End-of-Year Notification Schedule
As the year quickly comes to a close, we would like to share important information about the 2019 year-end schedule for new loan boarding and transfer activity. Please review the details here:
- To allow time for year-end processing, there will be a technology and transfer “blackout”* period scheduled from 12/16/19 through 1/3/2020.
- During this time, transfer activities including programming changes and testing will be
halted for the following activities:
- New Loan Interface Development Process
- Inbound One-Time Bulk and Flow Transactions (new Sellers)
- Bulk and Interim Service Loan Releases – It is customary not to release loans at year-end. Any such releases desired after 12/26/19 will need to be agreed to in advance.
- Transfer Schedule: The dates to submit your loan level list/files for Internal Transfers and Flow Transactions (‘Monthly Bulks’) have been modified and are available in the attached schedule.
- Any new loans which require maintenance of the year-end fields, must be sent to us via a corrected 1098 data file by 12/13/19, this will ensure that your borrowers receive the correct information on their Form 1098.
- All new loans closed in 2019 must board by 1/10/2020 so that year-end tax reporting can be completed, and a Form 1098 can be sent to your borrowers.
*The blackout period is primarily driven by Cenlar’s year-end system freeze.