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<br />./ <br /> <br />,. <br /> <br />" <br /> <br />. <br /> <br />. <br /> <br />Policy for Dealing With FIP Loans <br />December 16, 1993 <br /> <br />2 <br /> <br />ACTION TAKEN BY THE CWCB BOARD: <br /> <br />1. Adopted a policy to allow any Borrower who currently has a Fixed Interest <br />Payment Loan (FIP) with the CWCB to prepay that loan at any time, provided that <br />the payoff amount will be the remaining principal balance from the amortization <br />schedule for a Fixed Interest Rate Loan (FIR) of the same original loan amount, <br />)nterest rate and term, and <br /> <br />2. Adopted a policy that when a FIP loan is prepaid, the difference between the <br />payoff amount (established in 1. above) and the remaining principal balance shown <br />on our books, be credited to the interest account for that loan, * <br /> <br />* (and requested that the AG's office confirm the legality of this policy, and the <br />reason for calling loan interest a "Service Charge" through 1985,) and <br /> <br />3. Required that the CWCB Staff perform a one time analysis of all FIP loans to <br />determine the status of interest and principal paid into the Construction Fund <br />account, had these loans been written as FIR loans. <br /> <br />Attachments <br />C:\wp51\20b.mar <br />