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RECONCILE WITH AN AGENCY’S CENTRAL DATABASE
Agencies may require a contractor to reconcile with an agencies
central database on a regular basis for 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
which include reconciliation procedures which may require, but
are not limited to the following types of tasks:
- The contractor may be required to reconcile borrower account
data with the borrower account data exchanged with the agency’s
central database on a schedule to be determined by the ordering
agency’s.
- The contractor and the central database may be required
to transmit error transactions reflecting incomplete or corrupted
transmissions and summary total mismatches resulting from
the balancing effort.
- The contractor may be required to reconcile each transaction
exchanged with an agency’s central database during regular
balancing, using rules to be provided by the ordering agency.
The contractor may be required to work with the agency’s central
database to resolve discrepancies and re-run the reconciliation
until there are no more discrepancies.
ISSUE WELCOME LETTERS AND GOODBYE LETTERS
Agencies may require a contractor to issue welcome and goodbye
letters for the loans/assets 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
that include the issuance of welcome letters which may require,
but are not limited to the following types of tasks:
- Notify the borrower that it has received a borrowers loan
for servicing within a specified time period of receiving
the loan from an agency’s central database. The notification
to the borrower may be required to include elements such as
a welcome letter including a re-disclosure of the loan amount
and terms, and the name of the office to contact at the contractor
if the borrower did not receive the loan proceeds or has questions.
- Generate and mail a welcome letter to the borrower each
time a borrower receives a loan disbursement, the borrower's
loan balance changes for reasons not attributable to the borrower,
or the loan is canceled. The contractor may be required to
send the welcome letter to the borrower within a specified
time period of receiving a transaction from an agency’s central
database that updates the borrower's loan amount.
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