OpenNet Lender-Approval Queue Offers Lenders More Control

A new feature in OpenNet Web Loan Delivery allows USA Funds^®’ lender-customers that disburse their own loans to view, approve or reject their school-customers’ loan-change requests. The change gives lenders and their disbursing agents more control during the loan-change process. The feature will be available to USA Funds lender-customers beginning Oct. 24.

The lender-approval queue will display pending change requests from schools for four business days. After those four days, any change requests still pending will drop off the queue and go to Guarantor Account Maintenance to be resolved on behalf of the lender.

Transactions available to lenders for resolution include:

• Cancel/reinstate disbursement.
• Disbursement-amount change.
• Maintain disbursement date.
• Add a disbursement.
• Sub/unsub reallocation.

Lender-users can access the queue either by choosing “Retrieve Change Approval Queue” through the “Query and Reporting” options, or by searching a specific borrower Social Security number to get to the “Changes Awaiting Approval” screen.

The approval queue will show the following information:

• Borrower SSN.
• Borrower name.
• Loan program.
• CommonLine unique ID.
• School ID.
• Lender ID.
• Number of pended transactions.
• Oldest pended-transaction date.

From the “Change Approval Queue” or “Changes Awaiting Approval” screens, lender-users may choose “View/Update” to access details of change requests to approve, modify or reject.

OpenNet directs to the “Disbursement Change Transaction” screen those users choosing to modify data. After the lender enters all modifications, the lender reviews the changes through the “Review Changes” screen and confirms the changes on the “Transaction Results” page.

In order to access the lender-approval queue, lenders must have USA Funds’ approval and OpenNet update access. If your institution would like access to the lender-approval queue, contact a USA Funds lender representative.