for regular payments, there is no need for the lien to be reported in the homeowner's credit file. The primary effect of the lien is to give rights of recapture if certain events occur during the period of time the lien is in place. Therefor, unless the homeowner seeks to refinance, sells the house before the lien is fully forgiven, or certain other events the funding source may be entitled to all or a portion of their funds returned.
Bottom line, the homeowner has a unique opportunity to acquire the property because of special funds, they should not have an entry in their credit file if there is no amortization, and there should be no effect on future attempts to obtain credit by the homeowner.
I hope this helps clarify your question.
Andrew Loubert
President
Community Reinvestment Solutions, Inc.
CRSArizona@aol.com
-----Original Message-----
From: Emmert, Tim <temmert@moorecountync.gov>
To: communitydevelopmentbanking-l@cornell.edu
Sent: Thu, Jul 15, 2010 3:42 am
Subject: Help with understanding liens
Hi everyone.
We are piloting a program in our county through which we invest in the rehab of an empty or vacant home in exchange for that home being used for the purposes of affordable rental housing. A lien will be placed on the home in the amount of the investment and will be forgiven after a period of time.
My question is this - how will that lien affect the credit, and the ability to obtain credit, of the property (home) owner? Does this have the same consequence as a tax lien? Or is this a mechanic's lien? Can lending institutions tell the difference?
Is there a source on the web that clarifies all this? I really don't want our property owner we've been working with to incur harm as the result of trying to help others!
Thank you!
Tim
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
----------------------------------------------------------------------
Subject: RE: Comprehensive Financial Literacy Education for the entire family
From: "Coronado, Adela G." <ACoronado@fdic.gov>
Date: Thu, 15 Jul 2010 09:27:14 -0700
X-Message-Number: 5
My name is Adela Coronado, Community Affairs Specialist with the Federal
Deposit Insurance Corporation in the San Francisco Regional Office.
I took the liberty to include with this message information from our
website to highlight the Money Smart features. Please feel free to
contact me at (415) 808-8106, if you would like to learn more about it,
or you could visit our website to learn who the contacts are in your
geographic area
http://www.fdic.gov/consumers/consumer/moneysmart/cao.html. ('http://www.fdic.gov/consumers/consumer/moneysmart/cao.html.')
The FDIC offers Money Smart, a free comprehensive financial education
curriculum designed to help individuals outside the financial mainstream
develop financial skills and positive banking relationships, and it does
not endorse any specific product or financial institution.
Additionally, the program has no copyright so it could be modified to
suit your needs. We just ask that if it is significantly modified, then
the FDIC logo needs to be removed.
In the instructor-led formats, Money Smart is available in English,
Spanish, and several other languages and well as in a version for 7th
graders to college freshmen entitled Money Smart for Young Adults.
Having gained the experience provided in a train-the-trainer workshop,
an individual would have a good foundation to begin teaching either the
adult or young adult instructor-led curriculum. There is no
accreditation or licensing requirement to teach Money Smart.
Money Smart for Adults is available in two versions: an instructor-led
version and a computer-based instruction (CBI) version. Both versions
consist of the same 10 modules.
The instructor-led version of Money Smart is for those who plan to teach
financial education to others in English, Spanish, Chinese, Hmong,
Korean, Vietnamese, or Russian. A version for the visually impaired is
also available.
Each of the 10 modules is structured in an identical manner and
includes:
* A comprehensive, fully scripted guide for instructors. The guide
includes everything necessary to start teaching the program, including
easy to follow cues, script, and interactive class exercises.
* Overheads, in Word and PowerPoint format.
* Take-home guide for participants.
Each module takes between 1-2 hours of classroom time to teach. The
modules may be taught in any order or combination.
The CBI version enables individuals to complete Money Smart at their own
pace on a computer in English or Spanish. The CBI
<http://www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html> ('http://www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html>') is
available online or can be ordered on CD-ROM.
The FDIC provides the Money Smart curriculum to interested parties free
of charge. A limited number of copies are available to each party;
however, the materials are easily reproduced and have no copyright
restrictions.
FDIC staff <http://www.fdic.gov/consumers/consumer/moneysmart/cao.html> ('http://www.fdic.gov/consumers/consumer/moneysmart/cao.html>')
is available to provide technical assistance and to help facilitate
partnerships among interested parties.
The FDIC Money Smart curriculum has been revised and improved since its
original release: read more
<http://www.fdic.gov/consumers/consumer/moneysmart/curriculum.html> ('http://www.fdic.gov/consumers/consumer/moneysmart/curriculum.html>')
about the revised curriculum.
The 10 Money Smart Training Modules
Bank on It
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#boi>
an introduction to bank services
Borrowing Basics
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#bb>
an introduction to credit
Check It Out
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#cio>
how to choose and keep a checking account
Money Matters
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#mm>
how to keep track of your money
Pay Yourself First
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#pyf>
why you should save, save, save
Keep It Safe
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#kis>
your rights as a consumer
To Your Credit
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#tyc>
how your credit history will affect your credit future
Charge It Right
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#cir>
how to make a credit card work for you
Loan To Own
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#lto>
know what you're borrowing before you buy
Your Own Home
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#yoh>
what home ownership is all about
http://www.fdic.gov/consumers/consumer/moneysmart/index.html ('http://www.fdic.gov/consumers/consumer/moneysmart/index.html')
Money Smart for Young Adults
The FDIC's Money Smart for Young Adults curriculum helps youth ages
12-20 learn the basics of handling their money and finances, including
how to create positive relationships with financial institutions.
Equipping young people in their formative years with the basics of
financial education can give them the knowledge, skills, and confidence
they need to manage their finances once they enter the real world.
Money Smart for Young Adults consists of eight instructor-led modules.
Each module includes a fully scripted instructor guide, participant
guide, and overhead slides. The materials also include an optional
computer-based scenario that allows students to complete realistic
exercises based on each module. The curriculum is distributed on CD:
click here to order it <https://vcart.velocitypayment.com/fdic/> .
Money Smart for Young Adults is:
* Free;
* Aligned with educational standards for all 50 states, the
District of Columbia, Guam and the Virgin Islands, as well as Jump$tart
financial education standards and National Council on Economic Education
economic education standards;
* Based on the award-winning Money Smart adult financial education
curriculum that can bring proven results in the money management
practices and financial confidence of graduates;
* Offers a completely customizable curriculum comprised of modules
that can be taught on a stand-alone basis;
* Not protected by copyright restrictions; and
* A source of unbiased information that is not "branded" with
corporate logos or otherwise affiliated with any commercial interest.
Modules range from 90-110 minutes if taught in their entirety. However,
the content is layered so that it can be taught in two (or more parts).
To help an instructor tailor the modules to the needs of the audience,
the front of each module includes a matrix or Layering Table to
delineate the module's components. The matrix will assist an instructor
in presenting material responsive to the needs of your target audience
within the available time frame.
A description of each of the eight modules follows:
Bank on It
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#boi>
an introduction to bank services
Check It Out
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#cio>
how to choose and keep a checking account
Setting Financial Goals
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#setting>
Money Management
Pay Yourself First
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#pyf>
why you should save, save, save
Borrowing Basics
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#bb>
an introduction to credit
Charge It Right
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#cir>
how to make a credit card work for you
Paying for College and Cars
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#paying>
Installment Loans (i.e. car and student)
A Roof Over Your Head
<http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html ('http://www.fdic.gov/consumers/consumer/moneysmart/overview_program.html')
#roof>
informed decisions on apartments and mortgages
Potential Uses of Money Smart for Young Adults
The curriculum can be used by individuals who are seasoned, professional
educators as well as informal educators (such as bank staff visiting a
classroom). As with the adult curriculum, the materials are fully
scripted so someone can pick up the instructor guides and begin teaching
without having previous teaching experience or extensive subject matter
expertise. In short, any instructor can easily pull quality, objective,
instructor-led content from Money Smart for Young Adults to integrate
into a class on subjects ranging from math or English. Uses for Money
Smart for Young Adults include as:
* Part of a required course;
* Optional material for visiting/guest teachers;
* A supplement to material in finance, economics, social studies,
math, or business courses;
* An after-school elective;
* A school group or club project; or as
* A workshop offered by organizations serving youth.
Additional Information on the Computer-Based Scenarios
An optional computer-based interactive scenario is available for each
module. Each of the scenarios takes the students through financial
decisions that face young adults. As students complete each scenario,
they are evaluating current knowledge or knowledge learned through the
instructional materials and classroom activities. There are no right or
wrong answers; students choose the best answer and then see how that
decision has affected the characters' financial status. Each scenario
takes approximately 10 minutes to complete. The files for the scenarios
are included on the instructor-led CD for teachers to download to a
network drive or to individual classroom computers.
Need for Youth Financial Education
Financial education enables young people to start positive habits early
such as saving money and budgeting, as well as avoid making "wrong"
decisions that could result in years of financial pain, such as
incurring an unmanageable level of credit card debt. Demand has grown
for a version of Money Smart to combat the lack of financial literacy
skills among youth. Surveys indicate that a minority of surveyed teens
understand how credit card interest and fees work, how to balance a
checkbook, or know how to check the accuracy of a bank statement.
Additionally, studies indicate that a sizeable majority of college
students have at least one credit card, as well as have incurred several
thousand dollars in credit card debt while in school. Fortunately, an
opportunity exists to deliver critical information to a largely
receptive audience, as a recent survey indicated that a large majority
of surveyed teens are eager to learn more about how to manage and handle
their money.
The curriculum is distributed on CD: click here to order it
<https://vcart.velocitypayment.com/fdic/> .
For questions or comments about the content or operation of the Money
Smart for Young Adults CDs, please email communityaffairs@fdic.gov . For
information on using the curriculum in your community, please contact
your FDIC Community Affairs Officer
<http://www.fdic.gov/consumers/consumer/moneysmart/cao.html> ('http://www.fdic.gov/consumers/consumer/moneysmart/cao.html>') .
Additionally, there is a Money Smart Podcast Network (MP3)
The Money Smart Podcast Network is the portable audio (MP3) version of
Money Smart and designed to accommodate financial learning for
individuals "on the go." There are no required prerequisites for the
audio version. With verbal descriptions and topic based scenarios, the
audio version utilizes detailed dialogue to deliver basic financial
information. The segments are short and tailored for easy listening.
These segments are grouped into four general categories.
* General
* Checking & Savings
* Budget & Savings
* Credit
The audio files are designed to work with virtually all audio (MP3)
players. The following link allows you to access the Money Smart Podcast
Network online.
Enter Portable Audio Version Online <http://74.205.121.32/index.html> ('http://74.205.121.32/index.html>')
(hosted by RackSpace.com)
If your computer does not meet the minimum requirements
<http://www.fdic.gov/consumers/consumer/moneysmart/audio/requirements.ht ('http://www.fdic.gov/consumers/consumer/moneysmart/audio/requirements.ht')
ml> or you have difficulty accessing the online web version, you may
Order the Portable Audio (MP3) Version of Money Smart on CD-ROM
<https://vcart.velocitypayment.com/fdic/> .
The "For Instructors" page of the Money Smart Podcast Network can be
accessed and used as a resource in combination with instructor-led
classes.
________________________________
From: bounce-6108638-11712583@list.cornell.edu
[mailto:bounce-6108638-11712583@list.cornell.edu] On Behalf Of Sulie
Richardson
Sent: Thursday, July 15, 2010 8:22 AM
To: 'Nicole Ridley'; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Comprehensive Financial Literacy Education for the entire
family
Wells Fargo has a Hands on Banking Program for adults and children. It
is computer base and very good.
www.handsonbanking.org <http://www.handsonbanking.org/> ('http://www.handsonbanking.org/>')
Sulie Richardson
Community Education Officer
* 602.335.4312 (C)602.695.9059
7 602.634.4312
* sulie.richardson@desertschools.org
<mailto:sulie.richardson@desertschools.org>
<mailto:sulie.richardson@desertschools.org>
________________________________
From: bounce-6107591-10457874@list.cornell.edu
[mailto:bounce-6107591-10457874@list.cornell.edu] On Behalf Of Nicole
Ridley
Sent: Wednesday, July 14, 2010 10:31 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Comprehensive Financial Literacy Education for the entire
family
I am looking for a financial literacy curriculum that is interactive for
the entire family; children and adults. Does anyone know if one exists?
If so, can you guide me to where I can access the materials? Thanks!
Nicole
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
----------------------------------------------------------------------
Subject: RE: Comprehensive Financial Literacy Education for the entire family
From: "Chase, Holly" <hollychase@state.pa.us>
Date: Thu, 15 Jul 2010 14:06:53 -0400
X-Message-Number: 6
Nicole,
The Pennsylvania Office of Financial Education and the Penn State Cooperative Extension, funded by the Heinz Endowments, created the family financial education program, Right on the Money: Talking Dollars and Sense with Parents and Kids. The curriculum uses children's books with a money theme to help introduce kids to basic money concepts and provides parents/guardians/caregivers with tools to help positively influence their children's attitude about money. The program also helps parents to learn or reinforce their own money knowledge and skills needed to manage money successfully.
Right on the Money targets low-to-moderate income families with children ages 5-7 and is ideal for any community setting which involves families, including libraries, social service centers, houses of worship, etc. The program is a series of four, 90 minute sessions which offers the opportunity for family learning, as well as, separate lessons for parents and kids. The program requires a minimum of two adults to implement-one to facilitate the parent's lessons and one to lead the children's lesson.
The curriculum is comprehensive, including planning guides, suggested scripts, presentation slides, participant handouts, as well as, evaluation tools and customizable marketing materials and participant certificates. Right on the Money is free and can be downloaded directly for our office's website:
Your Money's Best Friend<http://www.moneysbestfriend.com/default.aspx?id=254> ('http://www.moneysbestfriend.com/default.aspx?id=254>')
I would be more than happy to discuss the program in more detail.
Holly A. Chase, CFP(r) | Financial Education Specialist
Pennsylvania Office of Financial Education
[cid:image001.jpg@01CB2426.D7320D90]
17 N. Second Street, 13th Fl. | Harrisburg, PA 17101
Phone: 717-783-2498 | Fax: 717-214-0808
hollychase@state.pa.us<mailto:hollychase@state.pa.us> | www.moneysbestfriend.com<http://www.moneysbestfriend.com/> ('http://www.moneysbestfriend.com/>')
**New on our website: Resources for Educators<http://www.moneysbestfriend.com/default.aspx?id=109>** ('http://www.moneysbestfriend.com/default.aspx?id=109>**')
From: bounce-6107591-9340956@list.cornell.edu [mailto:bounce-6107591-9340956@list.cornell.edu] On Behalf Of Nicole Ridley
Sent: Wednesday, July 14, 2010 1:31 PM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Comprehensive Financial Literacy Education for the entire family
I am looking for a financial literacy curriculum that is interactive for the entire family; children and adults. Does anyone know if one exists? If so, can you guide me to where I can access the materials? Thanks!
Nicole
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
----------------------------------------------------------------------
Subject: Share this job opportunity -Director of Lending at LEDC
From: "Ivania Teran" <iteran@ledcmetro.org>
Date: Thu, 15 Jul 2010 15:17:12 -0400
X-Message-Number: 7
Director of Lending/ Microfinance Loan Program
The Latino Economic Development Corporation (LEDC) is a non-profit, tax-exempt (501(c) (3) status) community development corporation founded in 1991. It is certified as a Community Development Financial Institution (CDFI). LEDC's mission is to improve the wealth building capacity of low to moderate-income Latinos and other underserved communities in the Washington DC metropolitan area. It achieves its mission through small business development and lending, homeownership counseling and affordable housing preservation. LEDC's loan portfolio includes loans in DC, Maryland and Virginia; and includes borrowers from a wide variety of ethnic and cultural backgrounds, and of business sophistication. LEDC's main office is in the Adams-Morgan neighborhood of Washington DC, and has a branch office in Wheaton, MD.
Small Business Lending Program Background
One of LEDC's most important services to small businesses is our micro-loan program. LEDC currently lends up to $50,000 for small or emerging businesses unable to obtain financing from mainstream banks. The goal of the program is to provide first step financing to promising entrepreneurs, and we ultimately seek to "graduate" them to larger loans with traditional lenders, thereby increasing their capacity to create wealth for their owners and economic opportunity for the communities they serve. Many businesses in low-income parts of the city are unable to grow for lack of capital. We provide financing to such businesses, helping cleaning companies, carry-out restaurants, hair salons, and the like to start or grow their businesses.
Position Background
Since FY2006, the amount of loans disbursed has increased from $79,000 to $654,000 in FY2009. Currently, the program has a portfolio outstanding of over $1.1 million dollars. As such, the rapid growth of the lending program requires experienced leadership to guide staff, share best practices, develop new products, and continuously improve the services that we offer to clients, with a vision of what the loan program can achieve for LEDC and its clients over the next five years. Specifically, the LEDC Director of Lending/ Microfinance Loan Program will aim to achieve the following objectives:
* Effectively manage portfolio risk (examination of underwriting and credit decision practices, loan concentration issues, pricing and reserve policies)
* Further develop LEDC pre and post loan technical assistance for lending clients
* Encourage innovation within the lending and business departments
* Effectively track and demonstrate positive financial and social indicators
* Develop annual and long term program and financial goals and objectives within the corporate mission and vision of LEDC.
Responsibilities
To meet these objectives, the Director of Lending/ Microfinance Loan Program will manage the following responsibilities:
* Manage loan program budget and financial position, regularly evaluate micro-loan portfolio, and ensure loan program compliance with stakeholder requirements through coordination with Director of Finance.
* Develop and manage regional loan program strategy, work with LEDC development staff to continually build sources of loan capital, improve internal processes and procedures.
* Monitor and evaluate portfolio performance in terms of financial sustainability and social impact and communicate the impacts of LEDC loans to other LEDC Directors and external stakeholders
* Develop new loan products, tools and processes to improve quality and efficiency of LEDC services to clients, and train staff members to use these tools
* Manage staff of loan officers, portfolio administrator, outreach manager, and portfolio manager-as well as occasional projects performed by consultants and interns
* Review all loans before going to credit committee (>10K) or to the Executive Director (<10K), and coach and train staff on loan practices as program expands, sign-off on credit recommendations.
* Cultivate relationships with commercials banks, credit unions and non-profit partners
* Coordinate with Director of Small Business Program to promote flow of information and learning across all business programs (technical assistance, training, and façade)
* Coordinate with Director of Communications for press and advocacy related to microenterprise development and micro-lending
* Devise strategies for incentives for balancing loan production and with loan performance.
* Direct compliance activity and reporting to investors.
Qualifications
* MBA or equivalent high level degree in accounting or finance
* At least three years of micro-lending or business lending experience, including underwriting and loan/portfolio management or equivalent experience in finance. Two years of management experience.
* Strong grasp of domestic microfinance and community economic development best practices, tools, and operations
* Significant loan administration and underwriting experience preferred
* Hands on experience working with small business owners
* Bilingual (English/Spanish), and culturally sensitive
* Demonstrated commitment to working with low wealth community
Salary
* Salary is commensurate with experience, plus full benefits and generous vacation.
* Exempt position.
Start-date
* Looking to fill this position this summer.
LEDC is an affirmative action, equal opportunity employer; women and people of color are strongly encouraged to apply.
To apply, send cover letter and resume to Ivania Terán at iteran@ledcmetro.org. No phone calls please.
To learn more about LEDC visit www.ledcmetro.org <http://www.ledcmetro.org/> ('http://www.ledcmetro.org/>') .
Ivania Terán
Executive Assistant
Latino Economic Development Corporation
DC Office: 2316 18th Street NW Washington, DC 20009
202-540-7435 direct | 202-540-7370 fax
www.ledcmetro.org <http://www.ledcmetro.org/> ('http://www.ledcmetro.org/>') | 866-977-LEDC
<http://ledcmetro.org/en/component/content/article/39-home/127-census-2010-information> ('http://ledcmetro.org/en/component/content/article/39-home/127-census-2010-information>') <http://ledcmetro.org/en/component/content/article/39-home/127-census-2010-information> ('http://ledcmetro.org/en/component/content/article/39-home/127-census-2010-information>')
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Subject: Re: Help with understanding liens
From: jrwells2@comcast.net
Date: Thu, 15 Jul 2010 19:33:30 +0000 (UTC)
X-Message-Number: 8
Tim, you might want to explore a restrictive covenant in the deed rather than filing a lien.
Jim Wells, President
Wellspring Consulting International, Inc.
Expanding Access to Financial Services for Transaction-Based Consumers
3100 NE 49th Street #603, Ft. Lauderdale, FL 33308 USA
+1.954.202.2060 jrwells@WellspringConsultingIntl.com
LinkedIn Profile: http://www.linkedin.com/in/jimwells5 ('http://www.linkedin.com/in/jimwells5')
----- Original Message -----
From: ajloubert@aol.com
To: temmert@moorecountync.gov, communitydevelopmentbanking-l@cornell.edu
Sent: Thursday, July 15, 2010 12:26:49 PM
Subject: Re: Help with understanding liens
The lien is to serve the purpose of protecting the interest of the funding source whether or not there are any requirements for repayment. If there is no actual amortization that calls for regular payments, there is no need for the lien to be reported in the homeowner's credit file. The primary effect of the lien is to give rights of recapture if certain events occur during the period of time the lien is in place. Therefor, unless the homeowner seeks to refinance, sells the house before the lien is fully forgiven, or certain other events the funding source may be entitled to all or a portion of their funds returned.
Bottom line, the homeowner has a unique opportunity to acquire the property because of special funds, they should not have an entry in their credit file if there is no amortization, and there should be no effect on future attempts to obtain credit by the homeowner.
I hope this helps clarify your question.
Andrew Loubert
President
Community Reinvestment Solutions, Inc.
CRSArizona@aol.com
-----Original Message-----
From: Emmert, Tim <temmert@moorecountync.gov>
To: communitydevelopmentbanking-l@cornell.edu
Sent: Thu, Jul 15, 2010 3:42 am
Subject: Help with understanding liens
Hi everyone.
We are piloting a program in our county through which we invest in the rehab of an empty or vacant home in exchange for that home being used for the purposes of affordable rental housing. A lien will be placed on the home in the amount of the investment and will be forgiven after a period of time.
My question is this - how will that lien affect the credit, and the ability to obtain credit, of the property (home) owner? Does this have the same consequence as a tax lien? Or is this a mechanic's lien? Can lending institutions tell the difference?
Is there a source on the web that clarifies all this? I really don't want our property owner we've been working with to incur harm as the result of trying to help others!
Thank you!
Tim
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
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Subject: RE: Comprehensive Financial Literacy Education for the entire family
From: "Jones, Jermaine" <jejones@miamigov.com>
Date: Thu, 15 Jul 2010 13:29:24 -0400
X-Message-Number: 9
Operation Hope, Inc (www.operationhope.org<http://www.operationhope.org>) ('http://www.operationhope.org>)') has a Banking On Our Future (BOOF) financial literacy curriculum for children, teens and young adults; and a Credit and Money Management and Banking 101 curriculum for adults. The BOOF curriculum is has been/currently being used in the New York City Public School, Los Angeles Unified School District, Chicago Public School and the Miami-Dade County Public School System; the four (4) largest school districts in America.
The Credit and Money Management and Banking 101 curriculum is being utilized in the underserved communities in California (Oakland, Los Angeles, Maywood, Long Beach, South Gate),
New York ( Brooklyn), Washington D.C. The curriculum is also being used by the City of Miami for their financial literacy initiative 'Access HOPE'.
If you have any questions feel free to contact me via email jejones@miamigov.com<mailto:jejones@miamigov.com> . Have a nice day!
Jermaine A. Jones, M.B.A., M.S.
Manager
Financial Literacy Program
City of Miami
HOPE Banking Center Network
Operation HOPE, Inc.
444 SW 2nd Avenue: 3rd Floor
Miami, FL 33130
(O) 305.416.1621
(C) 407.312.9732
(F) 305.416.2156
www.operationhope.org
www.miamigov.com
[cid:image006.jpg@01CB2421.BD7911A0] [cid:image007.png@01CB2421.BD7911A0]
From: bounce-6108638-12775706@list.cornell.edu [mailto:bounce-6108638-12775706@list.cornell.edu] On Behalf Of Sulie Richardson
Sent: Thursday, July 15, 2010 11:22 AM
To: 'Nicole Ridley'; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Comprehensive Financial Literacy Education for the entire family
Wells Fargo has a Hands on Banking Program for adults and children. It is computer base and very good.
www.handsonbanking.org<http://www.handsonbanking.org/> ('http://www.handsonbanking.org/>')
Sulie Richardson
Community Education Officer
* 602.335.4312 (C)602.695.9059
7 602.634.4312
* sulie.richardson@desertschools.org<mailto:sulie.richardson@desertschools.org>
[cid:image001.jpg@01CB241B.A7004200]
________________________________
From: bounce-6107591-10457874@list.cornell.edu [mailto:bounce-6107591-10457874@list.cornell.edu] On Behalf Of Nicole Ridley
Sent: Wednesday, July 14, 2010 10:31 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Comprehensive Financial Literacy Education for the entire family
I am looking for a financial literacy curriculum that is interactive for the entire family; children and adults. Does anyone know if one exists? If so, can you guide me to where I can access the materials? Thanks!
Nicole
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
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Subject: RE: Comprehensive Financial Literacy Education for the entire family
From: Fred Becker <fbecker@nafcu.org>
Date: Thu, 15 Jul 2010 08:27:54 -0400
X-Message-Number: 10
Good Morning Nicole - NAFCU has developed a financial education curriculum - versions are in English and Spanish - you can find it at:
http://www.nafcu.org/Content/NavigationMenu/Events_Education/Financial_Education_Curriculum_for_Credit_Unions/Financial_Education_Curriculum_for_Credit_Unions.h tm ('http://www.nafcu.org/Content/NavigationMenu/Events_Education/Financial_Education_Curriculum_for_Credit_Unions/Financial_Education_Curriculum_for_Credit_Unions.h tm')
Hope this helps,
Fred R. Becker, Jr.
President/CEO
National Association of Federal Credit Unions
________________________________
From: bounce-6107591-5282177@list.cornell.edu [mailto:bounce-6107591-5282177@list.cornell.edu] On Behalf Of Nicole Ridley
Sent: Wednesday, July 14, 2010 1:31 PM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Comprehensive Financial Literacy Education for the entire family
I am looking for a financial literacy curriculum that is interactive for the entire family; children and adults. Does anyone know if one exists? If so, can you guide me to where I can access the materials? Thanks!
Nicole
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
----------------------------------------------------------------------
Subject: RE: Help with understanding liens
From: Justin Waiser <JWaiser@nyhomes.org>
Date: Thu, 15 Jul 2010 15:47:35 -0400
X-Message-Number: 11
I would partly agree with the previous response, the exception being that there are certain lenders who will recognize the recapture obligation as more of a firm obligation, as opposed to a pure recapture. This will often happen when you have multiple subsidy providers lending funds and the private lender is concerned about over-leveraging the homebuyer.
One tool that we have used when the homebuyer's permanent lender rejected the pure recapture obligation was to bifurcate the loan into a secured and unsecured loan. The secured portion would be for a nominal amount and would be secured by a mortgage in the same amount. The unsecured portion would be for the balance of the loan and would not be secured by a mortgage recorded on title.
We have also used restrictive covenants in certain instances but this will also depend on whether there are any other subsidy providers out there, typically municipalities lending HOME funds.
A mechanic's lien is a completely separate and distinct concept. I hope this helps.
**********************
Justin Waiser
Assistant Counsel
NY State Housing Finance Agency
641 Lexington Avenue
New York, New York 10022
(p): (212) 872-0362
(f): (917) 274-0362
(e): jwaiser@nyhomes.org
From: bounce-6109296-11626094@list.cornell.edu [mailto:bounce-6109296-11626094@list.cornell.edu] On Behalf Of ajloubert@aol.com
Sent: Thursday, July 15, 2010 12:27 PM
To: temmert@moorecountync.gov; communitydevelopmentbanking-l@cornell.edu
Subject: Re: Help with understanding liens
The lien is to serve the purpose of protecting the interest of the funding source whether or not there are any requirements for repayment. If there is no actual amortization that calls for regular payments, there is no need for the lien to be reported in the homeowner's credit file. The primary effect of the lien is to give rights of recapture if certain events occur during the period of time the lien is in place. Therefor, unless the homeowner seeks to refinance, sells the house before the lien is fully forgiven, or certain other events the funding source may be entitled to all or a portion of their funds returned.
Bottom line, the homeowner has a unique opportunity to acquire the property because of special funds, they should not have an entry in their credit file if there is no amortization, and there should be no effect on future attempts to obtain credit by the homeowner.
I hope this helps clarify your question.
Andrew Loubert
President
Community Reinvestment Solutions, Inc.
CRSArizona@aol.com
-----Original Message-----
From: Emmert, Tim <temmert@moorecountync.gov>
To: communitydevelopmentbanking-l@cornell.edu
Sent: Thu, Jul 15, 2010 3:42 am
Subject: Help with understanding liens
Hi everyone.
We are piloting a program in our county through which we invest in the rehab of an empty or vacant home in exchange for that home being used for the purposes of affordable rental housing. A lien will be placed on the home in the amount of the investment and will be forgiven after a period of time.
My question is this - how will that lien affect the credit, and the ability to obtain credit, of the property (home) owner? Does this have the same consequence as a tax lien? Or is this a mechanic's lien? Can lending institutions tell the difference?
Is there a source on the web that clarifies all this? I really don't want our property owner we've been working with to incur harm as the result of trying to help others!
Thank you!
Tim
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
---
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