Carleton, Inc.
Consumer Lending Software

It’s Leap Day – Do your lending calculations handle leap year?

It’s leap day, February 29th.  While leap day, and leap year, is ostensibly a corrective calendar measure, attributed most often to Julius Caesar,  I am always intrigued when it rolls around every fourth year as to what effect it may, or may not, have on lending and servicing systems.  It makes me wish I could travel in an Ebeneezer Scroogesque manner and see first- hand what happens inside every lending institution in America on this day.

I have a basket load of permutations and combinations of those types of questions that always intrigue me regarding leap year.  My largest wonder is whether it’s all simply academic or does leap year indeed directly impact the nuts and bolts operations in the creation and collection of loan payments.

Posted on Feb 29, 2012