Hello,

 

We use arbitrary date of 4-23-2059 (April 23 represents the day we converted from our previous core system to Jack Henry back in 2009). I really wish Silvelrake would allow for a blank maturity date on pure demand loans the way that it odes for payment code 6 loans. We also make sure we have eth Demand code on these loans.

 

Thanks,

 


Maria Reichart
Senior Vice President, Director of Loan Administration
Our mission is your success.
Shore United Bank | 28969 Information Lane, Easton, MD 21601
Office: 410-763-8289 | Mobile: 410-310-1213 | Internal: x21049
xxxxxx@shoreunitedbank.com | ShoreUnitedBank.com
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From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com>
Sent: Wednesday, August 9, 2023 10:47 AM
To: xxxxxx@marug.simplelists.com
Subject: SilverLake MA-RUG Evergreen Maturity Dates on Loans

 

Since the system requires a maturity date be entered on all (non-payment code 6) loans, the bank has been using 12/31/2049 as the maturity date for evergreen loans.  Since we will soon be booking 25- year loans NOT on Demand, 12/31/2049 will no longer work as a place holder.

 

Was wondering how other banks handle loans that are on Demand? 

 

Thank you,

 

Karen

 

Karen Tracey

 

VP Loan Operations

Univest Financial Corporation

16 Harbor Place | PO Box 197 | Souderton, PA 18964

P (215) 721-8359 | F (215) 721-2472 |

xxxxxx@univest.net

 

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