Electronic Processes Day 3 Reg Z Disclosures, eproms and Files

Transcription

1 Electronic Processes Day 3 Reg Z Disclosures, eproms and Files

2 Goals for today s training What is an Award File for Reg Z How to create an Award File for Reg Z How to transfer an Award File for Reg Z What happens when an Award File for Reg Z is received at ECSI

3 Goals for today s training What are Regulation Z Disclosures and esig Prom Notes and how do they work How to manage the Reg Z Product How to pick up and use a signed response file

4 What is an Award File?

5 Reg Z Award Files The information in an Award File will allow ECSI to create the Regulation Z Disclosures, the DOE Self Certification and the Entrance Interview and closed Promissory Note for Institutional and Health Profession loans.

6 Reg Z Award File Layout The Reg Z award file has most of the same information as ECSI s Standard Award File Information: SSN SID#, Loan Fund, Campus First Name, Middle Initial, Last Name Address City, State, Zip Date of Birth Phone

7 Reg Z Award File Layout The Reg Z file Layout has additional information: Loan Amount Loan Period Drivers License #, Drivers License State Application Fee Origination Fee Repayment Fee Cost of Attendance Financial Aid Expected Graduation Date

8 Reg Z Award File Layout How does the Loan Fund Code in the Award File know which Fund in the SAL Net Fund File to use? Issue standard layout only asks for ECSI s 3 character fund code For Perkins and Health Profession (Campus Based loans) ECSI knows which Fund is the active Fund in SAL For Institutional Loans, every school is different and could have several of the same Loan as active Funds in the Fund File

9 Reg Z Award File Layout Each Fund File has a beginning and end date. If the Award File only has the 3 character fund code, Then the Reg Z award file program will check the fund file to see which Fund is still Open and use that 5 Character Loan Fund Code for the Prom note If the Award File has the 5 character code, Then the Reg Z award file program will know which 5 Character Loan Fund Code to use for the Prom Note It is important that the Website Prom Note Record matches the Record used in the SALNet System, or the Web and SAL cannot talk

10 Reg Z Award File Layout Let s Look at a Sample Fund File: If the Fund End date is all 9999 s, then the fund is Open Either the Fund File needs cleaned up, or the Award file needs 5 characters FUND FUND NAME FUND STRT FUND ENDS ALU01 ALUMNI ASSOCIATION STUDE ALU02 ALUMNI ASSOCIATION 3.33% ALU03 ALUMNI ASSOCIATION 3.95% CCO01 COLLEGE LOAN CCO02 COLLEGE LOAN CCO03 COLLEGE LOAN CCO04 COLLEGE LOAN CCO05 COLLEGE LOAN CCO06 COLLEGE LOAN

11 Reg Z Award File Layout What is the purpose of the additional information? Loan Amount Expected Graduation Date This information allows the Award File program to determine the terms of the Disclosures The program will read the Fund File for the parameters of the loan (grace period, interest rate, minimum payment and maximum term) Then it will calculate the payment amount using the fund file information and the Loan Amount Then it will take the Expected Graduation Date and add the number of months for the Grace Period to determine the first payment date. If you do not send this date, we will calculate it from the date of the loan

12 Reg Z Award File Layout What is the purpose of the additional information? Application Fee Origination Fee Repayment Fee This information is not usually applicable to the kinds of loans the schools service. The Federal Reserve expects it to be displayed on the Regulation Z disclosures If your loans do have these kinds of fees, this will be included in the calculations on the previous slide and will be part of the disclosures

13 Reg Z Award File Layout What is the purpose of the additional information? Cost of Attendance Financial Aid This information is used to pre-populate the Self Certification Form If you are not able to provide this information, the student will be asked to do so during the signature process Usually not best to leave this up to the student The purpose of the information is to help the student to see if he or she really needs this loan We will look at this later when we review the student s process

14 Reg Z Award File Layout What is the purpose of the additional information? Loan Period The Loan Period is the key for the Award File programming to know if the Prom Note record is already on file or not The School needs to determine if every file will contain only a new record, in which case the Loan Period will not be relevant ECSI will create a new Prom Note for every record no matter what The School needs to determine if every file will be cumulative, in which case the Loan Period is VERY relevant ECSI will use the Loan Period and the Loan amount to determine if a change should be made to an existing Prom Note

15 Reg Z Award File Layout Not sure what I said? Let s review

16 Reg Z Award File Layout How will you send changes to the award amounts to ECSI? Either you can send ONLY new records in each file and ECSI will create a new record for each one, Or you can send a cumulative amount for each student s loan period in each file. If every file contains the cumulative amount for each student, ECSI can do a comparison to the existing records and determine what action to take:

17 Reg Z Award File Layout Cumulative Amount Action 1: If you are sending a cumulative amount and If the Loan Fund and the Loan Period and the Loan Amount are the same, Then the record is skipped and no change or new information is created

18 Reg Z Award File Layout Cumulative Amount Action 2: If you are sending a cumulative amount and If the Loan Fund and the Loan Period are the same, but the Loan amount is LESS than the existing record: If the note IS already signed, the record will be skipped (no new note since it is ok to sign for and disclose a larger amount than actually awarded) If the note is NOT already signed, the existing record will be changed to the smaller amount

19 Reg Z Award File Layout Cumulative Amount Action 3: If you are sending a cumulative amount and If the Loan Fund and the Loan Period are the same, but the Loan amount is MORE than the existing record: If the note IS already signed, the dollar amount on the existing record will be compared to the dollar amount in the file and a new Prom Note record will be created for the difference If the note is NOT already signed, the existing record will be changed to the larger amount

20 Reg Z Award File Layout ECSI is willing to take the File in any format and layout: The layout can be in whatever order The format can be txt or excel but needs to be the same every time will be determined by first file you send as a test. The format must be consistent - THE SAME every time it is sent The first time it is sent as a test file ECSI will program to process this specific file format and file layout provided by the school If a different format and layout are received once the programming is live, IT WILL NOT WORK

21 Some Sample Files Lets look at some sample files: Text File Flat file. Can be processed automatically at ECSI Normally you will need a programmer at the school to help you create this file Excel File Delimited file. Needs manual intervention in order to be processed Can be put together manually at school or easily extracted from school system

22 How can Files not work? Once ECSI has programmed for a certain file format it is imperative that subsequent files ALWAYS be the same If the SSN and SID fields are reversed, they will load to the Prom Notes in the wrong fields If the last name is in the fund code field, they will load as a corrupted file. ECSI cannot fix the files for you we will send them back to be corrected

23 How to FTP an Award File Manually: Do the Drag and Drop!

24 How to FTP an Award File The FTP will start and a menu will open:

25 How to FTP Select # 2 Award File (or IncomingProm) (Do not close the black box let it disappear on its own!)

26 File Sent! How to FTP an Award File

27 How to FTP an Award File Automatically: You can ask your IT Department to write a script to automatically put the Award File onto the ECSI FTP site and into the correct folder Standard SFTP website address is ftp.ecsi.net User name acxx Password demo4u Correct Folder Name incomingprom Name of Award File must be the same naming convention each time (award10-11.txt) Send an auto to operations@ecsi.net For more information contact Operations

28 ECSI Processes the Award File How Does ECSI Know the Award File was sent? There is no guarantee Please send an to whenever you send a file Text Files are processed automatically at 2am every morning. If you don t send an , we will probably process it, but an will tell us to look for it. Excel Files are processed when we are notified they are here Excel file is picked up by an Operator and changed to tilde delimited file so that it can be processed through a program

29 What Happens After the File is Processed? The Reg Z process will ALWAYS send an to the student because the school does not have access to the ECSI Pin The text is the same for all clients All students are sent to

30 Reg Z Notification to Student Let s look at a sample (too long to fit into a power point)

31 Reg Z Prom Note Process For Students

32 Reg Z Prom Note Process For Students

33 Reg Z Prom Note Process For Students Only Perkins can Authenticate through STANS. If a student has a Perkins Note that needs signed in addition to the Institutional or HPSL, they will be sent to the STANS website. If no Perkins needs to be signed, they will be authenticated using the ECSI PIN.

34 Reg Z Prom Note Process For Students

35 Reg Z Prom Note Process For Students

36 1 st Disclosure

37 Reg Z Prom Note Process For Students

38 Reg Z Prom Note Process For Students

39 Reg Z Prom Note Process For Students

40 Reg Z Prom Note Process For Students

41 2 nd Disclosure

42 2 nd Disclosure

43 2 nd Disclosure

44 Self Certification

45 Self Certification

46 Self Certification

47 Prom Note

48 Final Disclosure

49 New CoSigner Authentication If your institutional note has a co-signer and your school is signed up for this service, the borrower will be asked to input his or her cosigner information:

50 The CoSigner is Sent an Subject: Important Information Regarding Your Demo University Cosigner/Guarantor Request Dear Joe Lange, You are receiving this because Joe Lange requested you as a co-signer on a promissory note through Demo University. Clicking the below link will redirect you to a secure portal where you can authenticate yourself and electronically sign the promissory note. The secure portal is hosted by Educational Computer Systems, Inc. (ECSI), which is a servicer for Demo University. You can start the electronic signature process by clicking the secure link: Sincerely, Demo University

51 CoSigner Authentication The CoSigner will be asked to follow the below instructions. If the CoSigner is authenticated they will be given access to the borrower s Prom Note so that the Cosigner can also sign.

52 Reg Z Prom Note Process For Schools The Client Can access the Reg Z Disclosures and Prom Notes through WebX: Prom Notes by Account Prom Notes by Date Range

53 Reg Z Prom Note Process For Schools Prom Notes By Account Allow the School to manage an individual Student s Prom Note(s)

54 Reg Z Prom Note Process For Schools Click in the radial button next to the Prom Note in question. Choose the action from the drop down menu. Click on GO to change the status

55 Reg Z Prom Note Process For Schools New options to resend s To the Borrower To the Cosigner

56 Reg Z Prom Note Process For Schools Prom Notes By Date Range has the added option of RegZ 3-Day Compliant. This will let you know when you are allowed to disburse the funds to the student account

57 Reg Z Prom Note Process For Schools EXPORT TO EXCEL FUNCTION Only works with Internet Explorer

58 Internet Explorer fix for Export to Excel In IE7, Select Tools Options from the menu (if the menu bar is not shown, press Alt to show it). Select the Security Tab, then Trusted sites, then click on Sites

59 Internet Explorer fix for Export to Excel If is not shown in the Websites box, type it into the Add box, then click on Add. Click Close. Click on the Custom Level button in the options window.

60 Internet Explorer fix for Export to Excel Scroll down to the ActiveX Controls and plug-ins section. Select the Enable or Prompt radio button under Initialize and script ActiveX controls not marked as safe for scripting (if you set it to prompt, you will have to give your permission every time you export prom note or exit listings to Excel). Click Ok, then Yes for Are you sure? Click Ok to close the Internet Options window.

61 Signed Regulation Z Prom Notes After the Student has met the Reg Z 3 day waiting period, the school can disburse the funds to the student account: Manually By using the Export to Excel function, the School can create ad hoc reports by date range and signed status and release the funds manually in the Student Information System Automatically with the Signed Response File

62 Signed Response File Every night around 2 am a file is automatically created with all of the borrowers who have reached the Reg Z 3-Day compliance The file is placed in the esigned Prom Note File A school s IT staff can write a program to use the file to automatically disburse the funds in the school s student information system A school can manually pick up the file and ask for it to be processed. A school s IT staff can schedule a task to automatically pick up the file and process it.

63 Signed Response File Every night around 2 am a file is automatically created with all of the borrowers who have reached the Reg Z 3-Day compliance The file is placed in the esigned Prom Note File A school s IT staff can write a program to use the file to automatically disburse the funds in the school s student information system A school can manually pick up the file and ask for it to be processed. A school s IT staff can schedule a task to automatically pick up the file and process it.

64 How to Pick Up the Signed Response File To manually pick up the Signed Response file, double click on the ECSI File Transfer icon on your desktop

65 How to Pick Up the Signed Response File A Dialogue Box will appear with a menu Enter the folder number for the esigned Prom Note File

66 How to Pick Up the Signed Response File Enter the appropriate number in the text box and click OK. The file will be retrieved and placed in the C:\SAL-TEMP folder on your hard drive. A Windows Explorer window will open with the file highlighted.

67 My FTP Menus are Different The File Transfer Windows have changed, depending on when you were installed, your menus could be different. When Sending Files TO ECSI - What was: Is now:

68 My FTP Menus are Different When Picking Up Files FROM ECSI- What was: Could be either:

69 Advance File and edisclosures Yesterday we discussed the Perkins award files and esig Prom Notes, today we discussed the RegZ disclosures and esig Prom Notes. The next step is to update the SAL System with the specific disbursement history. Please join us on Thursday at 1 pm est for additional training on the Advance File and edisclosures

70 Questions? Contact