Payment Deferment Question

[Pauline Nguyen]

I’m wanting to get an idea of how Silver Lake users will be dealing with deferment payment request from borrowers effected by Covid 19. We expect 3 months deferment for all our commercial loans. When they start to make payments after the deferment period ends, how are the lenders amortizing the deferred interest?

[Meg Marker]

Our commercial loans may receive a 3 month deferral that is documented via a Change in Terms. If their payment is interest only, they will pay it in the first payment cycle after the deferment. If their payment is principal and interest, the lender can ask us to re-amortize the payment amount for the existing term, keep the payment amount the same and extend the term accordingly or keep the payment and term the same but have a higher final balloon payment.

[Mike Crouch]

Here is a link received from our CRM that can be found on the JHA portal.

Friday was a statement on how to offer loan payment reprieve, if your bank wishes to do so during this uncertain time.

https://forclients.jackhenry.com/products-and-services/Core-Solution/SilverLake-System/Announcements-Alerts/Pages/SilverLake-Loan-Payment-Reprieve-Options.aspx

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