2020 End-of-Year Service Notification
As the year quickly comes to a close, we would like to share important information about the 2020 year-end schedule for new loan boarding and transfer activity. Please review the details here:
Blackout Period: December 21, 2020 through January 5, 2021
There will be a technology and transfer “blackout” period from December 21, 2020 through January 5, 2021. (The blackout period is primarily driven by Cenlar’s year-end system freeze.) During this time, transfer activities, including programming changes and testing, will be halted for:
- New Loan Interface Development Process
- Inbound One-Time Bulk and Flow Transactions for new sellers. No new sellers will be established during this period of time.
- Bulk and Interim Service Loan Releases – It is customary not to release loans at year-end. Any such releases desired on or after December 28, 2020 will need to be agreed to in advance.
The dates to submit loan level list/files for Internal Transfers and Flow Transactions (‘Monthly Bulks’) have been modified and are outlined below.
|Nov-20||Flow Transactions also known as ‘Monthly Bulks’||Submission of Final Data File||No later than Friday, 11/20/20|
|Nov-20||Internal Transfers||Submission of Final Loan List||Friday, 11/06/20 (change from standard date of the 8th)Friday, 11/20/20 (change from standard date of the 23rd)|
|Dec-20||Flow Transactions also known as ‘Monthly Bulks’||Submission of Final Data File||No later than Monday, 12/21/20|
|Dec-20||Internal Transfers||Submission of Final Loan List||Tuesday, 12/08/20 (no change to standard)Monday, 12/21/20 (change from standard date of the 23rd)|
New Loan Submissions
- New loans requiring maintenance of year-end fields must be sent to us via a corrected 1098 data file by December 11, 2020. This will ensure borrowers receive the correct Form 1098 information.
- All new loans closed in 2020 must board by January 8, 2021 so year-end tax reporting can be completed, and a Form 1098 can be sent to your borrowers.