Posted Date:February 12, 2015
|Author:||Lynn Mahaffie, Deputy Assistant Secretary, Policy, Planning, and Innovation, Office of Postsecondary Education|
Subject: Third Party Servicer Data Form – Reporting Requirement (Updated August 30, 2016)
Note: On August 30, 2016, we revised this Electronic Announcement to add a fillable pdf version of the Third-Party Servicer Data Form. Servicers could choose to submit the form as either a word document or the pdf version.
The Title IV, HEA regulations authorize the Department to provide oversight of entities/individuals that perform any aspect of an institution's participation in the Title IV programs. See 34 C.F.R. § 668.1(a). As noted in the January 9, 2015 Dear Colleague Letter guidance, GEN 15-01, the Department has determined that a significant number of higher education institutions failed to report, update, and/or incorrectly report third party servicer information to the Department as required under the regulations. See 34 C.F.R. § 668.25(e). Therefore, the Department is unable to rely on the information reported by institutions to provide appropriate oversight of the entities performing work on behalf of Title IV eligible institutions.
The Department has obtained the Office of Management and Budget's (OMB) approval to collect information necessary for effective oversight and data validation directly from the entities that perform work on behalf of Title IV eligible institutions. The obligation to respond to this collection is required to retain the benefit to perform Title IV related functions on behalf of eligible higher education institutions.
Entities that meet the definition of a Third Party Servicer, as defined in 34 C.F.R. § 668.2 and GEN-15-01, are required to submit the attached Third Party Servicer Data Form within 30 days of the date of this announcement or within 30 days of receiving notification of the requirement from the Department. In addition, third party servicers are required to update information within 10 days of the date, if:
- The servicer changes its name;
- The servicer changes the address or contact information for its primary location or additional location;
- The servicer adds or terminates a contract with an eligible Title IV institution; or
- The servicer buys, sells, or merges with another third party servicer. 34 C.F.R. § 668.25(e)(1)(i).
If you have questions about this announcement or the attached Third Party Servicer Data Form, contact the Third Party Servicer Oversight Group (816) 268-0543. You may also e-mail firstname.lastname@example.org .