You cannot use Payment Code 6 for a convertible loan.  Hopefully, something they will work on in  the future.  Linda

 

From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com> On Behalf Of Ruth E. Daniels
Sent: Monday, October 18, 2021 11:49 AM
To: xxxxxx@simplelists.com
Subject: SilverLake MA-RUG RE: HELOCs as Convertible Loans

 

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We were informed by Silverlake that the convertible feature does not work as expected, so we manually maintain our loans when the draw period has ended. 

 

Ruth E Daniels

Vice President – Credit Administration

The Dime Bank

120 Sunrise Avenue

PO Box 509

Honesdale PA  18431

570 253 6511 X 7713

xxxxxx@thedimebank.com

 

 

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

 

Notice: External E-mail. Do not click on links or open attachments unless you trust the sender.

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

 

 

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