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Lender Manifest Reporting FAQs

1. 5 2013 Frequently Asked Questions and Answers about the NSLDS Lender Manifest Report of Unreported Loans How can a servicer s failure to update or report current NSLDS lender manifest data result in delayed processing for DAAR s and or requests for claim reimbursement sent to ISAC If a servicer submits a DAAR or request for claim reimbursement for a loan which currently reflects for example either Paid in Full PF or Temporarily Uninsured loan not in default UA ISAC will not be able to accept the DAAR or claim request Therefore ISAC strongly recommends that servicers work with their respective loan maintenance lender manifest reporting departments to ensure that current data is reported so as not to delay the processing of either a DAAR or claim request to ISAC When were lenders servicers required to start reporting the loan status codes obtained in the U S Department of Education s ED s NSLDS Technical Update published on September 19 2001 Lenders were required to begin using these codes for loans that enter the following statuses after December 31 2001 The codes are IA Loan Originated IG Grace Period e IM Military Grace IA IG IM replace ID e PN Paid in Full Through Consolidation replaces PC e UA Temporarily Uninsured loan not in default e UB Temporarily Uninsured loan in default e UC Permanently Uninsured loan not in default e UD Permanently Uninsured loan in default UA UB UC and UD repl
2. ace Ul As a reminder status codes ID Grace Period PC Paid in Full Through Consolidation Loan and UI Uninsured Unreinsured are no longer accepted if the status date is after December 21 2001 In addition if a lender has loans in either a UA or UB status any changes to those statuses will require contact with ISAC Q informed ISAC that all the loans on my prior unreported loans report were sold to another servicer why do continue to receive this report ISAC has reconciled with all major servicers regarding unreported loans Those records that reconciled with servicers now appear on the assigned servicer s lender manifest Unreconciled records however which appear on the enclosed unreported loans report are not being serviced and must be reconciled updated 10 5 2013 What if own the loan but it is being serviced and the servicer is responsible for lender manifest reporting You must contact the servicer to determine why the loan is not being reported As the owner of the loan you are responsible for ensuring that it is reported What if the loan is no longer on my system and I m sure the loan has not been sold You must decide if the loan is paid in full is active but no longer insured uninsured or has either been consolidated or refinanced Report the correct status of the loan in your next NSLDS lender manifest submission using the information provided on the report What if have reported the loa
3. fest process We are having difficulty reporting loans within our regular submission Can we submit these loans separately Yes As an exception you can submit lender manifest data outside of your regularly scheduled submission The submission must be clearly marked as Error Exceptions or Unreported Loans so that ISAC knows how to process the file What types of loans are included in the lender manifest reporting The loan types are Loan Description Type Subsidized Federal Stafford SU Unsubsidized Federal Stafford Federal SLS Federal PLUS Federal Consolidation Federal PLUS for GB Graduate Borrowers How frequently must we submit lender manifest data to ISAC Lenders Servicers are required to report on a monthly basis only held a few loans and they are now closed Is there a simple way to report these loans as closed To report these loans as closed use the NSLDS Lender Manifest Record Description form for each loan 15 Q What are my options for submitting lender manifest data A Lender Manifest data can be submitted in the following ways e Paper Use the record description or the unreported loans exception report FTP The lender can create their file according to the Lender Manifest file format and transmit that data to ISAC via File Transfer Protocol If you have questions regarding NSLDS Lender Manifest Report of Unreported Loans ISAC s Lender Services Department at 800 477 4411 or e mail
4. n but it is appearing on the NSLDS Lender Manifest Report of Unreported Loans You most likely received an error for the loan that has not been corrected Therefore ISAC was not able to update the record For example if you are not using the Unique Loan ID as specified on page 7 of ISAC s NSLDS Lender Manifest User Manual ISAC is probably unable to match the loan What do do when the error am receiving on my Lender Manifest Error Report is due to ISAC s data being incorrect You must submit the correction through the appropriate data correction process and then resubmit the loan record in your next scheduled monthly or quarterly lender manifest submission If all loans are contained on one Repayment Schedule do have to report each loan individually Yes You are required to report each individual loan detail see pages 4 and 5 of ISAC s NSLDS Lender Manifest User Manual don t have a copy of ISAC s NSLDS Lender Manifest User Manual that gives directions on what data needs to be reported to ISAC How can obtain one ISAC s NSLDS Lender Manifest User Manual is available online at collegezone com within the Processes section of the Lender Zone Select Account Maintenance Common Account Maintenance and then NSLDS Lender Manifest to locate ISAC s manual Is there a way to report loans as uninsured a lost guarantee other than through lender manifest 5 2013 No You must report the uninsured status using the lender mani
5. us at isac lenderservices isac illinois gov 5 2013

Lender Manifest Reporting FAQs

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