Whether your company elected the 24-week (168 day) period or the 8-week (56 day) period now is the time to be thinking and preparing for the loan accounting and subsequent forgiveness reporting. PPP Loan Accounting By now most Companies should have recorded the loans on their financial statements. What’s next? In June 2020, the AICPA …
The President issued an emergency declaration in response to the coronavirus pandemic under the Stafford Act and subsequently approved major disaster declaration requests under Sec. 401(a) of the Stafford Act for all 50 states. Jurisdiction for the state of emergency, which took effect January 20, 2020, provides relief and assistance to businesses – including tax …
As you may already be well aware, every quarter, independent mortgage banks who do business with GSEs must submit a completed Mortgage Bankers’ Financial Reporting Form (MBFRF) via the online webMB portal. Failure to report on time doesn’t just lock a lender out of their webMB account, it could potentially mean suspension or disqualification of …
Expediting the Mortgage Bankers’ Financial Reporting Form Read More »
Within the myriad of rules and regulations FHA lenders must follow is notifying the FHA of a change to the information provided at approval, or a change that affects the lender’s FHA-approval status. One way they can do this is with a Notice of Material Event, which is submitted via LEAP. In our 30 years …
4 Reasons an FHA Lender may have to file a Notice of Material Event Read More »
The accounting department at FBC Mortgage, LLC (“FBC”) was trying to keep up with the rest of the company’s growth, however they had outgrown the legacy system that was implemented in 2011. Dissatisfaction came to a head when a system upgrade ended up shutting their department down for days. Even after the system was fixed, …
The past few weeks have certainly been interesting to say the least. Every department within a mortgage bank has been stretched like never before as lenders look to convert swollen pipelines, and deal with mounting forbearance requests all while shifting entire office bound workforces to remote. Before Covid-19 approached these shores, cloud migration was a …
Three Questions to Ask if You are Considering Migrating to the Cloud in 2020 Read More »
We were originally asked to write about the tax changes to employee business expenses under the Tax Cuts and Jobs Act of 2017 but we would be remiss to not provide an update on the tax law changes and the CARES Act due to the impact of COVID 19. With the growing uncertainty we are …
Having a proper month-end close process is imperative to providing clear and concise financials to executives. The efficiency needed doesn’t just come from utilizing the right technology, but also have a proper set of procedures for your team to follow. However, developing that process takes more than writing some task down on a sheet of …
When you look at the word “sustainable”, the first thing that may come to mind is your impact on the environment. But how does that definition change when you think about business sustainability? Many in today’s society would say that it is still rooted in the idea of leaving a better planet than the one …
Triple-Bottom Line: How to be a more sustainable business in 2020 Read More »
This past year has taught us a lot about ourselves. Some of us have been on our journey with Loan Vision since the beginning and some of us have just started. No matter what has come out way, one thing we can all agree on is that we have become closer as a team. We’ve …
