End of Year (2016) Notification
As year-end 2016 is approaching, we would like to outline the year-end schedule for loan boarding and transfer activity. Please review the information below.
- The technology and transfer “blackout*” period for year-end 2016 is scheduled to start Monday, December 19, 2016 and end Friday, January 6, 2017.
- Transfer Activities to be halted during the blackout period include:
- New Loan Interface Development Process – no programming changes, testing or move to a ‘go live’ status;
- Inbound One-time Bulk and Flow Transactions (new Sellers) – no programming changes, testing or transfers;
- Bulk and Interim Service Releases – no programming changes or testing. Releases on 12/31/16 would need to be discussed and agreed to in advance. It is customary not to release loans at year-end.
- Internal Transfers are not impacted; however, November and December’s dates for submission of the loan level list has been modified, see below.
- Flow Transactions also known as ‘Monthly Bulks’ are not impacted (for established Sellers) however, there can be no changes to the existing data file formats; additionally, there is a modified calendar for November and December, see below.
- Repurchase Transactions are not impacted.
- New Flow loan boarding will not be impacted.
- Previously agreed to mid-month December transfers will be completed.
*The blackout period is primarily driven by Cenlar’s end of year system freeze.
Note: All new loans closed in 2016 must board by January 13, 2017 so that year-end tax reporting can be completed and a Form 1098 can be sent to your borrowers.
Modified Calendar for November and December 2016 (please alert your Sellers and Servicers):
|Nov-16||Flow Transactions also known as ‘Monthly Bulks’||Submission of Final Data File||· No later than Tuesday, 11/22/16|
|Nov-16||Internal Transfers||Submission of Final Loan List||· Tuesday, 11/08/16 (no change to standard)
· Monday, 11/21/16 (change from standard date of the 23rd)
|Dec-16||Flow Transactions also known as ‘Monthly Bulks’||Submission of Final Data File||· No later than Thursday, 12/22/16|
|Dec-16||Internal Transfers||Submission of Final Loan List||· Tuesday, 12/08/16 (no change to standard)
· Wednesday, 12/21/16 (change from standard date of the 23rd)