Updates to services and processes

Transition of South Carolina State Education Assistance Authority FFELP portfolio to ECMC

Effective December 1, 2016, Educational Credit Management Corporation (ECMC) will become the designated guarantor for the Federal Family Education Loan Program (FFELP) portfolio previously held by South Carolina State Education Assistance Authority (SCSEAA). ECMC is working closely with SCSEAA to plan for the transition.

On October 7, we sent an email that included a letter and FAQs about this transition.

To read the letter, click here.

To read the FAQs, click here.

If you have questions, please contact ECMC Customer Service at lenderservices@ecmc.org or 866-222-2680.

Successful conversion of TSAC loans to ECMC

The transition of the TSAC FFELP loan portfolio has been completed.

To read the update, click here.

Letting you know when change happens

ECMC is ready to adapt to change and still offer reliable, constant service. Check this page for the updates that affect how we work with our lender partners.

Transition of Tennessee Student Assistance Corporation FFELP portfolio to ECMC

Effective July 1, 2016, Educational Credit Management Corporation (ECMC) will become the designated guarantor for the Federal Family Education Loan Program (FFELP) portfolio previously held by Tennessee Student Assistance Corporation (TSAC). ECMC is working closely with the TSAC third-party servicer, Nelnet Guarantor Solutions (NGS) and TSAC to plan for the transition.

On May 5, we sent an email that included a letter and FAQs about this transition.

To read the letter, click here.

To read the FAQs, click here.

To read the announcement from Tennessee Student Assistance Corporation regarding the transition to ECMC, click here.

If you have questions, please contact ECMC Customer Service at lenderservices@ecmc.org or 866-222-2680.

Successful conversion of College Assist loans to ECMC for third-party servicing

On November 2, we sent a letter to our school, lender and servicer partners announcing the successful conversion of nearly 3.26 million College Assist Federal Family Education Loan Program (FFELP) loans to ECMC's processing system.

To read the letter, click here.

Additional FAQ about the transfer of College Assist third-party servicing to ECMC

On September 14, we sent an email that included a letter and... Read more >

On September 14, we sent an email that included a letter and FAQs about this transition. The following is an additional FAQ about this transition.

Q: What is the new protocol for filing a proof of claim with a bankruptcy court on behalf of College Assist?

A: As you know, the lender/servicer must file a proof of claim with the bankruptcy court no later than 30 days after it receives the Notice of the First Meeting of Creditors (Notice)—unless the Notice specifically states that a proof of claim is not required.

When filing the proof of claim with the court, on behalf of the College Assist guarantor, the following information should be used for both notices and trustee payments:

College Assist
P.O. Box 16358
St. Paul, MN 55116
651-243-9093

Please begin using this new address for any proof of claims filed on behalf of College Assist.

For those proof of claims already filed with the court using the old address, ECMC will process the bankruptcy claims and then submit a change of address with the court.

If you have questions regarding the proof of claim filing, please contact 866-428-6963 or bksupport@ecmc.org.

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Transfer of College Assist third-party servicing to ECMC

Effective November 1, 2015, ECMC will become the designated third-party... Read more >

Effective November 1, 2015, ECMC will become the designated third-party servicer for College Assist, a division of the Colorado Department of Higher Education, a nonprofit guarantor for the Federal Family Education Loan Program (FFELP). ECMC is working closely with the current third-party servicer, Nelnet Guarantor Solutions and College Assist to plan for the transition.

On September 14, we sent an email that included a letter and FAQs about this transition.

To read the letter, click here.

To read the FAQs, click here.

To read the announcement about College Assist selecting ECMC as its third-party servicer, click here.

If you have questions, please contact ECMC Customer Service at lenderservices@ecmc.org or 866-222-2680.

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Return of collateral post repurchase

ECMC does not send exact copies of the promissory note (or an original executed indemnification agreement in the case of a lost promissory note) after the repurchase of a loan. ECMC maintains, as custodian on behalf of the lender (purchaser), possession of the promissory notes or documentation acceptable for payment of a claim on the guarantee.

Upon request, access to view ECMC's imaging system is available to your agency. With this access you have the ability to view and print documentation related to loans your agency repurchased. To obtain access, please contact Missy Blahna at mblahna@ecmc.org or 888-221-0566, ext. 5206.

If you have any questions related to this change, contact Rebecca McCord at rmccord@ecmc.org or 651-325-3333.

Loan repurchase process

The process, outlined below, applies 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.

To access ECMC's Online Reporting Tool (OLR)

Contact Melissa Blahna at mblahna@ecmc.org or 888-221-3262, ext. 5206.

Questions

Contact Rebecca McCord at rmccord@ecmc.org or 651-325-3333.