Hello,
There isn’t enough time for our bank to monitor payments on matured loans. Current process is to allow the payment to apply as a regular payment C/Q transaction code and it posts towards the principal of
the maturity bill. When the loan is renewed, those interest only payments are reversed/reapplied after the maturity bill is cleared. This allows the core to process clearing the additional bills and the payments then reflect in the history as applying with
the correct due date.
Not ideal but has worked for the bank so far.
Thanks – Katie
|
|||||||||||||||||||||||||||||||||||||||||
From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com>
Sent: Thursday, November 30, 2023 3:23 PM
To: xxxxxx@simplelists.com
Subject: SilverLake MA-RUG RE: Matured Commercial Loan Payments
The e-mail below is from an external source. Please do not open attachments or click links from an unknown or suspicious origin.
Crissy,
Thank you for your quick response. I know there is an option where you can pay the newest bill first versus the oldest bill. I haven’t tested it and not sure I want to get into monitoring that
the field gets changed after renewal.
Dawn Andrews
Artisans Bank – VP Loan Operations
2961 Centerville Road
Wilmington DE 19808
Department email:
xxxxxx@artisansbank.com
Department phone: 302-658-6857
From:
xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com>
On Behalf Of Crissy Calbi
Sent: Thursday, November 30, 2023 3:01 PM
To: xxxxxx@simplelists.com
Subject: SilverLake MA-RUG RE: Matured Commercial Loan Payments
Hi Dawn, unfortunately those are the exact steps we take here also.
I will be interested to see if anyone has any other better way!
Crissy Calbi |
AVP, COMMERCIAL UNIT MANAGER
3152 NYS Route 417, P.O. Box 628, Olean NY 14760
P: 716.376.7169 | ext: 37169
cbna.com
From:
xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com>
Sent: Thursday, November 30, 2023 2:49 PM
To: SilverLake User Group (xxxxxx@simplelists.com) <xxxxxx@simplelists.com>
Subject: SilverLake MA-RUG Matured Commercial Loan Payments
Good Afternoon, I am looking for possible alternatives to how we post interest payments on matured commercial loans. We bill for interest after maturity. Our bills
are setup to split payments as billed. The payment code is normally a 0 or 2.
ZjQcmQRYFpfptBannerStart
|
ZjQcmQRYFpfptBannerEnd
Good Afternoon,
I am looking for possible alternatives to how we post interest payments on matured commercial loans. We bill for interest after maturity. Our bills are setup to split payments as billed. The payment code is
normally a 0 or 2.
For the bills after the maturity bill, we are applying an interest only transaction code to the loan and then manually removing the remaining interest due from the bill bucket. We do this because if we apply
it using a CQ transaction code, the system will split the amount to the remaining principal sitting in the matured bill bucket. When the loan is eventually renewed, we then clear the remaining principal from the matured bill bucket and correct the next due
date.
I was wondering how other institutions are handling these types of payments. Any ideas or suggestions are welcome.
Thank you!
Dawn Andrews
Artisans Bank – VP Loan Operations
2961 Centerville Road
Wilmington DE 19808
Department email:
xxxxxx@artisansbank.com
Department phone: 302-658-6857
This message is for the designated recipient only and may contain privileged, proprietary, or otherwise private information. If you have received it in error, please notify
the sender immediately and delete the original. Any other use of the email by you is prohibited.
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
----------
NOTICE: This email may contain material that is confidential, privileged or exempt from disclosure under applicable law. If you are not the intended recipient, including situations where this email was addressed to you in error, please notify the sender immediately
and delete this email. Any use, reliance upon, distribution or forwarding of this information without the sender's express permission is unauthorized and strictly prohibited. In no event shall we accept any responsibility for the loss or misuse of information
including confidential information which is sent to us or our affiliates by email.
----------
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
This message is for the designated recipient only and may contain privileged, proprietary, or otherwise private information. If you have received it in error, please notify the sender immediately and delete
the original. Any other use of the email by you is prohibited.
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