Changes to ECMC loan repurchase process for lenders and servicers
ECMC implemented changes to its loan repurchase process to make it easier for you to access timely information.
The current process and the process changes, outlined below, will apply to loans eligible for repurchase due to a bankruptcy claim or guarantor-initiated repurchase on a defaulted loan.
| Task | Current process | Process changes |
|---|---|---|
| Receiving repurchase quotes | Lenders and servicers receive repurchase quotes via email or overnight mail on Monday of every week. | Lenders and servicers will be able to retrieve repurchase quotes online with ECMC's Online Reporting Tool (OLR) on Saturday of every week. |
| Requotes | ECMC does not automatically requote on loans that have not been repurchased. | A requote will automatically generate every 30 days. The time since the initial quote will be featured at the top of the quote (e.g., 30 Day Requote). Requotes will be available online via OLR. |
| Repurchase-related questions | Lenders and servicers send email inquiries to a variety of ECMC employees who work with loan repurchases. | All loan repurchase-related questions and correspondence may be sent to repurchase@ecmc.org. Kris Janovec, Jackie Roth or Rebecca McCord will respond to your inquiry. |
To access ECMC's Online Reporting Tool (OLR)
Contact Melissa Blahna at mblahna@ecmc.org or 1-888-221-3262, ext. 5206.
Questions
Contact Kathy Sizemore at 651-325-4073 or ksizemore@ecmc.org.
