We utilize as much future dated effective maintenance as we can with these changes.  Our construction group does not manage the change over to P&I, rate changes, or similar things like it sounds like some others do.  Most of our notes are written that the changes will automatically occur after a set amount of time so we set the system up accordingly.  If the construction phase is extended we then have to make updates accordingly which can be cumbersome.

In the case of switching to a fixed rate that is based off an index and what it is at that point in time, I add effective dated maintenance for the date of the rate change (or business day before if it's a weekend/holiday) for the index, margin, review date, review frequency, etc. to change and make sure that re-amortize payment is yes.  Then a business day or two after that I set effective dated maintenance to clear out the variable rate fields so it is fixed.    I think Has ARM is one of the only fields that cannot have future maintenance set up on so I usually manually change it when I go in to double check everything.

I still often set reminders for myself to go in after the changes have taken affect to make sure that everything looks good and, if it is switching to fixed, the one or two field that cannot be effective date maintenance are changed.  I prefer it this way though so I don't have to worry about getting it done on exactly the day that changes need done.  We don't have a department wide system for ticklers or effective maintenance nor anyone else watching this so if I would be sick or busy it could get overlooked and not done on time.  I have found that the future dated effective maintenance seems to work pretty well.

Kylie Morse
Loan Processing Specialist

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From: Katie Brezler - kbrezler at mvbbank.com (via silverlake list) <xxxxxx@marug.simplelists.com>
Sent: Thursday, May 30, 2024 10:11 AM
To: xxxxxx@marug.simplelists.com; SilverLake User Group (xxxxxx@simplelists.com) <xxxxxx@simplelists.com>
Cc: Kara Munson <xxxxxx@artisansbank.com>; Kini Dickerson <xxxxxx@artisansbank.com>
Subject: RE: *EXTERNAL* SilverLake MA-RUG How to handle construction to perm change in payment

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Hello Dawn,

Our convert to perm is triggered from our construction area.  It is the norm that the construction phase is extended and with the variations that can occur for the perm payment change, we don't like to future date any maintenance.  They monitor through a line expiration report for the conversion to perm.  How we handle residential is different that commercial for perm.

If it is a straight line with no "monitoring/inspections" required on the line, then we will establish future dated maintenance for the payment code and payment amount.  I would recommend if the future payment is not known that a report be in place to monitor those loans and manually touch those to ensure proper billing.

Thanks - Katie

KATIE BREZLER
SVP - Loan Servicing Manager

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From: Dawn Andrews - DAndrews at artisansbank.com (via silverlake list) <xxxxxx@marug.simplelists.com<mailto:xxxxxx@marug.simplelists.com>>
Sent: Thursday, May 30, 2024 9:11 AM
To: SilverLake User Group (xxxxxx@simplelists.com<mailto:xxxxxx@simplelists.com>) <xxxxxx@simplelists.com<mailto:xxxxxx@simplelists.com>>
Cc: Kara Munson <xxxxxx@artisansbank.com<mailto:xxxxxx@artisansbank.com>>; Kini Dickerson <xxxxxx@artisansbank.com<mailto:xxxxxx@artisansbank.com>>
Subject: *EXTERNAL* SilverLake MA-RUG How to handle construction to perm change in payment

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Good Morning,

I was hoping to get feedback on how others are handling future payment changes when the payment changes from interest only to p&I WHEN the construction phase is over.  We also have a situation where the future payment is going to be based on a fixed rate decided in the future when the construction phase is over thus the payment amount is also unknown.

Because the payment amount and rate is unknown, I am telling the commercial department they have to have a tickler on when to submit the future payment and rate changes. I was wondering what others are doing.

Thank you,

Dawn Andrews

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