How do I calculate the number of loans a borrower has in a prior twelve month period to determine if they have reached their loan limit of 8 loans?
When a borrower requests a loan, the only way to know if borrower has reached their loan limit of 8 loans in any twelve month period as prescribed in RCW 31.45.073(4) is to look back twelve months from the date of the loan request. The origination date of the loan is the determining factor of whether a loan is included in the 12 month period. For example: For a loan request of February 10, 2011, all loans with an origination date of February 11, 2010, or later will be considered in assessing the number of loans. Revised 12/1/2010.
