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PROCESS BORROWER REMITTANCES
Agencies may require a contractor to perform some or all of
the tasks associated with processing the borrower’s remittances
for the loans the contractor is servicing. Agencies may issue
task orders that include requirements for loan remittance processing
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 loan remittance processing services which may require,
but are not limited to the following types of tasks:
- Post data received from the ordering agency’s Central
Database regarding payments to borrower accounts within
a specified time period of receiving the data. Payments
may be required to be posted with an effective date of the
date of receipt at the lockbox.
- Deliver any borrower payments received at the servicing
site to a specified loan lockbox for processing. The contractor
may be required to provide and retain for its records a
manifest of all payments being sent to the lockbox. The
contractor may be required to resolve any discrepancies
within a specified time period of receipt of this notification.
- Apply payments fees, collection costs, interest, and principal
in the order specified by the ordering agency. The contractor
may be required to correctly apply payments when a single
payment is received with and for multiple billing coupons.
PROCESS BORROWER REQUESTS FOR REMITTANCES
VIA PRE-AUTHORIZED DEBIT
Agencies may require a contractor to perform
some or all of the tasks associated with processing the borrower’s
remittances via electronic debit for the loans being serviced
by the contractor. Agencies may issue task orders that include
requirements for loan remittance processing 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 loan remittance processing services via electronic
debit which may require, but are not limited to the following
types of tasks:
- Provide the borrower with information and request forms
for repayment via pre-authorized debits. The contractor
may be required to provide these forms when providing the
borrower a repayment schedule and may be required to provide
the selection form through the life of the loan, upon borrower
request.
- System generate loan lockbox approved pre-authorized debit
form.
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