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BILL THE BORROWER
Agencies may require a contractor to perform some or all
of the billing tasks related to the loans it is servicing. Agencies
may issue task orders that include requirements for loan-billing
services which are similar to the services described below.
A task order may require any combination of these services.
These services illustrate 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 billing services which may require, but are not
limited to the following types of tasks:
- Bill the borrower as directed by the ordering agency.
Common examples include sending consolidated bills or coupon
books to borrowers for loans on which payments are due in
the interval and method established in the task order.
- Notify borrowers of upcoming changes in interest rates,
repayment schedule changes, etc. Some agencies may require
the contractor to store any such messages on the database,
so as to be easily retrieved in cases where the information
must be regenerated.
- Have the ability to link specific text fields with the
correct billing cycle.
- Provide several payment due dates each month. The contractor
may assign borrowers a payment due date or allow borrowers
to choose from the payment due dates offered by the contractor.
However, the contractor may be required to allow a borrower
to change his/her payment due date upon request and at no
additional cost to the borrower.
- Provide billing statements to borrowers by a specified
time period prior to the payment due date. Some agencies
may require billing statements to contain all materials
required for remittance.
- Provide information regarding advance payment, or additional
amounts which could be applied to the principal to reduce
the amount owed or reduce the time for paying off the loan.
- Have the capability to regenerate billing statements when
those initially prepared have erroneous or misleading information
on them or when requested by the borrower. These regenerated
statements may be required to reflect the account status
as of the appropriate billing cycle as it should have been
if the correct information had originally been used. In
addition, the contractor may be required to adjust the mailing
dates on the billing statements and the payment due dates,
both on the billing statements and in the loan servicing
system, to reflect the delay in mailing correct billings.
- Upon the receipt of adequate consecutive monthly payments
from a borrower who has entered the repayment period, the
contractor may cease sending billing statements and may
be required to instead send payment coupons to the borrower.
However, the contractor may be required to continue to send
billing statements to borrowers who have income contingent
repayment plans and borrowers requesting such service.
- Provide coupon books to the borrower by a specified time
period prior to the due date of the next regularly scheduled
payment for which no billing statement will be sent. The
contractor may be required to provide replacement coupon
books as requested by borrowers. Each coupon may be required
to contain appropriate information such as the account identification,
payment amount, payment number, etc.
- The contractor may not be required to issue coupon books
or billing statements to borrowers who are paying by pre-authorized
electronic debit.
- Incorporate specific rules into its system for billing
and collecting final payment.
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