Bulletin ID
DLB - 97 - 32
| PublicationDate: 9/1/97 BulletinID: DLB - 97 - 32 September 1997 DLB-97-32 Subject: Loan Origination Record Processing Dear Colleague: The Loan Origination Center (LOC) has experienced occasional processing exceptions with data in loan origination batches sent in by schools. The record types involved are: Stafford loan origination records (#D), change origination records (#E), and PLUS origination records (#PF). Some records in such batches are rejected in the LOC system, and the entire batch is held until research can be done to determine the cause and the solution to the exceptions. The LOC and the Department of Education feel that the current procedure causes unnecessary delays for the other records in the batch that process without exception. A new process is being implemented today that allows the LOC to return an error code of 75 for this type of problem record. This is not a new code in the LOC system; however, it has never been used in loan origination record processing. The code definition is "accepted but not applied." In the case of an origination batch, this record should be considered a valid reject. As with any rejected record, it should be resent in another batch to the LOC. It is suggested that these records be resent in two weeks. This will give the LOC time to resolve the issue with the system and allow the record to process successfully. Thank you for your continued support of the Direct Loan Program. Sincerely, Joe L. McCormick Chair Direct Loan Task Force |