From mheid at ogslp.org Wed May 19 13:40:22 2010 From: mheid at ogslp.org (Heid, Mary) Date: Wed, 19 May 2010 13:40:22 -0500 Subject: [Lender] Notice to Lenders Message-ID: Dear Colleagues; The Healthcare and Education Reconciliation Act of 2010 was signed into law on March 30, 2010. As a direct result of this legislation, OGSLP will not guaranty any new loans after June 29, 2010. OGSLP will continue to honor its obligations under all of its Lender Agreements for all loans in its portfolio until those loans have been paid in full, subrogated, assigned or otherwise satisfied. Please contact me should you have any questions. Sincerely, Mary Heid Director for Policy, Compliance, & Training Oklahoma Guaranteed Student Loan Program A division of the Oklahoma State Regents for Higher Education (405) 234-4489 phone (405) 234-4582 fax TTY 1-800-522-8506 Note: This communication and attachments, if any, are intended solely for the use of the addressee hereof. In addition, this information and attachments, if any, may contain information that is confidential, privileged and exempt from disclosure under applicable law including, but not limited to, the Privacy Act of 1974. If you are not the intended recipient of this information, you are prohibited from reading, disclosing, reproducing, distributing, disseminating, or otherwise using this information. If you have received this message in error, please promptly notify the sender and immediately delete this communication from your system. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://lists.onenet.net/pipermail/lender/attachments/20100519/49722815/attachment.html From pgandy at ogslp.org Fri May 21 11:41:19 2010 From: pgandy at ogslp.org (Gandy, Penny) Date: Fri, 21 May 2010 11:41:19 -0500 Subject: [Lender] ECASLA Electronic Announcement #86 Message-ID: <297AF473E6053445A2007FAB9E8BCACFC5D0AD@elgar.lan.ogslp.org> Below is information on the latest ECASLA announcement #86. The formatting of some of the data below is a little weird, but the attachment should be clear. LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #86 Date: May 20, 2010 To: FFEL Program Community From: James W. Runcie, Deputy Chief Operating Officer Federal Student Aid Subject: 2009-2010 Loan Purchase Programs Closing Dates This Electronic Announcement provides important information on the ending dates for the 2009-2010 Loan Purchase Programs authorized by the Ensuring Continued Access to Student Loans Act (ECASLA). The ECASLA loan purchase programs are the Loan Purchase Commitment Program (the 2009-2010 PUT Program) and the Loan Purchase Participation Program (the 2009-2010 Participation Program). Since many loans that had been included in the 2009-2010 Participation Program are likely to be put to the Department under the 2009-2010 PUT Program, we first provide information related to the 2009-2010 PUT Program that is important for both direct puts and for puts that come from the participation program. We then provide information specific to the 2009-2010 Participation Program. Loans Fully Disbursed by September 30, 2010 The definition of an eligible loan for purposes of the 2009-2010 PUT Program, as provided in Section 3 of both the Master Loan Sale Agreement for the 2009-2010 PUT Program and the Master Participation Agreement for the 2009-2010 Participation Program, includes the requirement that to participate in either program the loan must be fully disbursed no later than September 30, 2010. Similar to the 2008-2009 Loan Purchase Commitment Program, we will not extend the September 30, 2010 date by which the loans must be fully disbursed to be deemed eligible for loan purchase. Sellers should be certain that all loans they include on any 45-Day Notice to Sell have either been fully disbursed or are expected to be fully disbursed prior to the date when the loan transfer conversion file will be finalized. Also, sellers must ensure that there are no outstanding disbursements that have been made or that are scheduled to be made, including any processed under an alternative disbursement process. Extension of Final Purchase Date to October 15, 2010 Similar to the closeout of the 2008-2009 PUT Program, the final purchase date for the 2009-2010 PUT Program will be October 15, 2010. This will allow for the increased activity at the end of the program year especially as it relates to loans where the final disbursement occurred during the last days of September. The October 15 date also allows time for the liquidation by a lender of participation interests under the 2009-2010 Participation Program. To repeat, the final purchase date for all 2009-2010 PUTs, both ?straight? puts as well as participation puts will be October 15, 2010. Extension of Final Date to Submit 45-Day Notice To support the loan purchase date extension to October 15, 2010, discussed above, the last date we will accept a seller?s 45-Day Notice to Sell will be August 31, 2010 (45 Days prior to October 15). Therefore, any seller that has executed a 2009-2010 MLSA may submit one or more 45-day notices up to August 31, 2010 with a purchase date being 45 days from the date of the 45-Day Notice to Sell. As noted in Electronic Announcement #81, sellers should submit their 45 Day Notice as a PDF attachment to an email sent to the following email address: ed.servicer at ed.gov with the subject line ?2009-2010 45 Day Notice?. Upon receipt of the 45-Day Notice to Sell with the current servicer information, the Department will assign the loan sale to one of the four new Department servicers. The seller will receive an email acknowledgement notification from the Department servicer confirming receipt of the 45-Day Notice and the requested purchase date for the loan sale. Table of Dates Note that the table on blackout and funding dates in Electronic Announcement #70 included dates through the end of October, 2010. However, as discussed above, the final purchase date for the 2009-2010 PUT Program will be October 15, 2010 with submission of a 45-Day Notice to Sell of August 31, 2010. Therefore, the following is updated information for the remaining months of the 2009-2010 PUT Program. Month Blackout Dates (funding not available) First Date for Funding / Sale in Month Last Date for Funding / Sale in Month 45?Day NOI Due Date for Last Funding Date Federal Holidays May 2010 May 3 May 28 May 4 May 27 April 12 May 31 Jun 2010 June 1 June 29 - 30 June 2 June 28 May 14 Jul 2010 July 1 July 29 - 30 July 2 July 28 June 13 July 5 Aug 2010 August 2 August 30 -31 August 3 August 27 July 13 Sep 2010 September 1 September 27 -30 September 2 September 24 August 10 September 6 Oct 2010 October 1 - 5 October 6 October 15 August 31 October 11 2009-2010 Participation Program Deadlines to Execute a Master Participation Agreement (MPA) and to Sell Participation Interests The Department will not execute an Adoption Agreement to enter into a Participation Agreement with any sponsor after July 1, 2010. The sponsor must generally exercise its option to sell participation interests (i.e., to submit funding requests) by August 1, 2010. Sponsors may sell participation interests after August 1, 2010 only if certain conditions are met as defined in Section 1 of the MPA (i.e., the 1st disbursement on the loan was made by July 1, 2010, this 1st disbursement was participated by August 1, 2010, the final disbursement must occur no later than September 30, 2010, the sponsors notifies the Department of an intent to sell [put] this loan, and this final disbursement is participated no later than 30 days after the date of final disbursement, but no later than September 30, 2010). As a reminder, below are the remaining Participation Interest funding blackout dates: * May 28, 2010 * June 29 - 30, 2010 * July 29 - 30, 2010 * August 30 - 31, 2010 * September 27 - 30, 2010 * October 1 - 5, 2010 Deadline for Existing Sponsors to Execute a Master Loan Sales Agreement (MLSA) To exercise the put option for participated loans, the sponsor (together with its eligible lender trustee, if applicable) must have entered into an MLSA on or before July 1, 2010. For sponsors who have entered into an MLSA by July 1, 2010, the Loan Participation program will terminate on or by September 30, 2010. For sponsors who have not entered into an MLSA by July 1, 2010 the Loan Participation Program will terminate on July 1, 2010. Therefore, we encourage all sponsors who do not currently have an MLSA in place to execute one prior to July 1, 2010. To execute this agreement, it is prudent to submit the MLSA package as soon as possible, but no later than seven business days in advance of the cut-off (i.e., June 22, 2010), in case the Department requires additional information or changes to submitted documents. Liquidation of Participations As provided in Section 15 of the 2009-2010 MPA, all 2009-2010 participations are to be terminated no later than September 30, 2010. To effect a termination, the sponsor must take steps to liquidate the remaining balance of the Department?s participation interests, either by making the redemption payment for each participated loan to the custodian, or by submitting, no later than August 31, 2010, a 45-Day Notice of Intent to Sell the participated loan to the Department and by consummating that sale no later than October 15, 2010. IMPORTANT: All PUTs from participation will be netted against outstanding principal and yield balances due to the Department by the custodian at the time of the sale. Any remaining amounts will be remitted to the custodian. Failure to Liquidate In accordance with Section 15, paragraph (e) of the MPA, failure of a sponsor to liquidate the Department?s participation interests in a timely manner will result in the Department acquiring ownership of any loans subject to that participation interest. Loans which the sponsor has neither redeemed from the participation nor sold to the Department will become the property of the Department without any further action by the Department (including any additional recompense), and the participation interests and the rights of the Department and the sponsor under the MPA will be automatically terminated. Deadlines to Notify the Department of Closeout Plans No later than August 14, 2010, sponsors must notify the Department of their plan to put their participated loans to the Department and/or redeem their participation interest, both by September 30, 2010. However, we encourage all sponsors to notify the Department as soon as possible with respect to their plans by sending an email to the fsa_lr at ed.gov mailbox indicating whether they will sell their loans and/or redeem their participation interests, when they will do so, and in what amounts. Timeline for Closeout Audit The custodian must submit to the Department a final closeout audit of the custodian?s activities under the 2009-2010 Participation Program conducted by an independent auditor selected by the sponsor (which may be the same auditor that is performing audits on behalf of the sponsor or the servicer). In accordance with Section 8 (b) (2) of the MPA, the custodian shall submit such audit prior to 90 days after the Termination Date. -------------- next part -------------- An HTML attachment was scrubbed... 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