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EXCHANGE DATA WITH AN AGENCY’S CENTRAL DATABASE
Exchange data with an agency’s central database for the
loans being serviced by the contractor. Agencies may issue task
orders that include requirements for remittance processing services
which are similar to the services described below. A task order
may require any combination of these services. These services
include some of the types of tasks that the contractor may be
required to perform under this contract, but this is not intended
to be an all inclusive list. Rather, it illustrates the types
of services a contractor may provide.
When required, agencies may issue task orders
that include data exchange services which may require, but are
not limited to the following types of tasks:
- Electronically exchange all loan servicing and asset management
data with an agency’s central database. The contractor may
be required to accept data from an agency’s central database
on a regular basis as defined in the task order. This data
may include, but is not limited to such elements as:
- New assets being assigned for servicing
- Data regarding payments made by borrowers
- Income contingent repayment eligibility information
- Updates to borrower demographic data
- Transmit data to an agency’s central database on a schedule
and in a format established jointly by an agency, an agency’s
central database contractor (where applicable), and the
loan servicing and asset management contractor, including
payment data and borrower contact information/records.
- Reconcile all transactions and financial data elements
exchanged with an agency’s central database on loans with
the data in an agency’s central database on a schedule to
be determined jointly by the ordering agency and the contractor.
- Image, all hard copy documents (e.g., death certificates
and notices of bankruptcy) received from an agency’s central
database or any other source that pertain to the servicer's
loan accounts. The contractor may be required to maintain
the images and provide copies of the documents as required
by the ordering agency.
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