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):