Maintained for Historical Purposes

This resource is being maintained for historical purposes only and is not currently applicable.

Master Promissory Note Functionality in EDExpress

PublicationDate: 4/27/2000
Summary: Master Promissory Note Functionality in EDExpress
Author: General Manager: SFA Student Channel

Posted on April 27, 2000

TO: All Destination Points
FROM: CPS Customer Service
RE: Master Promissory Note Functionality in EDExpress

As of February 28, 2000, the Loan Origination Center (LOC) can link
multiple loans for an academic year to one Master Promissory Note (MPN)
for all schools.

If you are processing a second or subsequent loan for academic year
1999-2000, you have two options in EDExpress Version 5.4:

A) Export the loan record to the LOC. Upon importing the Loan Origination
Acknowledgement, the Promissory Note status will be updated based on the MPN
Status in the acknowledgement. If the MPN status is "A" (MPN on file at the
LOC), EDExpress will also update the Promissory Note Status to "A"
(Accepted). You can then disburse the loan;

OR

B) If you prefer to disburse the loan prior to receipt of the Loan
Origination Acknowledgement, you can print the MPN for the second or
subsequent loan and mark the note signed, even though you do not need to
have the borrower sign the note. You can then disburse the loan.

If you are processing a second or subsequent loan for academic year
2000-2001, you have two different options in EDExpress Version 6.1:

A) Export the loan record to the LOC. Upon importing the Loan Origination
Acknowledgement, the MPN Status and MPN ID will be updated. Because the MPN
status is "A" (MPN on file at the LOC), EDExpress will also update the
Promissory Note Status to "A" (Accepted). You can then disburse the loan;

OR

B) If you prefer to disburse the loan prior to receipt of the Loan
Origination Acknowledgement, select the MPN Exists check box on the Loan
tab. Once you select the MPN Exists check box, EDExpress will allow you to
disburse the loan without a signed MPN.

NOTE: The Version 6.1 Cover Letter incorrectly lists "6" and "Blank" as
valid values for field #27 (MPN Exists) in the External Add file. The valid
values are:
1) Y = School assumes the student has a MPN on file at the LOC
2) Blank = School assumes the student does not have a MPN on file at the LOC
3) Blank for PLUS.

If you have any questions, please contact CPS Customer Service at
800/330-5947, option 3, or via email at CPS@NCS.COM.