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PRODUCE PROJECT MATERIALS
Agencies may require a loan service contractor to produce
project materials for the loans being serviced by the contractor.
Agencies may issue task orders that include requirements for
this service which are similar to the services described below.
A task order may require any combination of these services.
These services itemize 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 the production of project materials which may require,
but are not limited to the following types of tasks:
Generate, store and distribute loan materials
needed to perform loan servicing activities. As required by
a task order, the contractor shall generate or provide documents
such as, but not limited to the following:
- Individualized repayment schedules
- Deferment forms
- Forbearance forms
- Billing statements
- Coupon books (including different payment options)
- Pre-authorized debit forms
- Annual statements
- Quarterly Statements
- Income Contingent Waiver Forms
- Escrow analysis statements
These forms may be required to be generated
in a format approved by the ordering agency.
PROCESS STATUS CHANGE UPDATES
Agencies may require a contractor to process status change
updates for the assets being serviced by the contractor. Agencies
may issue task orders that include requirements for this service
which are similar to the services described below. A task order
may require any combination of these services. These services
itemize 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 the processing of status
change updates which may require, but are not limited to the
following types of tasks:
- Process status change updates, including electronic updates
and printed paper updates received from an agency or the
borrower, in a timely manner or as required by a task order.
- Update the borrower's account and associated asset records
with changes in the borrower’s status and implement required
changes to loan servicing triggered by status changes.
- Notify the borrower of all changes in status that trigger
the beginning of a borrower's grace period, or the beginning,
or resumption of the borrower's immediate obligation to
make scheduled repayments as specified in the task order.
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