Year-end – Loan Boarding/Transfer Activity
As year-end 2015 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 2015 is scheduled to start Monday, December 21, 2015 and end Friday, January 8, 2016.
- 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 12/31/15 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 will be modified, additional information will be provided.
- 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 2015 must board by January 16, 2016 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 2015 (please alert your Sellers and Servicers):
|Nov-15||Flow Transactions also known as ‘Monthly Bulks’||Submission of Final Data File||Tuesday, 11/17/15|
|Dec-15||Flow Transactions also known as ‘Monthly Bulks’||Submission of Final Data File||Thursday, 12/17/15|