OpenNet to Offer Lenders Claim, Pre-Claim Data for USA Funds Guarantee

Effective Oct. 24, 2005, lenders and lender-servicers will be able to view through OpenNet pre-claim and claim information for Federal Stafford and PLUS loans with a USA Funds^® guarantee. Lender and lender-servicers must have inquiry access in the OpenNet loan-delivery system to retrieve the data.

OpenNet will populate the pre-claim or default-aversion-assistance information and claim information from the mainframe system that stores data for USA Funds’ guarantor-service provider, Sallie Mae. Information displays at the specific loan level, so users can access the data from either the Application/Loan Summary or Application/Loan Details screens. A smart link in the form of a “View DAAR/Claim” button will show on those screens only if there is pre-claim or claim activity associated with the loan.

The new “Default Aversion/Claim Information” screen will display the borrower’s name, Social Security number, and date of birth, followed by details about the DAAR or claim. If more than one status report exists for the loan, only the most-recent information will display, based on the Default Aversion Assistance Request or Notice of Default receipt date.

DAAR information will show the following:

• Received date.
• Current status.
• Resolved satisfactorily or unsatisfactorily.
• Status date.

Claim-request details will include the following:

• Received date.
• Claim type.
• Current status.
• Status date.

Lenders or lender-servicer representatives interested in more information about setting up OpenNet inquiry access should contact their USA Funds Lender Relations representatives.