See Fire First! TRINIDAD AND TOBAGO FIRE SERVICE CREDIT UNION CO-OPERATIVE SOCIETY LIMITED LOAN POLICY

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1 See Fire First! TRINIDAD AND TOBAGO FIRE SERVICE CREDIT UNION CO-OPERATIVE SOCIETY LIMITED We are a financial organization, which provides excellent service in meeting the financial, social and educational needs of our members while maintaining long term financial stability and member s confidence. LOAN POLICY SAVE MONTHLY INVEST WISELY BORROW PRUDENTLY REPAY PROMPTLY AND GROW WITH US 1

2 TABLE OF CONTENTS Contents INTRODUCTION... 4 DEFINITIONS... 4 GENERAL PROVISIONS... 5 CREDIT COMMITTEE... 5 ROLE OF THE MANAGER/ LOAN OFFICER... 6 CREDIT APPROVAL LIMITS... 6 LOANS TO CREDIT UNION OFFICERS... 7 LOANS TO STAFF... 7 LOAN TABLE... 7 LOAN APPLICATION... 7 INTERVIEWS... 8 ELIGIBILITY FOR LOAN... 8 REPAYMENT PERIOD... 8 LIMIT OF LOAN... 8 RATE OF INTEREST... 9 RE-FINANCING... 9 RE-SCHEDULING... 9 ADDITIONAL LOANS TO MEMBERS... 9 WAIVER... 9 BRIDGING... 9 SURCHARGES FOR LATE PAYMENT... 9 FEES INSTANT DEPOSITS PRODUCTIVE / INVESTMENT LOANS DEMAND LOANS SECURITIES PAYMENTS LOAN TERMS

3 NOTICE OF DENIAL OR CHANGE REPAYMENT DIFFICULTIES EXISTING PROPERTY REPAIRS, RENOVATIONS, EXTENSIONS RENTAL LANDS CHATTEL PROPERTY APPLYING FOR A LOAN CONFIDENTIALITY ETHICS POLICY AMENDMENTS

4 LOAN POLICY OF THE FIRE SERVICE CREDIT UNION CO-OPERATIVE SOCIETY LIMITED INTRODUCTION This credit policy provides the necessary rules and guidelines to ensure that the granting of loans and the administration of the loan portfolio are managed in order to achieve the set objectives of the Credit Union in addition to the following: 1. To provide a reliable source of funds to members. 2. To protect member savings and deposits and promote their interest. 3. To ensure that loans are adequately secured. 4. To ensure that investment in loans are of high quality. 5. To ensure equity of treatment in the processing and granting of loans. DEFINITIONS For the purpose of this document the terms listed hereunder shall, unless indicated otherwise, be interpreted as follows: Net Income Stocks And Shares Units Mortgage Loans Character Loan Waiver Provident Loan Productive Loans Demand Loans Secured Loans Income after all deductions as evidenced by salary slip or statement of the member. Equity in approved companies, and public companies listed on the Trinidad and Tobago Stock Exchange. Securities held with the Trinidad and Tobago Unit Trust Corporation. Loans granted for the purpose of purchase of land, land and buildings, construction of houses, or down payments required in respect of mortgage offered by recognized financial institutions. That portion of a loan which is in excess of a member s shareholding and not otherwise secured. The suspension of installment/s on a loan. A loan granted for the purpose of enhancing a member s standard of living including housing, household items, education, health, motor vehicles, vacation, debt consolidation etc. A loan granted for agriculture, livestock, industry, commerce, service industry, small and micro enterprise etc. A loan of which repayment terms and duration are fixed at the beginning of the agreement. These are loans that are fully secured by collateral. 4

5 GENERAL PROVISIONS It shall be the policy of the Fire Service Credit Union to grant loans for provident and productive purposes to eligible members of the Credit Union, based primarily on the character and integrity of the individual and secured by whatever security is deemed necessary under the co-operative Legislation Regulations, the Society s bye-laws, as well as the Credit Union s Credit Policy. 1. All loans shall be granted within the limits and restrictions of the Co-operative Societies Act and accompanying Regulations. 2. The Board of Directors will be responsible for formulating, reviewing and adjusting the Credit Policy, which is subject to change in whole or in part from time to time by said Board, in the interest of the membership. Any actions taken by management, officers and/or committees resulting from such policy shall only take place with the expressed delegation of the Board of Directors. 3. The Credit Committee is charged with the responsibility of granting loans to members within the loan policies established by the Board of Directors. CREDIT COMMITTEE The Credit Committee will comprise five (5) members who will be elected at the Annual General Meeting. They will meet at least once per week to process loan applications and perform other related duties. The Committee will be responsible for: 1. Setting the loan repayment terms, loan amounts, and distribution terms of each loan. 2. Approving and disapproving loan applications. 3. Conducting loan interviews and site visits. 4. Acting on all members request for loans. 5. Ensuring that all loan decisions are within the boundaries of the laws and the policies established by the Board of Directors. 6. Monitoring and assisting in the collection of loans. 7. Promoting thrift. 8. Encouraging the wise use of credit. 9. Promoting and providing financial counselling as needed. 10. Using the consideration of character, capital, condition (economic or otherwise) collateral capability and capacity to repay. 11. Granting sound loans. 12. Ensuring that no member or category of member is discriminated against. 13. Delegating authority to the Manager and/or Loan Officer. 14. Serving as a forum of appeal for applicants denied by the delegated authority. 5

6 The Credit Committee shall report to the Board of Directors each month on the performance of the Loan Portfolio. The Committee shall also prepare an annual report that will be submitted to the Annual General Meeting. ROLE OF THE MANAGER/ LOAN OFFICER The Credit Committee may delegate The Manager or Loan Officer the authority to approve loans. The Manager or Loans Officer will be responsible for the performance of the following duties: 1. Acceptance of loan application. 2. Verify loan application information. 3. Access and check credit bureau reports. 4. Conduct loan interviews. 5. Analyze loan application and credit information using the six C s of credit appraisal Character, Capital, Conditions (economic and otherwise), Collateral, Capability, and Capacity to Replay (cash flow). 6. Make loan decisions. 7. Approve loans up to limits approved by the Board of Directors, on advice of the Credit Committee. 8. Inform members of loan decisions. 9. Calculate loan payments and set loan terms. 10. Determine collateral values. 11. Perfect liens on collateral. 12. Prepare loan documents. 13. Obtain member s signature on all documents. 14. Disburse loan cheques. 15. Monitor all loans and collect problem loans. 16. Approve emergency loans outside the normal jurisdiction subject to sanction by the Credit Committee. CREDIT APPROVAL LIMITS The Credit Committee shall be authorized to approve loans to a maximum of fifty thousand dollars ($ ). Request for loans in excess of the above shall be directed to the Board of Directors for waiver of policy and directive as necessary. The Manager shall be authorized to approve refinance loans up to seven thousand five hundred dollars ($ ) in situations which warrant his/her action. Apart from the above, the Manager may approve loans within the borrower s share capital providing that all other policy requirements are met. 6

7 The Loans Officer shall be authorized to approve loans as determined from time to time by the Board of Directors on the advice of the Credit Committee. LOANS TO CREDIT UNION OFFICERS Loans to Credit Union Officials in excess of their holdings must be approved by 2/3 of the Board of Directors, Supervisory Committee and Credit Committee sitting together, without the applicant, or by referendum (round robin). In which case every officer (except the applicant) must sign the approval. LOANS TO STAFF All loans to staff who are members shall conform to the same regulations, which obtain for the general membership. LOAN TABLE Loans may be granted based on holdings as follows: Up to $ Two to One From $ $ $ In excess to shares Above $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Over $ $ Notwithstanding the above a member may obtain a loan in excess of the quoted figures if his situation warrants it, the society can afford it and he provides security for the additional amount. The Credit Union s credit portfolio shall in its entirety be demandable, so that its recovery should be either in cash or in its cash equivalent. This means that credit shall be based on the member s ability to repay and not solely on the quality of the guarantee offered by the borrower. LOAN APPLICATION All credit granted by the Credit Union shall be based on a loan application submitted by the member. This application should have the corresponding documents and certificates required by the Credit Union. Staff will ensure that all applications are complete and accurate and also that 7

8 the application form is completed legibly and includes the member s signature and personal identification data as required, including: Amount of the loan. Purpose of the loan. Security offered, if any. Address and duration at present address. Telephone number. Employment. Sources of income. Total monthly obligations. Credit history, including records. INTERVIEWS Members may be required to attend an interview with the Manager, Loans Officer or Credit Committee if there is need to: Provide additional information on the application. Verify the purpose of the loan. Confirm the financial status of the applicant. Give advice to the member about the convenience of credit. Determine the reliability of the applicant according to his/her personality/character. Establish a personal relationship. Consider alternative arrangements. ELIGIBILITY FOR LOAN Notwithstanding normal eligibility requirements any loan exceeding a new member s holding may be granted only after (6) months of regular saving. REPAYMENT PERIOD Maximum loan repayment will be six (6) years (72 months). Every loan will have a specific repayment schedule, which should be clearly related to the borrower s income and ability to repay. The Board of Directors may extend the repayment period. LIMIT OF LOAN In no case will the amount loaned to a single member exceed ten percent (10%) of the society s unimpaired capital surplus re: the last audited annual account. 8

9 RATE OF INTEREST Rates of interest charged on loans shall be determined from time to time by the Board of Directors. RE-FINANCING 1. For a loan to be refinanced the borrower must have made regular payments over the proceeding six (6) months and be otherwise eligible for the new loan. 2. Except in extreme cases, no loan other than a share loan shall be refinanced outside the term of six (6) months. RE-SCHEDULING Where a delinquent account is to be considered for re-negotiation, interest accrued to that period must be paid. All requests for extensions, re-negotiations or reductions are to be submitted to the Credit Committee. The Credit Committee would undertake a full assessment and ensure as far as possible that the final decision improves the member s position while the Credit Union s interest is secured. ADDITIONAL LOANS TO MEMBERS Members may have more than one loan at a time provided that he/she has the capacity to service both loans. WAIVER 1. Waiver of payment will only be considered in emergencies. 2. Waivers will not be granted to members in arrears. 3. No more than one (1) waiver may be granted per member per year at the discretion of the Credit Committee. BRIDGING Bridging of finance loans would be granted in accordance with the Bridging of Finance Policy. SURCHARGES FOR LATE PAYMENT There will be a late payment surcharge for default in repayment at the due date. The surcharge will be 0.25% per month on the outstanding balance until such time as the situation is rectified. There shall be a grace period of four (4) days to allow for principal payment without incurring the surcharge. After this period, the surcharge may be calculated from the day on which the payment was due. 9

10 FEES Members will be required to pay for all fees incurred by the Credit Union in processing the request for credit. This will include legal fees, cost of professional appraisals, insurance, taxes etc. INSTANT DEPOSITS Lump sums capital payments made as security against loans shall be considered subject to the following table: $ $ weeks Over $ $ weeks Over $ $ weeks Over $ $ weeks Over $ $ weeks Over $ weeks Instant Deposit time period may be waived in special circumstances on the consideration of the Board of Directors. PRODUCTIVE / INVESTMENT LOANS These are of such a nature as to increase the borrower s income. In addition to the normal requirements. 1. Applications must be supported by: 1. Statements of financial condition of the borrower. 2. An investment plan. 3. Requirements of the Credit Committee specific to the particular investment. 2. During the life of such a loan, the borrower must: 1. Have or secure the technical competence to manage the venture. 2. Accept approved technical advice and periodic visits. 3. Give a true and detailed report of progress on request. 4. Keep financial records in an approved format and make them available for inspection on request by the Credit Union. DEMAND LOANS Demand loans will be available to qualified members in sums not exceeding three thousand dollars ($ ) and will be for specific periods at special interest rates as will be determined from time to time. These loans will be designed to meet members special short term needs such as Motor Insurance, School Books Purchase, Christmas Expenses, etc. 10

11 SECURITIES Loans must be secured by one or more of the following: 1. Borrower s character; 2. Applicant/Borrower s Share Capital; 3. Co-makers (who must also complete a separate form); 4. Share/Stock Certificates (at a percentage to be determined by the Board of Directors from time to time); 5. Unencumbered Property (preferable in the name of the applicant); 6. Insurance Policy(ies) (ninety percent of cash surrender value) NB: The applicant is responsible for maintaining the value of the policy; 7. Any other securities which may be deemed necessary (from time to time) by the Board of Directors. PAYMENTS Repayment is to be made by means of one of the following methods: Salary assignment. Salary deduction. Standing order from the member s bank. Standing order for deductions from the member s savings account at the Credit Union. Other modes of repayment must be specially authorized. Payments additional to those scheduled may be made at any time. LOAN TERMS The normal period of a loan with the Credit Union will be a maximum of six (6) years with the following table as a general guide. Amount Months Up to $ months $ $ months $ $ months $ $ months $ $ months $ $ months $ $ months $ $ months $ $ months Over $ months 11

12 NOTICE OF DENIAL OR CHANGE All applicants whose request for credit has been denied will be notified in writing. This notice will also state the reasons for the denial. Loan applicants will be notified in writing of any change in the conditions of their requests. REPAYMENT DIFFICULTIES Members experiencing difficulty in meeting loan payments should advise the Credit Union immediately in writing. Financial Counseling will be made available to members having difficulty in repaying loans. EXISTING PROPERTY A request to purchase an existing property must be accompanied by: A copy of the deed. Proper and Authentic proof of ownership. Evidence encumbered status of the property. Evidence of market value. REPAIRS, RENOVATIONS, EXTENSIONS A request for credit to erect to a new building must be accompanied by the following: An estimate of the cost of the project including labour and materials. A statement of the expected length of the project, including the expected date of completion signed by the contractor. Drawings of the proposed renovations or extensions where applicable. RENTAL LANDS CHATTEL PROPERTY Where there is no lease for rented lands, proof of tenancy must be firmly established and the landlord must supply a letter of consent. APPLYING FOR A LOAN Members applying for loans are required to submit the following documents where applicable in order to facilitate processing: 1. Most recent payslip. 2. Original invoices or quotation for furniture, appliances, machinery equipment, airline ticket, school books, insurance policy etc. 3. Proper statement of estimates for labour, construction service etc. 4. Certified copy of ownership of vehicle. 12

13 CONFIDENTIALITY ETHICS All transactions with members of the Fire Service Credit Union shall be kept confidential. Staff members who reveal confidential information under unauthorized conditions can be dismissed. Credit Committee members guilty of a breach of confidentiality shall be suspended. Staff and officials shall not be involved in consideration of loan applicants of immediate family members. Credit Committee member must disclose conflicts of interest. POLICY AMENDMENTS The Board of Directors may amend this policy, but must minute the amendments and post the change for the information of all members as soon as possible after the change is made. 13

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