When we set the HELOC up on the system originally, we set the credit line to expire on the date the draw period ends.

When our loans reach their end of draw period we manually do the following:

· change the credit limit on the line to the current outstanding balance

· change the close on zero balance from yes to no

· change the payment code 6 type from a “Percent of Balance” type to a “Percent of Credit Line”

· update credit bureau codes to reflect the loan is in repayment

We run queries to identify what loans need to be updated. We don’t have very many of these so the manual process works for us.

Lisa

Lisa J. Welch

SVP, Chief Credit Officer

1387 State Route 96

Owego, NY 13827

Phone: 607-687-2090 Ext. 2026

Tiogabank.com I Follow TSB on Facebook

cid:image002.png@01D7B6E0.C24C5170 cid:image003.jpg@01D7B6E0.C24C5170

From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com> On Behalf Of Timothy Mahan
Sent: Friday, October 15, 2021 11:50 AM
To: xxxxxx@marug.simplelists.com
Subject: SilverLake MA-RUG HELOCs as Convertible Loans

CAUTION: This email originated outside the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Has anyone set up HELOCs with a Draw Period followed by a Repayment Period as convertible loans on SilverLake? We have always set up HELOCs as Payment Code 6 loans with the balance due at maturity. We are introducing a new product with a Repayment Period and JH Support suggested setting these loans up as convertible loans. This will automate the conversion of the loan to an amortizing term loan at the end of the Draw Period. However, we are unable to use Payment Code 6 for a convertible loan.

Any thoughts or recommendations would be appreciated.

Thanks,

Tim

Timothy J. Mahan

Senior Vice President, Operations

MeridianBank

Tel: 484-568-5018

Fax: 484-582-0650

xxxxxx@meridianbanker.com

NOTICE: This email and any files transmitted with it are confidential and intended solely for the use of the entity or individual to whom they are addressed. If you have received this email in error, please notify the sender immediately and delete this email and destroy all attachments from your system. If you are not the intended recipient, you are notified that disclosing, copying, distributing, or taking any action in reliance on the contents of this information is strictly prohibited. Any views, statements, or opinions presented in this email are solely those of the author and do not necessarily represent those of Meridian Bank. Information received or sent from this system is subject to review by supervisory personnel, may be retained, and may be produced to regulatory or legal authorities or others with a legal right to the information.

This message was sent by a member of the SilverLake MA-RUG ListServ; replying to this email will send your response to all ListServ members.

If you have a question/issue, please check the ListServ archive to see if it has been previously addressed: Archives

To unsubscribe from this list please goto Subscription Management

The information contained in this communication from the sender is confidential. It is intended solely for use by the recipient and others authorized to receive it. If you are not the recipient, you are hereby notified that any disclosure, copying, distribution or taking action in relation of the contents of this information is strictly prohibited and may be unlawful.

This email has been scanned for viruses and malware, and may have been automatically archived by Mimecast Ltd, an innovator in Software as a Service (SaaS) for business. Providing a safer and more useful place for your human generated data. Specializing in; Security, archiving and compliance. To find out more Click Here.