How Do GRE General Scores Compare to Prior GRE Scores

The Educational Testing Service, which administers the Graduate Record Examination, changed the way the test is scored on Aug. 1, 2011. New types of questions emerged, and with them, an entirely new set of GRE scores. If you took the GRE prior to the change, youll need to learn how current GRE scores  compare to the old scores.   Prior GRE Scores On the old GRE  exam, scores ranged from 200 to 800 points in 10-point increments on both the verbal and quantitative sections. The analytical  writing section  ranged from zero to six in half-point increments. A zero was a no-score and a six was very nearly unattainable, although a few testers managed to nab that incredible score. On the previous test,  good GRE scores ranged from the mid to upper 500s in the verbal section and mid to upper 700s in the quantitative section. Youd expect that students looking to enter into programs like Yales school of management and UC Berkeleys graduate school of psychology to be earning in the 90th percentiles and higher. GRE scores are valid for up to five years. This is bad news for those who tested prior to Aug. 1, 2011. Additionally, as of Aug. 1, 2016, your GRE scores are no longer valid and will not be considered for admission if you happened to have put off attending graduate school for a while. The good news is that many test takers find that although the current GRE is quite challenging, the questions are more relevant to the workplace, graduate school curricula, and real-life experiences, so you may just get a better score the next time you take the exam. GRE General Scores On the GRE general test, previously known as the revised GRE, scores range from 130 to 170 points in one-point increments on both the revised verbal and quantitative sections. A 130 is the lowest score you can obtain, while 170 is the highest. The analytical writing test is still scored from zero to six in half-point increments just as it was previously. One of the benefits of the scoring system on the current test is that it provides better differentiation between those applicants who tended to get lumped into a group at the upper register of the scale. Another benefit is that the difference between a 154 and a 155 on the general GRE does not seem quite as vast as the difference between a 560 and a 570 on the previous GRE. With the current system, small differences are less likely to be interpreted as meaningful when comparing applicants, and large differences will still stand out quite clearly at that upper register.   Tips and Hints If you are interested in retaking the GRE in order to apply to graduate school and are unsure what you might expect to score on the exam, ETS offers  a comparison tool, which helps generate scores on the previous or current version of the GRE depending on which test youve taken. The comparison tool is available in both an Excel and a flash version if you only need to make a one-time comparison.   Similarly, If youd like to see how your GRE general score compares to prior GRE scores, review comparison tables for  revised GRE verbal scores versus prior verbal scores  as well as  revised GRE quantitative scores versus prior quantitative scores. Percentile rankings are also included to give you a better idea of your rank.

The Evolution Of Human Evolution - 1103 Words

Human evolution according to research started over 6 million years ago. The outcome of the evolution process is the current human beings. Scientific studies have revealed over the years a remarkable affinity between the chimpanzees/Apes and human beings. Even though this reality is not a definitive prove that human beings evolved from apes, it does show that the human beings are in one way or another related to other primates. Scientists suppose that the humans and the primates shared a common ancestor. The subject of what makes humans what they are and their origin has been the exclusive purpose leading to many scientific studies globally (Coolidge Wynn, 2011). Studies believe that Africa was the origin of evolution millions of years ago. Fossil remains have been discovered in different parts of Africa as well as other regions of the world. Different hominins have been discovered around the world in the last 1 million years. Thus, the different discoveries have led to comparison s between the various species of hominins to clarify on their similarities as well as differences. This essay seeks to explain whether they were distinctively different species or regional versions of the same species. Homo erectus The hominid also referred to as the upright man was discovered in various parts of the globe including Lake Turkana in Kenya, Spain, and Java in Indonesia among other places. They are estimated to have lived over 1.6 million years ago (Coolidge Wynn, 2011).Show MoreRelatedEvolution And Its Impact On Human Evolution910 Words   |  4 Pages Humans have gone through many stages of adaptation, allowing for great expansion and our unrivaled dominance of the earth. So it could seem as though humans have reached the peak of evolutionary development. Evolution is often thought of as a natural process, and were it not for humans, this might be true. However, evolution, in the strictest sense, is a change in the genetic structure of a population (Jurmain, et al., 5). While natural selection is a major contributor to the process of evolutionRead MoreEvolution And Its Effect On Human Evolution1826 Words   |  8 Pages It is the key to our evolution is very much correct. Beneficial mutation can be a next step of human evolution as people get more adapted to their environment, greatly increasing their chance of successfully reproducing. Evolution is the process of the characteristics of an organism changing over a long period of time. There are two types of evolution: micro, where gene frequencies are shifted within the population, and macro, where a whole new species arises. Evolution occur through naturalRead MoreConvergent Evolution Of Human Evolution972 Words   |  4 Pagesinstance of human evolution has been detected among the peoples of East Africa. It is the ability to digest milk in adulthood, conferred by genetic changes that occurred as recently as 3,000 years ago, a team of geneticists has found.The finding is a striking example of a cultural practice — the raising of dairy cattle — feeding back into the human genome. It also seems to be one of the first instances of convergent human evolution to be documented at the genetic level. Convergent evolution refers toRead MoreEvolution of Human3142 Words   |  13 PagesHuman evolution is the biological and cultural development of humans. A hu man is any member of the species Homo sapiens, meaning wise man. Since at least the Upper Paleolithic era, some 40,000 years ago, every human society has devised a creation myth to explain how humans came to be. Creation myths are based on cultural beliefs that have been adopted as a legitimate explanation by a society as to where we came from. The science of paleoanthropology, which also tries to create a narrative aboutRead MoreHuman Evolution2755 Words   |  12 PagesHuman Evolution Human Evolution, the biological and cultural development of the species Homo sapiens, or human beings. A large number of fossil bones and teeth have been found at various places throughout Africa, Europe, and Asia. Tools of stone, bone, and wood, as well as fire hearths, campsites, and burials, also have been discovered and excavated. As a result of these discoveries, a picture of human evolution during the past 4 to 5 million years has emerged. Human Physical Traits Humans areRead MoreThe Evolution Of Humans And Humans978 Words   |  4 PagesHumans have existed on Earth for approximately 3.4 million years. The oldest known human ancestor is Lucy, an Australopithecus. Over this extensive period of time, humans have evolved significantly. Homo Sapiens have grown from 3 to almost 6 feet (average), lost most of the body hair, became leaner and adapted to walking. Humans have come a long way, from Australopithecus to Homo sapiens, from living in trees to living in cities. Slowly, through hundreds of thousands of years, we mutated over andRead MoreThe Evolution Of The Human Body989 Words   |  4 PagesThe evolution of the human body can be observed from studying the intermediates found in ancestral organisms. Shubin proposes that every attribute that makes us human can be traced back to a time that showcases its importance for survival. Every single trait in the human body has been selected for through multiple mechanisms of evolution, natural selection being one of them. This theory is intriguing because not long ago it was unheard of to relate humans to fish, amphibians, reptiles, mammals, andRead MoreThe Evolution Of The Human Race1681 Words   |  7 PagesFaith Vs. Fact The universe is a vast and endless portal of knowledge and experience whose origin and creation is not fully proven. There are two ideologies that the human race has adopted into giving reason for our existence as well as our evolution; this being, religion, and science. Science and religion have been in a conflicting battle against each other in discovering truth about the universe and their main ideas disregard the other making them ultimately incompatible. Throughout historyRead MoreWhat is Human Evolution?674 Words   |  3 PagesHuman Evolution What is human evolution? Human evolution refers to a process in which human beings developed both physically and emotionally throughout centuries, evolution is mainly influenced by environmental factors, and sometimes people’s diet would also interrupt the way human beings evolve. Normally, human evolves for survivals, in order to get used to the climate, it is necessary for human beings to advance. Throughout millions of years, human beings have developed from the earliest hominidsRead MoreThe Evolution of Human Communication1217 Words   |  5 PagesTechnology started out as a way to help the human population make life easier on humanity, but once it becomes smarter than us will it really help or hinder our way of life. The definition of technology is â€Å"machinery and equipment developed from the application of scientific knowledge†, according to Google. When you pick up your smartphone do you ever really think that it may be hurting the human race? Once your chi ld sees you doing this action every hour of every day they will want to also do what

Hrm 556 Free Essays

Course: Human Resources Management 346 Assignment: Integration and Application Questions (1-4) Week: 4 Name: Date: January 30, 2010 1(a): Which company do you think needs to be more concerned about recruiting? Why? After reading both integrative cases I feel that Lincoln needs to be the most concerned with recruiting. Lincoln Electric only post for entry level position externally this does not help them to build enough brand recognition within the communities that they serve.When an organization has strong brand recognition they are able to generate a large applicant flow. We will write a custom essay sample on Hrm 556 or any similar topic only for you Order Now For example, 2006, Southwest hired 3,633 people, but received 280,000 applications. 1(b): What should be the objectives of each company’s recruiting efforts? Relate the recruiting objectives to each company’s strategic objective. The objectives for SWA should be to keep the focus on maintaining the reputation for having an employee friendly culture. This will continue to help SWA attract and retain employee friendly applicants/employees.Lincoln Electric on the other hand, needs to do a little more work with their recruiting process. I do not feel that it is wise to solely rely on promote from within strategy to fill skill positions. I have seen this happen in a previous organization that I worked for, they only hired externally for entry level positions. The promotion from within did improve employee morale however it did not help sometimes when we had to select from our internal candidates for management positions that did not necessarily have the skills for. Leadership skills can not be taught.However, I do believe they can be improved by further training. 1(c): Which company is most likely to have the most difficult time creating a large pool of qualified applicants? Explain your reasoning. I feel that Lincoln Electric would have the most difficulty in creating a large pool of applicants. Lincoln Electric post’s every job opening internally which limits the organization to their internal workforce only. With this being the process I do not feel that this allows the organization the opportunity to build brand recognition in the community.In addition, the only jobs that they permit for external hiring is for entry level positions. Even though they have great success in the Cleveland market yielding low turnover rates of less than four percent high employee and customer satisfaction they will need to revisit their current recruitment strategy to prepare for future growth. In addition, it was mentioned that they experienced some challenges when they expanded operations globally and in other markets outside of Cleveland with recruitment. (d): For each company, describe the practices that are most likely to influence employee turnover. Does low turnover contribute to the success of these companies? Explain For Southwest Airlines the forces that have led to SWâ€℠¢s turnover is possibly due to employing those that are not a â€Å"good fit† into the company’s culture. SW places a lot of emphasis on delivering superior customer service and for every employee to deliver on a daily basis can be challenging. Lincoln Electric turnover would probably be due to the number of internal candidates that compete for growth opportunities.I feel that once an employee who is seeking greater responsibility does not get it they will eventually leave. Furthermore, I do think that because of the low turnover for both company’s it has afforded them the opportunity to be successful in their perspective industry. Whenever any company experience low turnover they are always able to maintain productivity, customer satisfaction and maintain positive employee morale. In addition, when turnover is high they lose productivity first, they have to replace that exiting employee and then second they have to get the new employee trained which takes time. How to cite Hrm 556, Papers

Loan monitoring system RRL free essay sample

?2. 0 RELATED LITERATURE 1. (http://www. oum. edu. my/oum/v3/download/CBAD2103. pdf) In this age of information, almost all fields of endeavor such as education, manufacturing, research, games, entertainment, and business treat information systems as a need. Indeed, every activity in our daily life today requires people to get involved in the use of information systems. Many organizations today use information systems to offer services with greater satisfaction to customers, to access a wider range of information, to handle Business changes at a greater speed, and to increase the productivity of workers. Based on a number of researches, an effective information system should be able to exceed customer expectations and fulfill business needs. As such information technology, a subset of information systems, has become the prime reason for the success and failure of a company to compete in business. This illustrates the impact of information technology on business operations today. As a result, designing an information system of high quality is important so that organizations can compete successfully in the global market. In Lending institutions, having an automated Loan System that store,update,retrieve and monitor data efficiently and faster is an edge to be more competitive and progressive in their business. In this chapter the researchers highlight on the study of the concepts concerning the processes of the system and similar studies related to the system. 2. 1 Concepts 2. 1. 1 What is Information System ? 2(http://en. wikipedia. org/wiki/Information_systems#The_discipline_of_information_systems) Information system (IS) is the study of complementary networks of hardware and software that people and organizations use to collect, filter, process, create, and distribute data. The study bridges business and computer science using the theoretical foundations of information and computation to study various business models and related algorithmic processes within a computer science discipline. Computer information system(s) (CIS) is a field studying computers and algorithmic processes, including their principles, their software and hardware designs, their applications, and their impact on society while IS emphasizes functionality over design. Any specific information system aims to support operations, management and decision making. In a broad sense, the term is used to refer not only to the information and communication technology (ICT) that an organization uses, but also to the way in which people interact with this technology in support of business processes. Some authors make a clear distinction between information systems, computer systems, and business processes. Information systems typically include an ICT component but are not purely concerned with ICT, focusing instead on the end use of information technology. Information systems are also different from business processes. Information systems help to control the performance of business processes. According to Alter, S. (2003) in his book , â€Å"18 Reasons Why IT-Reliant Work Systems Should Replace ‘The IT Artifact’ as the Core Subject Matter of the IS Field,† argues for advantages of viewing an information system as a special type of work system. A work system is a system in which humans and/or machines perform work (processes and activities) using resources to produce specific products and/or services for customers. An information system is a work system whose activities are devoted to processing (capturing, transmitting, storing, retrieving, manipulating and displaying) information. Information system has been defined in terms of two perspectives: one relating to its function; the other relating to its structure. From a functional perspective an information system is a technologically implemented medium for the purpose of recording, storing, and disseminating linguistic expressions as well as for the supporting of inference making. From a structural perspective an information system consists of a collection of people, processes, data, models, technology and partly formalized language, forming a cohesive structure which serves some organizational purpose or function. The functional definition has its merits in focusing on what actual users -from a conceptual point of view- do with the information system while using it. They communicate with experts to solve a particular problem. The structural definition makes clear that IS are socio-technical systems, i. e. , systems consisting of humans, behavior rules, and conceptual and technical artifacts. 2. 1. 1. 1 What is Information Technology? Information technology is a subset of information systems. Specifically, it can be defined as the study, design, implementation, support or management of computer-based information systems. These systems could include software as well as hardware such as computers, servers and networks. Information technology also often governs the acquisition, processing, storage and dissemination of digitized information, or data, generated through the disciplines of computing and telecommunications. A career in information technology often requires a degree in computer or information science and can offer several different career paths, such as information security, network or database administration, infrastructure management, computer programming and software development. 2. 1. 1. 2 Information Systems vs. Information Technology 3(http://www. floridatechonline. com/online-degree-resources/information-systems-vs-information-technology/) As technology has become more advanced, the role it plays in today’s movies and television shows has also grown considerably. Although the entertainment industry likes to group computers and the people who build and maintain them under a single â€Å"information technology† umbrella, the fields of information technology and information systems actually refer to two distinct careers. However, since these fields are often used interchangeably in casual conversation, most people don’t make a distinction between them or other similar variations within the industry. The public perception that these terms can be used equally to describe the same field has often caused confusion for those who are interested in pursuing a technology-related career. Although each of these fields deal with computers, they have distinct characteristics and specific career paths that require different education and training. 2. 1. 1. 3 Information System Components 4(http://araku. ac. ir/~a_fiantial/ISR_Lec_[4]. pdf) A system is a set of related components, which can process input to produce a certain output. Every system requires a form of data input. For example, an ATM machine accepts data when you enter the PIN number. A washing machine accepts data when you select the start buttons. They process the inputs and produce their respective outputs. In an information system, input data consist of facts and figures, which form the systems raw material. Information is data that has been usefully processed. However, an information system does not only contain data and information. There are also other elements inside the system, which are related and are in support of one another. The presence of these related elements makes information more useful whereby, it can be made available, can be processed, distributed, manipulated, saved, and so on. This combination gives rise to a system, which is orderly and as such it is called an Information System. The activity of converting data into information is called a process. An information system contains the following FIVE main components: Hardware Information systems hardware refers to all types of hardware and the media used for input, processing, managing, distributing and saving information that are being used in an organization. Examples of the hardware are the physical computers, networks, communication equipment, scanners, digital drives, and so on. Hardware is the physical embodiment of an information system. It is one of the main elements which creates the information system cycle. Software Software consists of two categories the system software and the application software. 1. System Software controls the computer and contains the operating system and device drivers, which can communicate with the hardware. It can also modify data into a new form, prevent viruses and make copies. 2. Application Software- contains programs which can help users and enable companies to perform business functions. Users can increase productivity with the presence of application software such as spreadsheets, word processing, ordering systems, and accounts receivable. Data refers to the raw facts on any thing or entities like student names, courses and marks. The raw data that has not yet been provided can be processed to become more useful information. Information is an organized, meaningful and useful interpretation of data . such as a company’s performances or a students academic performance. Information systems change data into information, which is useful and capable of giving a certain meaning to its users. Process explains the activities carried out by users, managers and staff. Process is important for supporting a certain business model available as written documents or as reference materials on-line. The procedure for using a certain matter is very wide and very important to ensure that it can be implemented with success. All the information system components contain management and implementation procedures on their own, and they are different from each other. Human – There are the users as well as the managers who are provided invaluable information whether inside or outside the company. Users can be broken up into three categories, which are: 1. End-Users, consisting of the staff, customers, suppliers and others who communicate with the information system. 2. Internal Users, including the managers, technicians, sales representatives and corporate officers. 3. External Users, consisting of the customers who use the companies system for performing transactions, suppliers who use the system for planning sales, and the staff who use the system outside office hours. 2. 1. 1. 4 Different Types of Information Systems 1. Transaction Processing System The earliest electronic system in business consisted of computer and programs used to record and report transactions. Called transaction processing systems, or TPS, they are most widely used information systems. TPS’s predominant function is to record data collected at the boundaries of organizations, in other words, at the point where the organization transacts business with other parties. TPS’s include cash registers, which record sales; automatic teller machines, which record purchases. After these data are collected, the IS either automatically processes the data into information or stores it for later processing on demand. 5( Oz, 2002. ,Pp. 21-23) It is a type of information processing system, software and hardware combination, which supports Transaction processing. Transaction processing is a type of computer processing in which each individual indivisible task, called a transaction, is worked upon and executed as and when it comes. The response to requests is immediate. In contrast to this is batch processing in which a batch of requests are stored and then executed all at once. A transaction Processing System is also used to collect, store, retrieve and modify transactions executed by an organization. Transaction processing systems are helpful in three areas: 6(http://publib. boulder. ibm. com/infocenter/txformp/v6r0m0/index. jsp? topic=%2Fcom. ibm. cics. te. doc%2Ferziaz0019. htm) 1. System runtime functions Transaction processing systems provide an execution environment that ensures the integrity, availability, and security of data. It also ensures fast response time and high transaction throughput. 2. System administration functions Transaction processing systems provide administrative support that lets users configure, monitor, and manage their transaction systems. 3. Application development functions Transaction processing systems provide functions for use in custom business applications, including functions to access data, to perform intercomputer communications, and to design and manage the user interface. 2. Management Information Systems 7( Oz, . 2002 ,Pp. 21-23) In the 1970’s, managers realized that they could use computer-based information systems for planning, control, decision making, and problem solving, rather than just for reporting transactions. These new types of information systems came to be known as management information systems, or MISs. Management information system, or MIS, broadly refers to a computer-based system that provides managers with the tools to organize evaluate and efficiently manage departments within an organization. In order to provide past, present and prediction information, an MIS can include software that helps in decision making, data resources such as databases, the hardware resources of a system, decision support systems, people management and project management applications, and any computerized processes that enable the department to run efficiently. DECISION SUPPORT SYSTEMS designed to help organizational decision makers make decisions. DSS usually have three major components: a database, a model base, and a dialogue module. The database contains data relevant to the decision to be made. The model base contains one or more models that can be used to analyze the decision situation. The dialogue module provides a way for the decision maker, usually a non-technical manager, to communicate with the DSS. By running the data and possible decisions through one or more models, the decision maker can compare possible solutions to the problem at hand. The DSS allows the manager to test or propose different solutions and see what the results may be before committing to any particular model. The first decision support systems were designed to support individual hen computing technology was more primitive and more difficult for non-technical people to use, an intermediary often used the DSS for the manager. The intermediary was usually a staff person who had the computer skills the manager lacked to work with the DSS. The manager would then use the output to help decide which course of action to take. Due to early technical limitations, each individual or specific DSS had to be designed and built one at a time. Now, many decision support systems run on microcomputers. The models are relatively easy to construct, change, and interpret using such software programs as electronic spreadsheets. Tools like spreadsheets and fourth-generation language (4GLs) are called DSS generators because they are general purpose tools that can be used to develop many specific DSS with relative ease. Executive Support Systems Another relatively new form of DSS is referred to as executive support systems (ESS) or executive information systems (EIS). Executive support systems are designed specifically for high-level executives who may not have many computer skills have very little time to devote to any given situation An ESS is relatively easy to manipulate and usually provides graphical presentations on several different pre-defined topics (see Figure 5). Some executive support systems allow an executive to drill down into the data to a deeper, more specific level. For example, an executive who sees that sales have decreased for the month in the North American market may want to find out which segments of the market are doing best. The executive would then ask for the same information by segment and, seeing that the Western U. S. segment had the best performance, the executive may then want to see which sub-region had the best performance. Once the information is presented at this level, the executive would see that Southern California had done the best. The executive may then want to examine the information by city, and so on. EXPERT SYSTEMS 8(http://www. prenhall. com/divisions/bp/app/hoffer/student/supp2. html) Different from any of the other classes of systems we have discussed so far, expert systems (ES) attempt to codify and manipulate knowledge rather than information. By knowledge, we mean understanding acquired through experience, deep and extensive learning. Expert systems are based on principles of artificial intelligence research. Artificial intelligence is the branch of computer science devoted to creating intelligence with machines. Typically users communicate with an ES through a dialogue during which the ES asks questions and the user supplies the answers. The answers are then used to determine which rules apply and the ES finishes with a recommendation based on its rules. One of the most difficult parts in building an ES is acquiring the knowledge of the expert in the particular problem domain. Specially trained people called knowledge engineers perform this knowledge acquisition. Knowledge engineers are similar to systems analysts; however, they are trained to use different techniques, as determining knowledge is considered more difficult than determining data. 2. 1. 2 Traditional Loan System in Rural Banking 2. 1. 2. 1 What is a Loan? 9(http://en. wikipedia. org/wiki/Loan) In finance, a loan is a debt evidenced by a note which specifies, among other things, the principal amount, interest rate, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent. 2. 1. 2. 2 Who provides a loan? 10(http://www. wisegeek. com/what-is-a-lending-institution. htm#didyouknowout2) A lending institution is any type of financial organization or institution that provides loans to borrowers. There are many different types of lenders in the marketplace today, ranging from banks and credit unions to mortgage and payday loan companies. The range of loan types offered by any one financial institution will vary, depending on the structure of the organization. Typically, all lenders will charge some rate of interest for the amount of funds borrowed, and require the borrower to commit to a contract that spells out the terms for repayment. One of the more common examples of a lending institution is a bank. The ability to provide loans is only one of several services offered by banks, but consumers often think of approaching the bank where they already have existing accounts such as checking and savings when they are in need of financing for the purchase of a home, a car, or even a personal loan of some type. A bank is a depository institution, a trait that is not universally shared by all types of lending institutions. 2. 1. 2. 3 What is a Rural Bank? 11(Miravite, 1976,Pp. 2) The term â€Å"Rural Bank† means any bank organized and incorporated in accordance with the provisions of the Rural Banks Act for the purpose of providing the means of facilitating and improving the productive activities of small farmers, merchants and their cooperatives serving rural industries and enterprises through easily accessible credit facilities on reasonable terms. Rural Banks are regional unit banks, hence they cannot establish branches, agencies, or extension offices on a nationwide basis. Borrowers 1. Eligible Borrowers The following may borrow or loan from a Rural Bank: a. A farmer who may be an individual or an organized cooperative owing not more than 50 hectares of agricultural Land. b. A merchant whose investment does not exceed P 50,000. c. An Operator of a rural industry or enterprise with investment not exceeding P50,000; and d. An Operator of an essential rural industry producing goods ordinarily purchased by the low income groups , and useful or necessary in their daily economic activities. These borrowers likewise must have character (integrity of purpose as evidenced by promptness in paying debts, and reputation for honesty), capacity (management ability and competence), and capital. 2. Ineligible Borrowers 12 (Miravite, 1976,Pp. 142-143) a. Officials and employees with respect to the rural bank to which they are assigned or in which they are conducting examination. Officials and employees of other departments, offices or other units of the Central Bank . during the period of time that an application or any paper of such rural bank is being evaluated, processed or acted upon by such personnel. 2. 1. 2. 4 Non-supervised and Supervised Credit Lending Operations 13(http://hiring. monster. com/hr/hr-best-practices/recruiting-hiring-advice/job-descriptions/loan-officer-job-description-sample. aspx) Non-supervised Credit Lending Operation A. Short-term or Production Loans: Short term loans are of three kinds: Agricultural, Commercial and Industrial. a. Agricultural Loans Agricultural loans may be granted to a farmer or to a duly registered cooperative owning or cultivating as tenant, lessee etc. , not more than 50 hectares of land dedicated to agricultural production. b. Commercial Loans The loan may be granted for the purpose of purchasing commodities for resale, which are considered necessities or semi-necessities and are of general acceptability and quick turnover. Retail or wholesaler merchants whose capital investment does not exceed P 50,000 may be granted commercial loans c. Industrial Loans This loan may be granted for any of the following purposes: 1. Expenses for labor to manufacture goods which are in demand, readily saleable , have a quick turnover, and considered necessities or semi-necessities, or essentials or semi-essentials; 2. Purchase of raw materials to manufacture or process these goods; and 3. Marketing of these goods. An industrial load may be granted to: 1. An operator of rural industry or enterprise whose capital investment does not exceed P 50,000; and 2. An operator of an essential rural industry or enterprise (irrespective of amount of capital investment) which produces goods ordinarily purchased by the low-economic groups and are useful or necessary in their daily economic activities. Supervised Credit Lending System 14(Miravite, 1976,Pp. 168-179) Supervise Credit is a system of lending under which a farmer or any other type of borrowers agrees in writing that he will apply proven farm or production practices necessary to conserve the land, improve its fertility and increase its production, and abide by the approved farm plan and budget jointly prepared by him and a duly accredited supervised credit technician . 1. 2. 1. 2. 5 Loan in charge employees 15(http://www. americasjobexchange. com/appraiser-job-description) 1. Loan Officer- develops loan packages and evaluating applicant information and documentation prior to approval and release. Job Duties: Evaluates loan applications and documentation by confirming credit worthiness. Improves loan applications and documentation by informing applicant of additional requirements. Rejects loans by explaining deficiencies to applicants. Approves loans by issuing checks or forwarding applications to loan committee. Completes loan contracts by explaining provisions to applicant; obtaining signatures and notarizations; collecting fees. Helps customers by answering questions; responding to requests. Maintains customer confidence by keeping loan information confidential. Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations. Accomplishes bank mission by completing related results as needed. 2. Loan Appraiser Responsible for determining the monetary value of merchandise, property, or business assets for a company, including real estate and other assets. Primary Responsibilities 2. Perform detailed inspections on property to determine value, factoring in dates, quality, and age of property. 3. Use data such as incorporating cost, market and income approaches to property valuation. 4. Produce written appraisals for clients, government agencies, or companies 5. Compile research in detailed reports 6. Correctly identify discrepancies between the property’s description and its actual state. 7. Demonstrate ability to analyze a problem coherently and provide precautionary advice before a purchase 8. Work on a client-to-client basis, making appraisals for a variety of reasons. 3. Loan Clerk 16(www. onetcodeconnector. org )- work with customers who are seeking loans and also prepare loan paperwork and loan contracts. They only need a high school diploma but also receive relevant training from their employers. Read on to learn more about becoming a clerk for the lending industry. Loan Clerks are responsible for clerical matters, including preparing, auditing and finalizing forms or contracts. They ensure the creditworthiness of interested parties through reference checking. Loan Clerks can work more specifically as loan service clerks, who maintain payment records, or as loan closers, who organize and execute closing procedures . 4. Loan Collector 17 (http://hr. fas. harvard. edu/files/fas-hr/files/loan_collector_ii-52. pdf) responsible for collection of more complex delinquent accounts. Contacts debtors and necessary officials to reconcile outstanding balances, initiates legal action when appropriate, and assists in coordination of collection of systems and procedures. 5. Loan Operations Manager 18(https://www. fnblg. com/custom/fi/fnblagrange/fb/disclosure/Loan-Operations-Manager. pd )- responsible for managing the Loan Operations Department of the Bank. Effectively support the lending team for both banks. Develop and implement best practices in loan operations related processes and procedures. Pro active leader and team player with the ability to be influential and establish positive working relationships across the organization. 2. 1. 2. 6 Manual Loan System Procedure 19(Miravite, 1976,Pp. 142-143) 1. Loan Application Form and contents The loan application filed by a qualified borrower must be in form prescribed by CB and should contain information stating the amount applied for, term desired, collaterals offered and purpose of the loan with itemized estimates of intended disbursement of expenses. 2. Action by Bank The bank upon receipt of the application, shall conduct a credit investigation through its inspector to include verification of the existence of the project, the collaterals offered , the actual credit needs and the repayment capacity of the borrower. The manager then processes the loan application by interviewing the applicant and in the proper cases, respectable citizens of the community, and requiring him to submit a statement of assets and liabilities. On the basis of the application, the inspector’s report and the interview, the manager submits a report and the interview, including therein information as to applicants eligibility to borrow, purpose of the loan, and credit risk. 3. Disclosure Statement under Truth in Lending Act At this juncture the manager , complying with the provisions of the Truth in lending Law and the implementing regulation issued by the Central Bank . 4. Approval of Loan Application The approving authority in Rural Banks for loan applications is its board. However, the board may delegate it to the manager/president or to the credit committee . 5. Execution of Documents by borrowers after it is approved; the borrower is notified to go to the bank to execute proper documents. 6. Release of Loan The loan should be released on staggered basis as required by the specific needs of the project to avoid diversion of loan. 2. 1. 3 Automated Loan System 20(http://www. investorwords. com/14175/computerized_loan_origination_CLO. html#ixzz2rLSqYcg2) A system used by Financial institutions. , it is a type of information System that falls under the category of Transaction Processing system and a Decision Control System that is developed with the use of computers to facilitates Loan operations smoothly efficiently and hassle-free in a shorter period of time. 2. 1. 3. 1 The Need for an Automated Loan Processing System 21(http://blog. newgensoft. com/the-need-for-automated-loan-processing-system) Today, customers are more knowledgeable and more demanding than ever. They are aware of all the options available to them and, if a lending organization is not able to process a loan application within a desirable time frame, they are quick to switch to some other organization that can very well do so. Banks and financial institutions need to realize that to maintain loyalty customers demand convenience apart from attractive interest rates. Often banks are challenged by the manual processing of loans, creating spiraling labor costs and backlogs of files preventing loans from closing on schedule. This translates into loss of business to competition. For this reason, many Indian banks and financial institutions are now following the footsteps of their global counterparts in automating their lending processes, covering the entire loan life cycle – from loan origination through loan application process, risk assessment, decision-making, monitoring, and management control of approved loans. An automated loan processing solution allows these lending organizations to close more qualified loans faster with improved operational efficiency. It virtually eliminates the tedious sorting of both paper and electronic files and dramatically minimizes the costly manual data entry. The key benefits of an efficient loan processing system include: Reduction in processing time by Optimal work distribution Immediate identification of bottlenecks and deviations Parallel processing of loan application documents Greater customer satisfaction through quicker response and new product offerings Efficient document management and tracking of status across the bank Improved performance monitoring using audit trails and ability to drill down to granular details Minimized manual entry of critical loan information Enhanced accuracy of data entered into the loan system Better compliance with regulatory requirements Reduced turnaround and processing times Easy handling of fluctuations in loan volume Thus, automation enables lending organizations to process more qualified loans each day – and at a lower cost per loan – providing these organizations the much needed advantage to stay competitive, in a dynamic business environment . 2. 1. 4 Loan Terminology 22 (http://www. loanontime. com/kb. pdf) Appraisal- A report written by a qualified expert – Appraiser, that states an opinion on the value of a property based on its characteristics and the selling prices of similar or comparable properties in the area. Appraiser A person qualified by education, training, and experience to estimate the value of real property and personal property. Borrower (mortgagor, trustor) One who applies for a loan secured by real estate and is responsible for repaying the loan (mortgage). Collateral An asset (such as a car or a home) that guarantees the repayment of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract. Collection The efforts used to bring a delinquent mortgage current and to file the necessary notices to proceed with foreclosure when necessary. Credit An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date. Credit history A record of an individuals open and fully repaid debts. A credit history helps a lender to determine whether a potential borrower has a history of repaying debts in a timely manner. Credit report A report issued documenting the credit history and current status of a borrowers credit standing, by an independent agency that contains certain information concerning a mortgage applicant’s credit history and current credit standing. Used by a lender in