Bulletin ID
DLB - 99 - 3
| PublicationDate: 1/1/99 BulletinID: DLB - 99 - 3 January 1999 DLB 99-03 Subject: Processing Acknowledgments for Pending Credit Decisions Dear Colleague: This letter provides you with updated information about processing pending credit decisions received in a PLUS Credit Decision Acknowledgment (DIPC99OP). Beginning in May 1998, the Loan Origination Center (LOC) began sending a value of X in field 4 for the Full Loan PLUS Origination Acknowledgment (DIPF99OP). This is used for any PLUS Origination records that did not receive a credit decision within five (5) business days from the time the record was processed and accepted by the LOC. The value of X means that the origination record was accepted, but the Credit decision is still pending. Once a school receives a value of X, the LOC must now send the actual credit decision to the school. This is accomplished by sending the credit decision on a #C record message class DIPC99OP with a value in field 3 of C for Accepted credit decisions or a N for Denied Credit Decisions. These two values must override the X value that was sent in the first acknowledgment under message class DIPC99OP. The values for Endorser credit decisions of E and D are not affected by this change. Thank you for your continued support of the Direct Loan program. Sincerely, Joe L. McCormick Chair Direct Loan Task Force |