USA Funds Connection Offers Origination Summary Reports

USA Funds Connection^® now permits users to view summarized reports from OpenNet that help financial aid staff to work more efficiently.

Based on the school’s current access to the OpenNet loan-delivery system, the new reporting capability allows users to view the progress of loans with a USA Funds^® guarantee and provides one-click access to the applications on which they need to take action, making access easier and faster than navigating to each system individually.

By choosing the “View Origination Summary” reporting option, you have access to loan origination data and the option to perform detailed queries where links are available.

File Management System
The File Management System tab provides a summary of files that are ready for processing, have already been submitted, or require attention. The tab displays:

• A Yes/No indicator and a year-to-date count for Received Files ready for download. Each file type is broken down by Certification Request, Full Circuit, Response, Disbursement Forecast and Disbursement Roster.
• A year-to-date count for Sent File types of Application Send, Change Send and Common Record Request.
• A Yes/No Action Needed indicator for corrected errors awaiting approval. 
• A Yes/No Action Needed indicator for files with errors.

Lender Approval Tracking
The Lender Approval Tracking tab displays a list of lenders and the number of outstanding approvals. The tab displays Changes Awaiting Lender Approval.

Guarantee Volume
The Guarantee Volume tab summarizes monthly data totals for a chosen date range during the 24-month period prior to the current month. Note that campus administrators must select the Management Reporting box on the User Profile page to provide individual users with access to the Guarantee Volume tab. The tab displays:

• A view of all loan counts or dollar volumes that can be sorted.
• A view of all loan volume data by lender and loan type (Stafford, PLUS and Grad PLUS).
• A sum by either count or dollar amount for all loan types (Stafford, PLUS and Grad PLUS).
• A sum by count or dollar amount by lender.
• A total sum for all loan types and lender.
• A print report option that retains the user’s data sort preference.

For more information about these enhancements, contact your USA Funds Services representative.