Good morning,

 

We are in the process of implementing the Encompass system for the underwriting and closing of HELOC loans.  Encompass has specific functionality and criteria available to generate the credit agreement.  At this time, we are having difficulties aligning the Encompass functionality with that of JH Silverlake  for HELOC cycled loans.  We’ve been working closely with Jack Henry on the set up of this new product in JH Silverlake. Unfortunately, we cannot seem to find a solution to some of the challenges we are having when it comes to generating a regulatory compliant statement. 

 

Are there any other other JH FI’s that may be using Encompass to generate HELOC agreements (not residential mortgages) that would be willing to share their experience?   

 

Here are specifics on the issues we have encountered:

  1. Only cycled loans will print a periodic rate on a statement as required by Reg Z
  2. Cycled loan cannot be amortized
  3. Cycled loans cannot auto convert
  4. Our Security Agreement states that during the repayment period there will be a fixed principal amount plus interest

 

Thanks very much.

Best,

Sabine


Sabine Mehta • Vice President, Loan Operations Manager

500 Hills Drive • Suite 300 • P.O. Box 700 • Bedminster, NJ 07921

(908) 719-4330 p • (908) 332-3765 c • (908) 375-3974 f • xxxxxx@pgbank.com • www.pgbank.com

BestBanks23Email.png

CONFIDENTIAL INFORMATION: This email message is for the sole use of the intended recipient(s) and may contain confidential and privileged information.  Any unauthorized review, use, disclosure or distribution is prohibited.  If you are not the intended recipient, kindly notify the sender by immediate reply and delete all copies of the message.  Thank you.

 

fdic.png

Member FDIC