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ACCEPT LOANS FROM ANOTHER SERVICER OR DCS
Agencies may require a loan service contractor to accept
loans from another servicer or from the agency’s debt collection
service department or contractor. Agencies may issue task orders
that include requirements for this service which contains services
similar to the those 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 to accept loans
from other parties which may require, but are not limited to
the following types of tasks:
- The contractor may be required to accept loan records (electronic
and physical) returned from DCS because of correction of default
conditions or because the loans were sent to DCS in error.
The contractor may be required to follow procedures established
by the ordering agency for accepting loan transfers.
- The contractor may be required to service rehabilitated
loans received from DCS and loans transferred from another
contractor according to their loan status at the time of transfer,
e.g., repayment, delinquent, etc.
- The contractor may be required to link loans received to
the original loans (for rehabilitated loans) and to any other
existing loans for the same borrower.
- The contractor may be required to notify borrowers of the
transfer in loan servicing responsibilities and the new address
for remitting repayments, if any, and commence servicing the
loan within a specified time period of receiving all relevant
records pertaining to a loan.
- The contractor may be required to confirm the receipt of
all necessary loan documents through the regular periodic
reconciliation with an agency’s central database.
PROCESS RETURNED MAIL
Agencies may require a contractor to process returned mail
relating to the loans being serviced by the contractor. Agencies
may issue task orders that include requirements for this service
which contains services similar to the those 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
to process returned mail which may require, but are not limited
to the following types of tasks:
- Process all returned mail within a specified time period
of receipt.
- Contact appropriate parties (e.g., borrower references,
other loan contractors, etc.) to determine a correct address.
Agencies may direct the contractor to destroy all correspondence
for which no correct address can be found.
- Update an agency’s central database regularly, as required
by a task order, with new addresses obtained as a result of
processing returned mail.
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