@UTF8 @Begin @Languages: eng @Participants: FRED FRED Speaker, JIM JIM Speaker, JOE JOE Speaker, KURT KURT Speaker, X X Speaker, ENV ENV Environment, VIVI VIVIAN Speaker @Options: CA, caps, bullets @ID: eng|SBCSAE|FRED|||||Speaker||| @ID: eng|SBCSAE|JIM|||||Speaker||| @ID: eng|SBCSAE|JOE|||||Speaker||| @ID: eng|SBCSAE|KURT|||||Speaker||| @ID: eng|SBCSAE|X|||||Speaker||| @ID: eng|SBCSAE|ENV|||||Environment||| @ID: eng|SBCSAE|VIVI|||||Speaker||| @Media: 14, audio @Comment: Bank Products @Comment: Task related talk. This is a loan officers meeting, recorded in a bank in a small town in rural southern Illinois. Joe and Fred are loan officers working for the bank. Jim is the president of the bank, and Kurt is a board member. *FRED: (..) Okay . 0_2530 *FRED: One: large loan &=ex 2530_4730 (..) renewed &=ex 4730_6230 (..) a hundred ninety-seven: (.) thousand 6230_8080 a hundred eighty dollars . 8080_9230 *FRED: (..) It's on Gerald and Pamela . 9230_12360 *JIM: (..) O⌈kay ⌉ . 12360_15460 *FRED: ⌊ They've pai⌋d 14990_15650 they've reduced 15650_16610 (..) no problem . 16610_17740 *FRED: (..) He's handled his line of credit as agreed 17740_22090 so it's (.) pretty routine . 22090_23870 *FRED: (..) Joe ? 23870_25210 *JOE: (..) &{l=P Okay &}l=P . 25210_29040 *JOE: (..) &=tsk &=in First (..) loan request I have 29040_32110 is: an existing real estate mortgage 32110_34200 that &=in (.) will be (..) refinanced into the secondary market of Fannie Mae . 34200_38630 *JOE: (.) &=in Customer is Gerry and Pamela Tucker 38630_41460 &=in (.) at sixty-one fifty-eight Main Street 41460_43990 in Hillsdale Illinois 43990_45220 &=in they're requesting eighty-four thousand dollars 45220_47710 on a thirty-year Fannie Mae fixed rate loan 47710_50160 (..) &=in this would include the cost of doing the refinance appraisal 50160_54300 (.) title work 54300_55030 (.) and points . 55110_56090 *FRED: (.) ⌈ Eighty-four ⌉ ? 56090_56590 *JOE: ⌊ &=in ⌋ (..) Eighty four even . 56090_57870 *JOE: (.) &=THROAT 57870_58420 (.) Their monthly payment of principle interest taxes and insurance 58420_61950 &=in would be seven sixty-one eighty-nine 61950_64410 (.) based at the current thirty-year rate . 64410_66190 *JOE: (.) &=in (.) They estimate the value of their home to be &=ex 66190_69920 one-hundred &=ex and ten (.) thousand dollars . 69920_73000 *JOE: (.) &=in (.) We had an appraisal in nineteen ninety-one 73000_76330 by a certified appraiser 76330_77920 (.) that indicates the value of the house was a hundred and three thousand dollars . 77920_81310 *JOE: &=in Eighty percent of that would make it (.) eighty-two four . 81310_84280 *JOE: So 84290_84740 &=in (.) u:m 84740_85910 (..) in order to make them a loan for eighty-four thousand 85910_88690 it m:ust appraise for a hundred and five . 88690_90820 *JOE: So that will be 90820_91790 &=THROAT 91790_92350 &=in will determine whether or not we can go the full eighty-four 92350_95470 (.) and whether they have to come up with some money out of pocket . 95470_98090 *JOE: (..) Their assets total one sixteen four seventeen 98090_102020 &=in (.) their: liabilities &=ex eighty (.) three 102020_105600 (.) &=in (.) their: (.) net worth (.) thirty-one . 105600_108860 *FRED: (.) ⌈ So all they ⌉ owe is the house ? 108860_110400 *JOE: ⌊ &=in ⌋ 109280_109680 Mhm . 110400_110930 *JOE: (.) &=in They um 110930_112760 (..) ⌈ &=tsk ⌉ . 112760_114090 *FRED: ⌊ T T ⌋ T . 113520_114220 *JOE: currently have a debt to income of twenty-eight over twenty-seven 114200_117640 (.) &=in and after the refinance 117640_120000 they would have a (..) debt to income of fifteen over twenty-three . 120000_123330 *JOE: (..) ⌈ &=tsk &=in ⌉ . 123330_125360 *JIM: ⌊ Where are they ⌋ now 124340_125550 (.) I missed that . 125550_126320 *JIM: (..) They're fifteen over +... 126320_127860 *JOE: (..) No . 127860_128500 *JOE: (.) They're currently (.) twenty +... 128540_130870 *FRED: (..) They can't ⌈ be ⌉ . 130870_132720 *JOE: +, ⌊ ove ⌋ r twenty-seven . 132520_133380 *JOE: I- +... 133380_133610 *FRED: (..) Oh 133610_134080 okay . 134080_134470 *FRED: (..) ⌈ Twenty ⌉ . 134470_135050 *JOE: ⌊ Yeah ⌋ . 134780_135150 *JOE: (..) Twenty over twenty-seven . 135150_136600 *JOE: Yeah⌈: ⌉ . 136600_136900 *FRED: ⌊ You ⌋ ⌈2 can't even +... 136700_137340 *JOE: ⌊2 Twenty over tw- +... 136900_137440 *KURT: ⌊2 XXXX ⌋2 . 136900_137550 *FRED: You ⌉2 ⌈3 can't even read your writing . 137340_139000 *JOE: I ⌋2 ⌊3 couldn't even read my f- +/. 137440_138380 *JOE: my own writing . 138380_139280 *FRED: &=laugh &=lengthened &=laugh &=laugh ⌉3 . 139000_140100 *JOE: &=in It's twenty ⌋3 over twenty-seven . 139280_141290 *FRED: ⌈4 &=in Okay ⌉4 . 141290_142230 *JOE: ⌊4 &=in And after ⌋4 the refi it's fifteen over twenty-three . 141290_144210 *KURT: (..) What is acceptable pretty much 144210_146620 uh 146620_146960 ⌈ (.) what figures ⌉ . 146960_148020 *JOE: ⌊ &=tsk &=in Twenty-eight over ⌋ thirty-six is the maxe⌈2s ⌉2 . 146960_149580 *KURT: ⌊2 I⌋2t's ⌈3 as high as it could go ? 149500_150900 *JOE: ⌊3 See 149810_150120 (.) so they're well within . 150120_151250 *KURT: (.) Okay . 150900_151380 *KURT: (.) I just wondered . 151380_152100 *JOE: (.) They're well within their (.) debt to income ⌋3 . 151380_153480 *KURT: I &=in &=lengthened always heard the ⌉3 figures 152100_153790 and never did know what was high 153790_155020 and . 155020_155170 *JOE: Right . 155170_155430 *KURT: low don't make any difference . 155430_156460 *JOE: Yeah . 156460_156710 *JOE: &=in ⌈ Um ⌉ . 156710_157610 *FRED: ⌊ So you said they're ⌋ gonna be (.) fifteen ? 157070_158470 *JOE: (.) Mhm . 158470_159010 *JOE: (.) Fifteen over twenty-three so 159010_160660 &=in their debt to income &=THROAT isn't a problem 160660_163440 (.) the 163440_163940 &=in uh: 163940_165080 (.) problem as I see it is 165080_166860 (.) the value of the house 166860_167990 number one 167990_168730 (.) &=in and the second &=ex matter at hand is 168730_171610 that 171610_171860 (.) in nineteen eighty-seven 171860_173490 (.) &=in they had filed a chapter eleven . 173490_175720 *JOE: &=in They had at the time a mortgage with us 175720_178460 &=in They reaffirmed on that mortgage 178460_180660 (.) They were never late 180660_181850 &=in (.) We: &=ex 181850_183160 uh 183160_183520 (..) After that (.) discharge 183520_185450 we even advanced them &=in money to purchase this house 185450_188580 on Main st- &=in Street here in Hillsdale 188580_191270 and um 191270_192200 (..) &=tsk they have never missed a payment on that loan 192200_194670 &=in (.) I've also made them car loans 194670_197170 that they've never missed a payment on &=ex 197170_199190 a:nd um 199220_200400 &=tsk according to Fannie Mae guidelines 200400_202180 as long as they have &=in been discharged 202180_205260 (.) at least two years 205260_206600 &=in and (..) reestablished and paid as agreed 206600_210800 &=in their credit obligations 210800_212880 they would qualify for a Fannie Mae mortgage . 212880_215460 *JOE: (..) &=in With that in mind &=ex 215460_217790 (.) u:m 217790_218400 (..) &=in I am moving 218400_220260 that they app- +/. 220260_220990 *JOE: (.) uh 220990_221480 that we approve this loan request 221480_223110 subject to &=in a uh: (.) certified appraisal of their home . 223110_227140 *FRED: (..) Do we have the discharge ? 227140_230720 *JOE: (.) Yes: . 230720_231500 *JOE: (.) ⌈ I have ⌉ a copy of it . 231500_232640 *FRED: ⌊ Mhm ⌋ . 231570_231890 *FRED: When was it . 232640_233290 *JOE: (.) It was discharged on: 233290_235520 (..) November 235520_237450 (..) uh no . 237450_238780 *JOE: (..) Two twenty-three eighty-eight . 238780_240610 *JOE: (..) Discharge date was two twenty-three of eighty-eight . 240610_245690 *FRED: (.) When did they file . 245690_246710 *FRED: Didn't you say they filed in ⌈ eighty-seven ⌉ ? 246710_248170 *JOE: ⌊ Eleven of eighty⌋-seven . 247600_248830 *FRED: (..) In eleven ? 248830_250060 *JOE: (..) Mhm . 250060_250990 *JIM: (..) Three months ? 250990_252120 *JIM: Whew . 252120_252470 *JIM: (..) That's pretty fast . 252470_253550 *JOE: ⌈ Yeah . 253550_253840 *FRED: ⌊ What did they do . 253560_254030 *JOE: &=in ⌉ . 253840_254210 *FRED: Dis⌋miss it ? 254030_254710 *JOE: It was a business +/. 254710_255670 *JOE: (.) No 255690_256090 it was a business 256090_257070 uh 257090_257360 bankruptcy 257360_258180 and 258180_258700 &=in it was pretty cut and dried 258700_260270 they jus:t were eliminating the business: 260270_262600 um 262600_263180 (.) debt 263180_263900 &=in and apparently nobody objected to the 263900_266220 (.) the bankruptcy . 266220_267120 *JOE: (..) Since they reaffirmed with their secured creditors . 267120_270350 *JOE: &=in All the debt that was: (.) charged- +/. 270350_272280 *JOE: that was bank- (.) filed bankruptcy against was &=in unsecured creditors . 272280_276410 *FRED: (..) And they discharged em 276410_278880 before they even performed 278880_280130 or anything ? 280130_280680 *JOE: (..) &=tsk Yeah 280680_285290 in a three mon- +/. 285290_285720 *JOE: I guess so 285720_286290 in a p- three-month period of time 286290_287490 cause here's the . 287490_288190 *FRED: (..) No I +/. 288190_289470 *FRED: (..) I just 289470_290460 (.) it's unusual that they don't require em to +/. 290460_292690 *FRED: you know 292690_292900 usually they put em on a two-year or three-year plan or some⌈thing ⌉ . 292900_295990 *JOE: ⌊ M⌋hm 295910_296370 (..) &=in See 296370_298340 the- from what I ʔuh I gathered is the 298340_300480 (.) unsecured creditors got nothing 300480_302580 (.) &=in and the secured creditors 302580_304520 (.) just carried on their payment history as agreed . 304520_307150 *JOE: (..) As originally set forth in their contracts . 307150_310070 *FRED: (..) &{l=X But you know &}l=X usually the plan'll ⌈ provide some period ⌉ of time of protection . 310070_316850 *JOE: ⌊ Oh I +/. 314620_315200 *JOE: Yeah ⌋ . 315200_315530 *JOE: (.) Mhm . 316850_317540 *FRED: But if we've ⌈ got uh ⌉ +... 317540_318640 *JOE: ⌊ for those unse⌋cured creditors . 317990_319420 *FRED: (.) Yeah . 319420_319920 *FRED: (.) But if we've got the (.) discharge . 319920_321670 *JIM: (..) Yeah . 321670_323860 *FRED: Okay . 323860_324140 *FRED: (..) Well 324140_324830 ⌈ in that case ⌉ . 324830_325370 *JIM: ⌊ That's hard to ⌋ believe 324830_325660 because it says that 325660_326660 (..) notice of joint +/. 326660_328110 *JIM: (.) discharge of joint debtors 328110_329540 it +/. 329540_329790 *JIM: (.) it appears the persons named above 329790_331660 filed a petition 331660_332690 commencing +... 332690_333420 *FRED: (..) Yeah ? 333420_334250 *JIM: +, (..) ⌈ joint ⌉ (.) case under title eleven . 334250_336780 *JOE: ⌊ mhm ⌋ . 334860_335240 *JIM: (.) on November twenty-third 336780_338350 of nineteen eighty-seven ? 338350_339440 *JIM: (..) A:nd that an order of relief has been entered 339440_342670 (..) no complaint objecting to the discharge of the debtors was filed 342670_346240 within the time fixed by the court &=laugh . 346240_348030 *FRED: Yeah . 348030_348290 *JOE: ⌈ Yeah ⌉ . 348290_348910 *JIM: ⌊ &=in ⌋ Uh 348290_349250 what was that . 349250_349780 *JIM: (.) Ten minutes ? 349780_350310 *JIM: Or +... 350320_350520 *FRED: &=laugh &=laugh ⌈ &=laugh ⌉ . 350520_351300 *KURT: ⌊ &=laugh ⌋ . 350780_351330 *JOE: ⌊ Yeah ⌋ . 350780_351330 *JIM: And um . 351330_352060 *FRED: Yeah . 352060_352310 *FRED: See I don't know how they got ⌈ it done ⌉ that fast . 352310_354240 *JIM: ⌊ and ⌋ 353050_353300 and that they're um . 354240_355520 *FRED: &{l=X Hell &}l=X we can't even get to court in three months . 355520_357530 *JOE: I ⌈ know ⌉ . 357530_358010 *KURT: ⌊ &=laugh ⌋ . 357850_358220 *JIM: Hm⌈2: ⌉2 . 358220_358610 *KURT: ⌊2 &=SNIFF ⌋2 . 358370_359010 *JOE: ⌊2 That's ridic⌋2ulous . 358370_359260 *JIM: ⌈3 That +... 359260_359610 *JOE: ⌊3 &=in I have a &{l=X lean &}l=X ⌋3 +... 359300_360310 *JIM: And it's da⌉3ted February twenty-third 359630_361600 &=laugh &=laugh &=laugh nineteen [% laugh] eighty-⌈4eight . 361600_363010 *JOE: ⌊4 Mhm ⌋4 . 362830_363240 *JIM: &=in ⌉4 . 363030_363760 *FRED: (..) ⌈5 Okay . 363760_364300 *JIM: ⌊5 That's uh ⌋5 . 363850_364420 *FRED: I ⌉5 mean 364350_364680 &=in . 364680_364890 *JIM: three months . 364890_365460 *FRED: That's all +/. 365460_365750 *FRED: I just +/. 365750_366030 *FRED: (.) Yeah . 366030_366770 *FRED: That's what I was just +/. 366760_367580 *FRED: (.) I assumed it would've been 367580_368630 like eighty +/. 368630_369220 *FRED: uh ninety-two or ⌈ something ⌉ . 369220_370470 *JOE: ⌊ Mhm ⌋ . 370230_370410 *FRED: ⌈2 you know . 370470_370660 *JIM: ⌊2 Yeah . 370460_370660 *JIM: (.) What ⌋2 +... 370660_371140 *FRED: the five ⌉2 +... 370660_371090 *JIM: (.) What actually happened to them 371090_372820 (.) &=in was 372820_373850 (..) she opened (..) a franchise . 373850_376200 *JIM: (..) A:nd it was 376200_378660 (..) a franchise of doing packaging 378660_381190 sending m- 381190_382000 uh 382000_382260 from a mall (.) basis . 382260_383960 *FRED: ⌈ Unhunh ⌉ ? 383960_384520 *JIM: ⌊ &=in ⌋ uh: 383990_385120 packaging 385120_385850 (..) gift wrapping 385850_387750 (..) and ship⌈ping ⌉ . 387750_388740 *KURT: ⌊ shipping ⌋ it . 388500_388910 *JOE: &=COUGH ⌈2 &=COUGH ⌉2 . 388910_389570 *JIM: ⌊2 Well ⌋2 389390_389830 what hap⌈3pened ⌉3 . 389830_390560 *JOE: ⌊3 &=COUGH ⌋3 . 390220_390610 *JIM: (.) They should have gotten into the business 390610_392230 hindsight's twenty twenty 392230_393270 They should've gotten into the business in let's say August 393270_395710 &=in a:nd then they would've had a Christmas season . 395710_398300 *JIM: There was a t- +/. 398300_398830 *JIM: (.) It got to be real complicated 398830_400430 &=in and they didn't get in until February . 400430_402710 *JIM: (..) Well February they had nothing to do and 402710_405240 (.) and I ⌈ think they ⌉ . 405240_406150 *FRED: ⌊ Yeah ⌋ . 405640_405810 *JIM: They hung in there for &=in (.) a year (.) and a half . 406150_409830 *JIM: (.) And they just couldn't +/. 409830_411110 *JIM: (.) couldn't see end to it . 411110_411980 *FRED: ⌈ XX ⌉ +... 411980_412440 *KURT: ⌊ February ⌋ nobody's shipping anything . 411950_413290 *KURT: (.) &=laugh &=laugh ⌈2 &=laugh &=laugh . 413290_414620 *FRED: ⌊2 I'll s- +/. 413950_414430 *FRED: (.) I'll second ⌋2 then Joe . 414430_415520 *KURT: &=in ⌉2 . 415520_415730 *JOE: Okay . 415730_416170 *JIM: (..) So it's moved and seconded (.) to uh . 416170_421020 *JOE: (..) &=tsk &=in approve that loan subject to the 421020_424130 (.) uh 424130_424680 (.) appraisal by a certified appraisal . 424680_426660 *FRED: (..) And the max is eighty-four ? 426660_428710 *JOE: (..) Mhm . 428710_429880 *FRED: (.) Okay . 429880_430410 *JIM: (..) Okay . 430410_431240 *JIM: (..) &=tsk All in favor aye . 431240_432850 *FRED: (..) ⌈ Aye ⌉ . 432850_433430 *KURT: ⌊ Aye ⌋ . 433110_433500 *JOE: Aye . 433500_433720 *JIM: (.) Opposed same sign . 433720_434600 *JIM: (.) Motion carries . 434600_435470 *FRED: (..) &=SIGH 435470_437380 (..) Is that the only one &=ex ? 437700_443580 *JOE: (.) &=tsk &=in That's the: only loan I have . 443580_445610 *FRED: Okay . 445610_446190 *FRED: (..) I got one small one . 446190_447810 *FRED: (..) The only reason it's in here: 447810_449320 (..) is because the borrowers already ha:ve 449320_451900 (..) three-hundred three thousand borrowed 451900_454380 so it has to be approved by the board 454380_455980 &=in (..) but if we 455980_457460 if Jim and (..) Kurt approve it today 457460_459500 that'd be two 459500_460040 and then I'll have to call two more . 460040_461430 *FRED: (..) Uh: 461430_463060 (.) they wanna borrow f:orty f- +/. 463060_464610 *FRED: Well 464610_464860 (..) Dave wants to borrow forty-five hundred dollars to: 464860_468040 (..) finish paying off (.) the renovation 468040_470700 (.) and upgrade necessary o:n the (..) daycare . 470700_474340 *FRED: (..) A:nd 474340_476450 (..) he had (..) initially thought what he borrowed would do it 476450_479620 and then he borrowed some money from his uncle 479620_481360 and he wants to repay his uncle and get that out of the way . 481360_483410 *FRED: &=in He wants to set it up on a year 483410_485300 (..) uh: 485300_486620 it would be secured via three vehicles 486620_488670 (..) u:m 488670_490650 (.) you know his debt to income is relatively high 490650_492740 but his income's going up 492770_493980 (.) the daycare is scheduled to open (..) a week after: the fifth . 493980_498410 *FRED: (..) So: around the twelfth to fifteenth of January 498410_501090 (..) &{l=@ he thought he's been &}l=@ +/. 501090_503540 *FRED: &=in he thought he was already opened 503540_505450 and then they came back in and told him he couldn't open . 505450_507650 *FRED: (.) Cause there was articles in the paper 507650_509240 and they showed kids at the daycare and 509240_510870 (.) he had his ads out and everything 510870_512330 &=in but he didn't have all the i's dotted and t's crossed 512330_515480 and state came back in and said 515480_516590 we:ll 516590_516980 no 516980_517180 you can't really do that . 517180_518010 *FRED: (..) So: 518010_518990 &=in one group of state people 518990_520900 the people that do all the +/. 520900_522160 *FRED: (..) do the testing for: 522160_524110 (.) electrical and safety and stuff have been there 524110_526120 and now the state &=in inspector's got to come in 526120_528430 I guess they just (.) look at (.) the quality of the facility . 528430_531320 *FRED: (.) Not necessarily the wiring plumbing and heating 531320_533520 but 533520_533820 &=in is it clean 533820_534880 and is it safe 534880_535720 and that sort of thing . 535720_536420 *FRED: (.) &=in They're supposed to be there the fifth 536420_538590 (.) and he said 538590_539300 that the lady told him 539300_540300 that it usually takes (..) a week 540300_543180 (..) for them to send a report in 543180_544910 and (.) for their license to come back . 544910_546840 *FRED: (..) &=in So 546840_548320 (..) he anticipates that they'll be open no later than the twelfth to fifteenth 548320_552200 &=in he gave me some numbers 552200_553570 I can't remember 553570_554120 they've got like 554140_554980 &=in thirteen or fourteen kids they're already taking care of 554980_557810 (.) mostly out of their house 557810_559110 until they can get em moved down there 559110_560420 and then they've got eight or nine more . 560420_561650 *FRED: &=in So they fully expect income (.) to exceed the projection 561650_565150 (.) but right now they don't have any income 565150_566700 other than from (.) his job . 566700_567980 *FRED: So 567980_568440 &=in uh: 568440_569620 (..) ⌈ XXX ⌉ . 569620_570450 *JIM: ⌊ That's fairly ⌋ large scale . 570060_571540 *JIM: (..) What +/. 571540_571870 *JIM: (.) ⌈ And he's gonna have twenty⌉-five people . 571870_574000 *JOE: ⌊ &=tsk &=in The building is ⌋ +... 572080_573270 *JIM: or ⌈2 something ⌉2 ? 574000_574500 *JOE: ⌊2 Yeah ⌋2 . 574210_574450 *JOE: (..) ⌈3 At l ⌉3 ⌈4 east twenty⌉4-five ⌈5 (.) ⌉5 children . 574450_576930 *FRED: ⌊3 Yeah ⌋3 . 574950_575180 *JIM: ⌊4 Twenty-five ⌋4 +... 575380_575780 *FRED: ⌊5 See they're e- ⌋5 +/. 575980_576490 *FRED: Yeah . 576880_577120 *FRED: They're expecting that many f:airly quickly . 577120_579000 *FRED: And then 579000_579300 he hopes to get up (.) around fifty . 579300_581500 *FRED: (..) See they're looking at four people 581500_583530 plus: . 583530_584130 *JOE: (..) &=in ⌈ I've gone through the build⌉ing . 584130_586240 *FRED: ⌊ you know 584940_585170 plus his wife ⌋ . 585170_585870 *JOE: (.) and it is: uh 586340_587590 (..) a r- very (.) very nicely done (.) operation . 587590_591150 *JOE: I mean there's nothing &=in (.) shoddy about the workmanship 591150_594590 or the quality of the material 594590_596110 or &=in the cleanliness of the 596110_597980 (.) of the building . 597980_598790 *JOE: ⌈ XX ⌉ . 598790_599080 *JIM: ⌊ Is it at⌋tached onto a storage facility ? 598790_601050 *JOE: &=in No . 601050_601500 *JOE: It's ⌈ a separate building ⌉ . 601500_602470 *JIM: ⌊ Oh it's free-standing ⌋ building . 601650_602980 *FRED: ⌈2 Yeah ⌉2 . 602980_603300 *JOE: ⌊2 Separate ⌋2 building . 602980_603680 *FRED: ⌈3 See it's a ⌉3 . 603680_604190 *JIM: ⌊3 They ⌋3 +... 603970_604080 *FRED: It's a building his dad had 604290_605480 (.) where he was +/. 605480_605960 *FRED: (.) where he had his +... 605960_606840 *JOE: (.) his cabinet sh⌈op ⌉ . 606840_607850 *JIM: ⌊ O⌋⌈2kay . 607790_608270 *FRED: +, ⌊2 shop 607880_608280 and ⌋2 . 608280_608560 *JIM: Okay ⌉2 . 608270_608520 *FRED: (.) And was living in it 608560_609480 and they converted the living quarters and all that into this thing . 609480_612180 *FRED: &=in It's like anything 612180_613170 when you're dealing with th- +/. 613170_614100 *FRED: (..) you know 614100_614990 regulators and the state 614990_616320 (.) they 616320_616820 &=in you know 616820_617590 he said they got two ladies for nine counties 617590_619420 and they +/. 619420_619700 *FRED: (.) There's a lot of this going on 619700_621230 and they can only get to so many . 621230_622610 *FRED: So 622610_623060 &=in I would mo:ve 623060_624440 (..) since it's secured for forty-five hundred 624440_627140 it's on a twelve-month repayment 627140_628590 which is relatively short 628590_629870 &=in I would move that we (..) advance the funds . 629870_633300 *KURT: (.) I'll second it . 633300_634580 *KURT: (..) Except 634580_635610 (..) they owe pretty much 635610_636910 don't they ? 636910_637350 *FRED: (.) Three-hundred three thousand 637350_639030 (..) and some odd dollars . 639030_640330 *FRED: (..) But he's always serviced 640330_642010 (.) I mean 642010_642340 he's never been late 642340_643340 he's always paid as agreed 643340_644690 &=in uh 644690_645920 (..) and they do have (..) the income 645920_648380 it just 648380_648800 right now 648800_649310 the income doesn't +/. 649310_650100 *FRED: (..) Well 650100_650850 (..) I say they have it . 650850_651820 *FRED: &=in O:nce the daycare gets up to twenty people 651820_654670 they'll have enough ⌈ inc⌉ome to . 654670_656250 *KURT: ⌊ Mhm ⌋ . 655320_655620 *FRED: &=in They'll fall back under the forty percent 656250_658580 But right now they're over the forty 658580_659970 because we st- can't show any income from the daycare . 659970_662450 *FRED: (..) &=in Um 662450_663840 (..) but 663840_664520 (..) you know 664520_665010 it it +/. 665010_665380 *FRED: (..) you know 665380_666210 I feel comfortable that it's there 666210_667180 and like I say 667180_667540 he's always serviced debt as agreed 667540_669090 and 669090_669340 (..) and his overall debt (.) is working down 669340_672130 it's just quite a bit of debt . 672130_673160 *KURT: &=in You just 673160_673710 I guess you can't say too much if they're &=in paying on time . 673710_676590 *KURT: Uh uh . 676590_677100 *FRED: (..) Yeah . 677100_678050 *KURT: (.) and . 678050_678270 *FRED: (.) And I think they're about ⌈ to the point ⌉ +... 678270_679670 *KURT: ⌊ as long as everything ⌋ works out good . 679090_680360 *JOE: &=in . 680360_680730 *KURT: &=in ⌈ &=lengthened ⌉ . 680640_680730 *FRED: ⌊ Yeah ⌋ 680720_680860 I think if th- +/. 680860_681390 *FRED: you know 681390_681610 th- th- +/. 681610_682470 *FRED: (..) He's already talking 682470_683710 if this thing goes like they think it is 683710_685400 next fall he's wanting to 685400_686680 (..) start looking at expanding that (.) storage facility . 686680_689950 *FRED: &=in It's one of those things 689950_690960 I think there's +/. 690960_691500 *FRED: (.) they're always gonna have (.) &=in quite a bit of debt 691500_694080 so long as cash flow'll keep up with it . 694080_695700 *FRED: (.) Cause 695700_695970 you know he's +/. 695970_696480 *FRED: (.) that's: kind of their 696480_697640 &=in you know he's looking at that as his retirement income 697640_700080 and an investment 700080_700920 and this whole bit 700920_701480 you know 701480_701650 like some of the people do here . 701650_702790 *JIM: (..) ʔuh Well it's been moved and seconded 702790_705740 (.) um 705740_706210 (.) to approve 706210_707070 but (..) that 707070_707830 (..) ʔuh we can't really disburse on that . 707830_710220 *JIM: (..) That 710220_710790 (.) due to his size 710790_711880 (.) &=in ⌊ of the loan ⌋ . 711880_713150 *JOE: ⌊ until we have ⌋ all +... 712430_713530 *JIM: They ⌈2 need f- ⌉2 ⌈3 (.) f- ⌉3 +... 713530_715020 *KURT: ⌊2 all the board ⌋2 ⌊3 members ⌋3 ? 713990_715030 *JOE: ⌊3 majority of ⌋3 board member . 714510_715560 *FRED: ⌈4 Yeah ⌉4 . 715560_716020 *JIM: ⌊4 Four ⌋4 +/. 715710_716180 *JIM: (.) uh f- +/. 716180_716620 *JIM: At least two more board members 716620_718380 ⌈ because ⌉ I'm voting . 718380_719310 *FRED: ⌊ Yeah ⌋ . 718380_718670 *JIM: (.) all in +/. 719360_719830 *JIM: (.) I'm voting (.) in ⌈ favor of it ⌉ . 719830_721340 *FRED: ⌊ In favor ⌋ . 720740_721340 *JIM: and . 721340_721630 *FRED: (.) Yeah . 721630_721950 *FRED: (.) ⌈ &{l=X See I was &}l=X ⌉ +... 721950_722350 *JIM: ⌊ since you sec⌋onded it 721950_722690 I assume so are ⌈2 you ⌉2 . 722690_723620 *FRED: ⌊2 Yeah ⌋2 . 723350_723640 *KURT: Yeah . 723640_723830 *FRED: So see I've got two +/. 723830_724640 *FRED: and then I'll try to 724640_725420 &=in I'll get hold of two more . 725420_726670 *FRED: I was gonna see Wilbur 726670_727500 but he didn't +/. 727500_728090 *FRED: s- (.) Dave didn't get in here until 728090_729730 (.) after he was gone 729730_730760 (.) so 730760_731180 (..) that's the only one I have . 731180_733360 *JIM: (..) Any other loans . 733360_738820 *JOE: (..) No other loans to be discussed . 738820_741270 *JIM: (..) I got a (.) couple things here 741270_746770 but uh 746770_747390 (..) we'll um 747390_748720 (..) the one 748720_751140 (..) is in regard to 751140_754160 (..) the retail 754160_756700 (..) nondeposit investment 756700_759270 &=in just to kind of bring us up to speed 759270_761290 &=in (.) m- (.) M:att has tentatively accepted our (..) offer for employment 761290_768450 (..) but since he's going to be a dual employee 768450_772680 (..) th- +/. 772680_773830 *JIM: you really don't need to put this in the minutes . 773830_775590 *JIM: ⌈ XX +... 775590_775980 *JOE: ⌊ Hm . 775730_775930 *JOE: (.) Okay ⌋ . 775980_776550 *JIM: I'll I'll c- ⌉ +/. 775850_776590 *JIM: I'll catch up (.) the board up to speed 776590_778260 I just want us to know 778260_779320 because &=in it has some loan relevance . 779320_781730 *JIM: &=in (.) Uh: he was interviewed by LCL 781730_784620 Larry Harb interviewed him over the telephone yesterday &=ex 784620_787390 and 787390_787780 (.) Larry called me this morning 787780_788840 (..) that's who had called about seven-thirty 788840_790940 and said everything went fine . 790940_792270 *JIM: &=in U:m 792270_793440 (..) &=tsk what +/. 793440_794130 *JIM: (.) what we have set up is 794130_795330 Matt's going up to Chicago 795330_796960 &=in at LCL's office 796960_798800 (.) on uh 798800_799660 (..) for (.) Monday evening 799660_802110 (..) Tuesday 802110_803390 &=in and Wednesday training . 803390_805030 *JIM: (.) The f- +/. 805030_805570 *JIM: The Monday evening and Tuesday training 805570_807480 &=in will be very specific for him 807480_809750 &=in their workflow 809750_811070 their forms 811070_811730 he'll get to meet these people . 811730_812970 *JIM: &=in On Wednesday then 812970_814360 he'll be in a little bit of a larger group 814360_816120 (..) &=in there may be four or five other asset managers with him 816120_819230 &=in discussing sails (.) motivations and 819230_821780 &=in and (.) and sales approaches and strategies 821780_824870 &=in (..) ʔuh (..) Larry said 824870_827940 Ph- he doesn't know how Matt's gonna plug into us 827940_831000 (..) philosophically 831000_833280 and how well he's known in the area . 833280_835010 *JIM: (..) He said that's our decision . 835010_836920 *JIM: (.) Of which 836920_837680 (.) I- you know 837680_837970 I'm comfortable with . 837970_838730 *JIM: &=in (..) I wanted Larry to tell me how he thinks he's gonna do 838730_842330 plugging into the selling 842330_843570 and he said oh 843570_844210 you +/. 844210_844380 *JIM: he should be +/. 844380_845020 *JIM: he should do very well . 845020_846100 *JIM: (..) So I- I'm 846100_847590 um 847590_847880 tho- +/. 847880_848350 *JIM: (.) that looks good . 848350_849190 *JIM: (..) &=in What I did 849190_850420 (.) kind of 850420_851080 (.) &=in in regard to that 851080_852340 was 852340_852880 (..) and 852880_855580 (.) I don't have this date finalized 855580_857580 but 857580_857970 &=in s- +/. 857970_858680 *JIM: (.) I'm trying to go maybe the second week (.) of (.) January 858680_862740 &=in to ha:ve (..) a representative of Bankers Systems 862740_867630 &=in (.) come &{n=THUMP &=nonvocal &=nonvocal here &}n=THUMP . 867630_869340 *JIM: (..) to do some specialized training 869340_872010 (..) within the qualified retirement plan (..) area . 872010_875890 *JIM: (..) Matt needs 875890_877250 &=in (.) Matt (.) needs an understanding of 877250_879640 (..) not a detailed understanding 879640_882550 but how all these qualified plans work 882550_884850 (..) &=in so that he w- (..) can have 884850_888030 (..) so he understands how 888030_889460 &=in his products plug into the &=in to the self-directed IRAs 889460_893300 SEPs 893300_893990 and the like . 893990_894600 *JIM: &=in We also 894600_895810 (.) it would do us (.) good to know what products we can offer 895810_899510 &=in under those qualified retirement plans . 899510_901520 *JIM: &=in So 901520_902290 (.) uh R- +/. 902290_903030 *JIM: Ray Galino I I believe is his name is 903030_905600 &=in supposed to come down 905600_907030 (..) I haven't set up a date 907030_908430 &=in (..) but 908430_910010 (..) he'll be here (.) on a f- +/. 910010_913530 *JIM: for a day 913530_914090 and I wanted him to talk with Matt 914090_915980 &=in Vivian 915980_917290 myself 917290_918030 (.) and 918030_918750 (.) sometime during the day to the two of you . 918750_920880 *JIM: &=in Because as loan officers 920880_922840 &=in you have a good &=in handle on (.) borrowers and 922840_927040 (..) and can kind of tell them of these SEPs 927040_929640 and some of the other products . 929640_930710 *JIM: &=in Uh 930710_931480 we've kind of hesitated ⌈ in (.) in offering those ⌉ . 931480_934250 *X: ⌊ &=in &=lengthened ⌋ . 932860_933550 *JIM: &=in (.) well 934250_935110 we have not offered the self-directed . 935110_936920 *JOE: ⌈ Hm ⌉ . 936920_937300 *JIM: ⌊ &=in ⌋ Offering the self-directed we're getting 937160_938970 is simply 938970_939640 &=in we need to get a dif- +/. 939640_940930 *JIM: fifty different forms . 940930_942290 *JIM: (.) Instead of &=in called an IRA 942290_944240 (..) it's called an IRA SD 944240_946700 (.) for self-directed . 946700_947660 *JIM: (.) And then 947660_948120 (.) that will allow people 948120_949700 &=in to 949700_950720 (.) if they don't want (.) all their funds in (.) a bank CD 950720_954320 as (.) as are custodial IRA arrangements . 954320_956740 *JIM: See 956740_956830 the existing IRA says 956830_958170 &=in all those funds have to be in First National Bank of Hillsdale . 958170_960930 *JIM: &=in The self-directed 960930_962610 (..) the (.) the participant signs a &=in an investment (..) direction 962610_968560 (..) or 968560_969130 (..) where where (..) he directs (..) the investments . 969130_974260 *JIM: (..) They sign the form 974260_975490 ⌈ and then you invest in whatever they want ⌉ to . 975490_977240 *JOE: ⌊ Yeah . 975590_975750 *JOE: XX XXX ⌋ . 975750_977310 *JIM: &=in Uh: 977310_978290 (..) the 978290_979570 (.) what . 979570_979890 *JIM: How that works like with the SEPs 979890_982090 &=in (..) the SEP (..) has a vehicle 982090_987880 (.) has to be connected to the IRA . 987880_989770 *JIM: (..) So we take the SEP off the shelf 989770_992190 (..) and then if the person (.) wants that money put into a bank CD 992190_996330 &=in then we just use our custodial (.) IRA forms . 996330_999290 *JIM: &=in (.) If (.) they want a self-directed iʔ- (..) SEP 999290_1003300 &=in you take the same (.) SEP form off 1003300_1006470 &=in but you're using a different &=in (.) IRA . 1006470_1009540 *JIM: (..) You're not using ⌈ the custodial ⌉ IRA arrangement . 1009540_1012180 *FRED: ⌊ Oh 1010580_1010820 okay ⌋ . 1010820_1011170 *JIM: &=in ʔuh An SEP must have an IRA &=in attached to it . 1012180_1015850 *JIM: (.) ⌈ So that- ⌉ +... 1015850_1016690 *FRED: ⌊ So 1015950_1016510 the IRAs ⌋ all fit in the same (.) plan . 1016510_1019460 *FRED: (.) They're just different (..) ch- boxes checked off of this overall (..) plan . 1019460_1025330 *FRED: And that 1025330_1025580 (.) the overall plan is what you're talking about goes back 1025580_1027640 that's what the IRS has blessed . 1027640_1029050 *JIM: Right . 1029050_1029240 *JIM: They +... 1029240_1029610 *FRED: is the framework 1029610_1030570 and so long as you stay within the framework in some combination 1030570_1033400 you're okay . 1033400_1033970 *JIM: (..) Exactly . 1033970_1035360 *JIM: &=in So 1035360_1035930 (.) I (.) I had ⌈ talked with ⌉ (.) with Rick uh Brady today . 1035930_1039390 *FRED: ⌊ &=THROAT ⌋ . 1036780_1037270 *JIM: &=in and 1039390_1040210 (..) he's gonna send me those forms 1040210_1042290 so we can take a look at em 1042290_1043470 (.) &=in The other +/. 1043470_1044280 *JIM: The thing which makes it a little more complicated 1044280_1046450 but &=in it's really not a cost 1046450_1048450 &=in (..) it's kind of a s- (.) flip-flop 1048450_1050940 in that 1050940_1051590 &=in he recommended we don't try and do the account maintenance on those self-directed IRAs ourselves . 1051590_1057460 *JIM: &=in (.) Because of how complicated ⌈ the law ⌉ is in all this . 1057460_1060290 *FRED: ⌊ Mhm ⌋ . 1059070_1059380 *JIM: so . 1060290_1060580 *FRED: ⌈ Mhm ⌉ . 1060430_1060920 *JIM: ⌊ &=in ⌋ 1060670_1060960 (.) I mean 1060960_1061780 (..) coincidentally Banker Systems offers a comprehensive ⌈ account ⌉ ⌈2 &=in maintainance ⌉2 services . 1061780_1066950 *FRED: ⌊ &=laugh &=laugh ⌋ . 1064910_1065500 *JOE: ⌊2 You're kidding ⌋2 . 1065500_1066420 *JIM: ⌈3 Isn't ⌉3 ⌈4 that ⌉4 ⌈5 XX ⌉5 +... 1066950_1067540 *FRED: ⌊3 &=laugh ⌋3 ⌊4 &=laugh ⌋4 . 1066740_1067230 *JOE: ⌊4 Well 1066720_1066920 is⌋4⌊5n't that ⌋5 a surpri:se ? 1066920_1068260 *FRED: ⌈6 &=laugh (.) &=laugh ⌉6 . 1068260_1068850 *JIM: ⌊6 That- that's such ⌋6 a surprise . 1068260_1069680 *JOE: Yeah . 1069680_1070070 *FRED: ⌈ &=laugh (.) &=in (.) &=laugh &=lengthened &=laugh &=laugh ⌉ . 1070070_1073290 *JIM: ⌊ And 1070290_1070670 (.) what- what- what we would do is ⌋ 1070670_1073050 (.) they would take care of the account ⌈2 maintainance ⌉2 . 1073050_1075620 *FRED: ⌊2 &=ex ⌋2 . 1074830_1075620 *JIM: &=in In a similar manner 1075620_1077450 if you will 1077450_1078140 a:s &=in (..) they take care of the 1078140_1081060 (.) the other qualified plans . 1081060_1082490 *JOE: (.) Mhm . 1082490_1083160 *JIM: &=in (.) We- +/. 1083160_1084000 *JIM: They- +/. 1084000_1084320 *JIM: (..) We send them the information 1084320_1086180 ⌈ th- ⌉ +... 1086180_1086380 *JOE: ⌊ But they ⌋ print it 1086330_1086970 ⌈2 and ⌉2 . 1086970_1087090 *JIM: ⌊2 They ⌋2 +/. 1087030_1087400 *JIM: They crank out ⌈3 the numbers ⌉3 . 1087400_1088830 *JOE: ⌊3 qualify it 1087910_1088580 and ⌋3 . 1088830_1089070 *JIM: &=in And 1089070_1089640 (.) and they ⌈ file whatever ⌉ needs to be filed . 1089640_1091610 *JOE: ⌊ disclose it ⌋ 1090220_1090890 ⌈2 Mhm ⌉2 . 1091390_1092030 *JIM: ⌊2 &=in ⌋2 The +/. 1091710_1092270 *JIM: (..) It's really not gonna cost us 1092270_1094170 it it's gonna be pretty much of a swap . 1094170_1095840 *JIM: Right now 1095840_1096510 &=in we use their eight-hundred number 1096510_1098520 (..) a:nd (.) their 1098520_1100300 (.) uh 1100300_1100930 (..) fi- +/. 1100930_1101790 *JIM: (.) their newsletter . 1101790_1102650 *JIM: (..) for the IRAs . 1102650_1104290 *JIM: (.) We don't have their comprehensive service 1104290_1105840 we have their IRA service . 1105840_1107320 *JIM: &=in And that runs about three-hundred dollars a year . 1107320_1110290 *JIM: (..) If you: go to the comprehensive account maintenance 1110290_1114840 (..) the eight-hundred number is included 1114840_1117600 and the f- +/. 1117600_1117940 *JIM: and the newsletter is included . 1117940_1119370 *JIM: (.) So we would drop three-hundred dollars off . 1119370_1121360 *JIM: &=in The account maintenance 1121360_1123290 (..) comprehensive account &{l=X maintenance &}l=X 1123290_1125100 (..) maintenance would cost us five-hundred dollars . 1125100_1127300 *JIM: &=in But 1127300_1128500 (..) what you do: is 1128500_1130180 (.) they- +/. 1130180_1130590 *JIM: (..) he estimates it'd be five-hundred dollars 1130590_1132790 for a minimal number of accounts 1132790_1134150 &=in Banker System charges thirty-five dollars (..) an account . 1134150_1138500 *JIM: (..) And he said under a self-directed arrangement 1138500_1141190 (..) he's seen (..) charges 1141190_1143900 (.) to maintain a self-directed IRA 1143900_1145910 (.) anywhere from forty &=in to a hundred fifty dollars . 1145910_1148820 *JIM: Now I think a hundred fifty dollars &=in is a lot 1148820_1151360 &=in ⌈ to maintain ⌉ a self-directed IRA . 1151360_1154420 *FRED: ⌊ Mhm ⌋ . 1151570_1152300 *FRED: (.) ⌈2 So you mean ⌉2 . 1154420_1154960 *JIM: ⌊2 ʔuh: ⌋2 +... 1154840_1155110 *FRED: (.) that you +/. 1155110_1155750 *FRED: w:e could pass that back to the customer ? 1155750_1157840 *FRED: (.) ⌈ That's ⌉ what you're saying . 1157840_1158820 *JIM: ⌊ Right ⌋ . 1158000_1158290 *JIM: Right . 1158620_1159010 *JIM: ⌈ &=in We ⌉ +... 1159010_1159170 *FRED: ⌊ They ⌋ charge us five-hundred plus thirty-five per account ? 1159070_1161880 *JIM: (.) Well he- he thought +/. 1161880_1163090 *JIM: he's gonna send me down the information 1163090_1164640 you know how the typical salesman 1164640_1165850 they 1165850_1166040 &=in they they d:- ⌈ talk in ⌉ kind of nebulous terms . 1166040_1168500 *FRED: ⌊ Yeah ⌋ . 1167070_1167360 *JIM: ⌈2 but he ⌉2 thought . 1168500_1169270 *FRED: ⌊2 Okay ⌋2 . 1168660_1168950 *JIM: &=in w- they +/. 1169270_1169960 *JIM: (.) they have a minimum &=in number (.) of accounts 1169960_1173220 (..) ʔuh: . 1173220_1174190 *FRED: (.) Oh 1174190_1174560 with w- +/. 1174560_1174970 *FRED: (.) is covered if you will by the five-⌈hundred . 1174970_1176790 *JIM: ⌊ &=in Yes ⌋ . 1176500_1177570 *FRED: (.) Okay ⌉ . 1176790_1177540 *JIM: And so he said 1177540_1178480 &=in (.) ʔuh ʔuh ʔuh way I understood it would 1178480_1180690 (..) let's say five-hundred would would cover the eight-hundred 1180690_1183110 (.) which is very very helpful service . 1183110_1184860 *FRED: ⌈ Mhm ⌉ . 1184860_1185150 *JIM: ⌊ &=in ⌋ and uh 1185000_1186560 (..) the (.) maintenance for let's say twenty accounts . 1186560_1190170 *JIM: (..) Well 1190170_1191040 (.) if we had ⌈ (.) ⌉ ten accounts . 1191040_1192840 *FRED: ⌊ Okay ⌋ . 1191840_1192130 *JIM: (.) we would charge &=in ʔuh (.) five-hundred fifty dollars on ac- on an account 1192840_1196930 it would be five-hundred dollars 1196930_1197960 it's really kind of a switch around but 1197960_1199350 &=in what (.) what that would +/. 1199350_1200850 *JIM: (.) I think it would be good for &=in (.) the five or six of us 1200850_1204470 &=in to 1204470_1205190 (..) to have Galino down here 1205190_1208050 &=in can kind of explain what products 1208050_1210300 (..) we can offer from the bank side . 1210300_1212890 *JOE: (..) Hm . 1212890_1213860 *JIM: Matt needs to know that 1213860_1214870 and (.) and we all need to know that 1214870_1216410 &=in and then 1216410_1217620 (..) we can figure out how Matt's 1217620_1219920 (..) the products that LCL's gonna offer will plug into that . 1219920_1222960 *JIM: (..) And it's +/. 1222960_1225270 *JIM: (..) I was thinking of sending Matt up there for a week 1225270_1228300 &=in but 1228300_1229020 &=in (..) you know he's up there a week 1229020_1230990 he's gonna learn a lot of very technical (.) information 1230990_1234010 such as like those section four-fifteen &=in XSes . 1234010_1236940 *JIM: (.) That (.) that [% laugh] I was talking about . 1236940_1238330 *JIM: &=in You really don't need to know the &=in the technical &=in (..) 1238330_1242040 nitty-gritty (..) about it 1242040_1244030 (.) because 1244030_1244700 (..) that's what Bankers Systems does . 1244700_1246510 *JIM: ⌈ They ⌉ take care of the nitty-gritty . 1246510_1247750 *JOE: ⌊ Hm ⌋ . 1246430_1246830 *JIM: So 1247750_1248140 &=in it's gonna be less expensive 1248140_1250150 (.) to have (..) Galino come here 1250150_1252650 (..) instead of one person going up to (.) to Minnesota for a week 1252650_1256400 (..) and then trying to bring back the information 1256400_1259320 (..) we're gonna have Galino come down here for a day 1259320_1262010 (..) and 1262010_1262730 he won't +/. 1262730_1263240 *JIM: (.) he won't touch any &=in specific (.) complicated (.) items . 1263240_1267080 *JIM: (.) Such as four-fifteen XSes or 1267080_1268740 &=in or ACP testing or that . 1268740_1270550 *JIM: (..) Cause Vivian and I kind of know that 1270550_1273170 &=in but if we don't know that . 1273170_1274720 *JOE: &=THROAT . 1274720_1275110 *JIM: like that four-fifteen ⌈ (.) uh ⌉ XS . 1275110_1277450 *FRED: ⌊ Mhm ⌋ . 1276280_1276570 *JIM: &=in I called the eight-hundred number 1277450_1279060 and (.) and they went through the explanation 1279060_1280850 where the IRS &=in changed (..) the the deduction . 1280850_1284170 *FRED: (..) Just a +/. 1284170_1285450 *FRED: (..) Just a (..) question . 1285450_1286930 *FRED: (..) from a mechanics . 1286930_1288270 *FRED: &=in Who's gonna ho:ld the account . 1288270_1290280 *FRED: (.) Is LCL (..) gonna hold the account 1290280_1292970 is the bank gonna (..) ho- (..) hold the account 1292970_1296280 (.) Who act- +/. 1296280_1296720 *FRED: (.) You know 1296720_1297180 you're talking about bank products 1297180_1298310 and (.) and LCL products 1298310_1299740 like before 1299740_1300260 the trust department 1300260_1301220 &=in if you will 1301220_1301960 held &=in the account . 1301960_1303650 *FRED: (.) That that's physically where it ⌈ was . 1303650_1305440 *JIM: ⌊ Mhm ⌋ . 1305150_1305640 *FRED: you know ⌉ 1305440_1305610 Is &=in is it's +/. 1305610_1306640 *FRED: (.) Iʔ- ʔuh: (.) is the plan (.) ʔuh ʔuh gonna be in the bank 1306640_1310230 or will the plan be in LCL 1310230_1312030 or is the plan &=in ʔuh just kind of nebulous . 1312030_1315240 *JIM: (..) Well +/. 1315240_1316150 *JIM: (.) well the (.) the SEP and the IRA 1316150_1318270 &=in will- will be First National Bank of Hillsdale . 1318270_1320690 *FRED: (..) Okay . 1320690_1321460 *FRED: (.) ⌈ That's what I meant ⌉ . 1321460_1322240 *JIM: ⌊ But (.) but ⌋ tho- ⌈2 those ⌉2 +... 1321650_1323060 *FRED: ⌊2 They're ⌋2 bank products . 1322550_1323810 *FRED: (..) if you will . 1323810_1324550 *FRED: (.) We offer those 1324550_1325640 &=in and then LCL 1325640_1327030 if (.) w:ill have 1327030_1328570 (..) within that plan 1328570_1329810 they'll have things you can buy 1329810_1331020 if you want to direct it that way . 1331020_1332560 *FRED: (..) ⌈ If you ⌉ don't want a CD . 1332560_1334160 *JIM: ⌊ Tha- the- ⌋ +... 1332810_1333370 *FRED: or if you: want something else 1334160_1335520 &=in you could direct that 1335520_1336950 &=in that the monies be used to buy: (..) some mutual fund 1336950_1341080 or some bond fund or something . 1341080_1342640 *JIM: Right . 1342640_1342880 *JIM: ⌈ And how I ⌉ envision that then . 1342880_1344370 *FRED: ⌊ Okay ⌋ . 1343150_1343490 *JIM: &=in we would get (..) the (.) statement (.) from LCL 1344370_1348610 (.) for the (.) mutual fund holdings 1348610_1350610 &=in ⌈ let's say ⌉ the person also had a CD . 1350610_1352680 *FRED: ⌊ Okay ⌋ . 1350740_1351230 *FRED: ⌈2 Mhm ⌉2 . 1352680_1353120 *JIM: ⌊2 Let's ⌋2 +/. 1352700_1353220 *JIM: (.) You know 1353220_1353480 it doesn't matter ⌈ how &{l=X they &}l=X split it ⌉ . 1353480_1354500 *FRED: ⌊ Like we do now ⌋ . 1353860_1354650 *JIM: &=in And then (.) then 1354650_1355880 &=in (..) what what we would have to do is 1355880_1358160 (.) pull that information together . 1358160_1359990 *JIM: &=in We would get LCL's statement 1359990_1361800 (..) as of (.) the end of the year . 1361800_1363220 *JIM: What the income was 1363220_1364360 &=in and what the balance was 1364360_1366070 we would then have to 1366070_1367020 if they had a CD 1367020_1368050 &=in pull that in 1368050_1368940 we would report that &=in up to Bankers Systems . 1368940_1371610 *FRED: ⌈ Okay ⌉ . 1371610_1372060 *JIM: ⌊ &=in ⌋ and they would then combine that 1371830_1373830 (.) and produce the report . 1373830_1374960 *JIM: &=in It +/. 1374960_1375420 *JIM: (.) That's why there's (.) normally a cost in those self-directed 1375420_1378460 &=in because 1378460_1379530 (..) it's not 1379530_1381130 &=in (.) with our CDs now 1381130_1383190 &=in that information 1383190_1384450 (.) that's the whole account 1384450_1385880 (.) and whatever's out there on the (.) on the retire- 1385880_1388220 on the RAP record 1388220_1389060 &=in just passes right up 1389060_1390890 (..) and (.) and the CD and the RAP information 1390890_1393650 r- ⌈ retirement ⌉ account (..) processing system talk together . 1393650_1397170 *FRED: ⌊ Mhm ⌋ . 1394210_1394550 *JIM: &=in When you get another vendor in here 1397170_1398810 like LCL 1398810_1399780 &=in we physically have to put the papers together . 1399780_1402100 *JIM: But it's not that complicated . 1402100_1403230 *JOE: ⌈ But the ⌉ name of his office is gonna be LCL . 1403230_1405720 *JIM: ⌊ S- ⌋ +... 1403470_1403740 *JOE: It's not gonna be First National Bank 1405720_1407220 &=in . 1407220_1407910 *JIM: Right . 1407910_1408200 *JIM: (.) Right . 1408200_1408570 *JOE: ⌈ Anything ⌉ . 1408570_1409070 *JIM: ⌊ &=in The- ⌋ the +/. 1408820_1409360 *JIM: (..) I got a f- +/. 1409360_1410170 *JIM: Oh &=ex . 1410170_1410540 *JIM: Yeah 1410540_1410830 (.) I love (..) expansions of business . 1410830_1413030 *JIM: ⌈ It took me ⌉ forty-five minutes to get a phone number . 1413030_1415690 *FRED: ⌊ &=laugh &=ex ⌋ . 1413030_1413550 *JIM: (..) ⌈2 The phone number by the way is ⌉2 . 1415690_1417480 *JOE: ⌊2 For LCL . 1416180_1417050 *JOE: (.) Yeah ⌋2 . 1417330_1417600 *JIM: &{n=POUND &=nonvocal Five &=nonvocal Five &=nonvocal Five 1417600_1418740 (..) &=nonvocal Five &=nonvocal Five (.) &=nonvocal Five &=nonvocal Five &}n=POUND . 1418740_1421570 *JIM: (..) Is what the phone number will be . 1421570_1423460 *JIM: &=in (.) But 1423460_1424170 (.) this is (.) things that 1424170_1425280 &=in I'm I'm (.) anxious for Matt to get here 1425280_1427590 because I'm getting 1427590_1428450 &=in (.) I'm getting tuckered out 1428450_1430210 ⌈ trying to ⌉ (.) get all these nitty-gritty things . 1430210_1432140 *FRED: ⌊ &=laugh &=laugh ⌋ . 1430300_1430690 *JIM: It's not tough to get the phone number . 1432140_1433830 *JIM: &=in But see they need the phone number in order to order letterhead . 1433830_1437140 *JOE: ⌈ Mhm ⌉ . 1437140_1437570 *JIM: ⌊ &=in ⌋ in order to or- (.) ʔuh have business cards . 1437350_1439710 *JIM: &=in (.) LCL in ⌈2 (.) ⌉2 in Chicago needs that . 1439710_1442480 *FRED: ⌊2 Mhm ⌋2 . 1440940_1441280 *JIM: (.) to get that process ⌈3 going ⌉3 . 1442480_1443890 *JOE: ⌊3 Hm ⌋3 . 1443380_1444280 *JIM: ⌈4 Uh . 1443890_1444690 *JOE: ⌊4 &=tsk &=in Uh is there LCL ⌋4 accounts gonna be maintained here . 1444290_1447430 *JIM: cause cause actually ⌉4 +... 1444730_1445870 *JOE: I mean 1447530_1447790 or (.) is there gonna be a separate 1447790_1449330 &=in They're gonna have an account in Chicago 1449330_1451520 for the funds to pass through ? 1451520_1452730 *JOE: Or is it gonna be passthrough funds here at the bank ? 1452730_1454970 *JOE: Or 1454970_1455360 &=in is that ʔuh: +... 1455360_1456690 *JIM: (..) Well 1456690_1457560 (.) w- (.) what we'll do is 1457560_1458960 (..) those'll probably wire transfer ⌈ out ⌉ . 1458960_1460970 *JOE: ⌊ Through Bolt⌋mans or something . 1460790_1461880 *JIM: Well 1461880_1462170 (.) through the Fed 1462170_1462810 what +/. 1462810_1463080 *JIM: &=in I think what will happen 1463080_1464640 &=in but we +/. 1464640_1465380 *JIM: (.) Matt'll find this out 1465430_1466660 and 1466660_1466950 I mean 1466950_1467220 we'll get involved in it 1467220_1468250 &=in and I'm +/. 1468250_1468790 *JIM: I'm not +/. 1468790_1469300 *JIM: (..) whichever way it goes is fine 1469300_1471050 but probably the most sophisticated way 1471050_1473260 &=in will be 1473260_1474270 &=in everyone who makes +/. 1474270_1476150 *JIM: (..) who buys a fund 1476150_1477430 or whatever 1477430_1478150 (..) that money will go into a (.) a clearing account here . 1478150_1481330 *JIM: (..) And then 1481330_1482640 &=in we will 1482640_1483750 (..) either LCL will (.) will ⌈ ACH it (.) out of us ⌉ . 1483750_1487530 *JOE: ⌊ XX XX ⌋ . 1485960_1487030 *JIM: (.) Or 1487530_1488050 (..) we'll physically wire it up there . 1488050_1489950 *JIM: (..) &{l=% &{l=X You know &}l=X &}l=% 1489950_1490730 there may be &=in (..) a hundred thousand dollars in there 1490730_1494020 which may represent (..) three people's 1494020_1496280 or four people's ⌈ (.) ⌉ purchases . 1496280_1498210 *JOE: ⌊ Mhm ⌋ . 1497140_1497530 *JIM: &=in and then Matt faxes the paperwork up to LCL 1498210_1501720 (..) and they do the suitability testing 1501720_1504720 (..) and then they know (..) what products have been bought 1504720_1508460 (..) and then on the other side 1508460_1510360 (.) we do a wire transfer 1510360_1511870 (.) to physically get the money up there . 1511870_1513410 *JIM: I think ⌈ that's how it's gonna work ⌉ . 1513410_1515010 *FRED: ⌊ Si- (.) similar to Fannie ⌋ Mae . 1513960_1515370 *JIM: (.) Ex- ex- +/. 1515370_1516460 *JIM: (.) ⌈ Uh yes ⌉ . 1516460_1516970 *JOE: ⌊ Mhm ⌋ . 1516610_1517050 *JIM: Sa- same- ⌈2 same- ⌉2 ⌈3 same type of thing ⌉3 . 1517050_1518750 *JOE: ⌊2 Yeah ⌋2 . 1517900_1518190 *FRED: ⌊2 We ⌋2 ⌊3 we (.) we collect ⌋3 ⌈4 monies ⌉4 . 1517900_1519450 *JOE: ⌊4 Custod⌋4ial ac⌈5count . 1518920_1519840 *FRED: ⌊5 we collect monies ⌋5 . 1519980_1520740 *JOE: &{l=X and &}l=X ⌉5 . 1520740_1520800 *FRED: put it in account 1520800_1521740 (.) and the:n 1521740_1522600 (..) we tell them how much of it is theirs 1522600_1525110 (..) and 1525110_1525830 (..) ⌈ by calling up ⌉ there . 1525830_1527660 *JOE: ⌊ XXX ⌋ . 1526540_1527130 *FRED: and that dial deal 1527660_1528700 and then it- (.) they zap it the next day . 1528700_1530810 *JIM: Yeah . 1530810_1531150 *JIM: (.) I don't ⌈ know if ⌉ . 1531150_1532080 *JOE: ⌊ Okay ⌋ . 1531360_1531600 *JIM: &=in (.) ʔuh (.) like 1532080_1533110 (.) that's the same way that uh (..) American Express with the traveler's checks work . 1533110_1537400 *JIM: &=in When we sell Traveler's Checks 1537400_1539010 (.) we put that money in a clearing account 1539010_1540730 &=in and then Jo Anne 1540730_1542010 or Grace 1542010_1542480 or: Tom 1542480_1543050 or somebody calls 1543050_1544060 &=in whosever doing that job 1544060_1545490 (.) calls ⌈ &=in ⌉ a number . 1545490_1547370 *FRED: ⌊ Mhm ⌋ . 1546250_1546540 *JIM: (..) and 1547370_1547990 (.) we report 1547990_1548850 (.) how much (.) in &=in sales we had 1548850_1551370 &=in and they d- +/. 1551370_1552450 *JIM: (.) they d- (..) hit the account the next day and take the money out . 1552450_1555390 *JIM: But that's +/. 1555390_1555950 *JIM: &=in that's kind of the (.) the mechanics of the (.) of the flow of funds . 1555950_1559410 *JIM: &=in But 1559410_1560130 to answer your question Joe 1560130_1561510 is that 1561510_1561930 &=in LCL 1561930_1562900 (.) that office (.) will (.) not say First National Bank of Hillsdale 1562900_1567110 (..) ʔuh or ⌈ anything of the nature ⌉ . 1567110_1568960 *JOE: ⌊ Anywhere . 1568010_1568450 *JOE: (.) Yeah ⌋ . 1568450_1569080 *JIM: &=in Uh 1569080_1569780 (.) the +/. 1569780_1570190 *JIM: (.) his &=in his card will be: LCL investments 1570190_1573840 &=in at First National Bank of Hillsdale . 1573840_1575840 *JIM: &=in U:m 1575840_1576910 (..) l:etterhead will be LCL 1576910_1579390 (..) there needs to be a (.) separate phone line 1579390_1581650 (..) &{n=POUND &=nonvocal going (.) to &=nonvocal that &=nonvocal office &}n=POUND . 1581650_1583590 *JIM: &=in And we'll +/. 1583590_1584230 *JIM: we'll be able- 1584230_1584690 when we get this receptionist set up 1584690_1586440 &=in the receptionist will also answer it 1586440_1588440 (.) but when they pick up the phone 1588440_1589780 &=in (.) you know we'll put it on a red line 1589780_1591590 or (.) blue line or something like that 1591590_1593380 &=in when they pick up that line 1593380_1594930 like we do with with with Bill's number 1594930_1596970 &=in you know they (.) they pick up 1596970_1598300 and they'll say LCL investments . 1598300_1599980 *JIM: &=in They also +/. 1599980_1602720 *JIM: &=in and it's also requirements by uh 1602720_1604720 (..) uh ʔI guess NASDAQ or whomever 1604720_1607390 &=in and the comptroller that 1607390_1608870 (.) they don't (.) want us 1608870_1610530 &=in when that line rings 1610530_1611660 we're not gonna pick it up and go 1611660_1612760 hello 1612760_1613050 First National Bank of Hillsdale 1613050_1614080 and they go 1614080_1614340 &=in &{l=Q oh yeah 1614340_1615180 I wanted to talk about a mutual fund 1615180_1616470 oh I'm sorry 1616470_1617130 yeah 1617130_1617320 you do have LCL &=in in- investments &}l=Q . 1617320_1619710 *JIM: I mean 1619710_1619930 these are ⌈ some of the ⌉ nitty-gritty things . 1619930_1621580 *JOE: ⌊ &=tsk Yeah ⌋ . 1620250_1620570 *JIM: They &=in they talk about in the regulation 1621580_1623470 and I'm pretty confident they'll (.) they'll implement those out . 1623470_1625930 *JIM: ⌈ But ⌉ . 1625930_1626690 *JOE: ⌊ Is Matt ⌋ gonna carry on (.) his (..) other livelihood that he had before 1626310_1631370 (..) through that office ? 1631370_1632210 *JOE: Or 1632210_1632500 &=in ⌈ is he ⌉ totally out of the insurance business . 1632500_1635070 *JIM: ⌊ N: ⌋ 1632980_1633370 &=in He was meeting with- +/. 1635070_1636380 *JIM: they had a regional meeting- 1636380_1637760 or 1637760_1637950 meeting with their regional manager today 1637950_1639810 &=in and he was going to (.) to tell him 1639810_1641820 &=in that 1641820_1642690 (.) he's plans to take a job here . 1642690_1644480 *JIM: &=in (.) C- Common courtesy says 1644480_1646690 that he &=in (.) ʔuh needs to give em two weeks notice . 1646690_1649920 *JIM: &=in (..) But 1649920_1651310 (.) the- (.) the practice within the (.) the industry 1651310_1653820 and Larry +/. 1653820_1654380 *JIM: (.) Matt said this 1654380_1655370 and also Larry Harb said this . 1655370_1656980 *JIM: &=in So 1656980_1657550 (.) I know it's not &=in (.) Matt's employer 1657550_1660320 it's just within that industry 1660320_1661600 as soon as a person says 1661600_1662810 &=in I've decided to move on to another +/. 1662810_1665480 *JIM: &=in another uh (.) uh (..) ⌈ customer ⌉ . 1665480_1668260 *JOE: ⌊ XX ⌋ . 1667520_1668210 *JIM: or an- another (.) ⌈2 employer ⌉2 . 1668260_1669890 *ENV: ⌊2 &=DOOR_KNOCKING ⌋2 . 1669320_1670110 *JIM: (.) ni- +/. 1670110_1670670 *JIM: Come in . 1670670_1671140 *ENV: &=DOOR_OPENS . 1671140_1672060 *VIVI: Did you need to talk to Genevieve . 1672060_1673780 *JIM: (..) N- ʔuh I'll g- +/. 1673780_1674970 *JIM: (.) see if she's gonna be 1674970_1676130 at a number where I could talk to her in maybe a half an hour or ⌈ forty-five ⌉ minutes . 1676130_1679590 *VIVI: ⌊ Okay ⌋ . 1678880_1679220 *JIM: &=in Or else I'll give her a call tomorrow . 1679590_1681060 *VIVI: Okay . 1681060_1681450 *JIM: &=in Um . 1681450_1682270 *ENV: &=DOOR_CLOSES . 1682270_1682960 *JIM: as soon as they get notice 1682960_1684670 (..) they typically: say well fine 1684670_1686630 &=in (.) thanks for the two weeks notice 1686630_1688570 but it's effective today . 1688570_1689910 *JIM: &=in And then they electronically (..) transfer: (.) his licenses 1689910_1694950 (.) to his- +/. 1694950_1695540 *JIM: (.) to to LCL . 1695540_1696680 @End