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We realize that not all partners are in a position to implement the CAM record types that communicate loan data changes (record types 07 – Loan Period/Grade Level Change; 09 – Pre-disbursement Change; 10 – Post-Disbursement Change/Notification; 24 – Loan Increase) electronically. To accommodate those partners, ISAC has a manual process by which lenders/servicers can submit loan data changes. Although this option is available, it is ISAC’s ultimate goal to utilize CAM processing for these types of loan changes with all our trading partners.
Lenders/servicers can manually communicate loan changes by fax to ISAC’s Data Quality Control Department at 847.831.8549, or by mail to:
ISAC
Attn: Data Quality Control Dept.
1755 Lake Cook Road
Deerfield, IL 60015
When communicating these types of changes, please provide the following:
- Borrower’s SSN
- Loan Type
- ISAC Loan ID, and
- Requested change (i.e., adjustment in the loan amount, etc.)
As a reminder, full loan cancellations (all disbursements) should be requested via Lender Manifest reporting rather than the manual option.
Retrieving Changes Processed by ISAC
In addition to submitting loan data changes, there is a method to allow lender/servicers to retrieve loan modifications, revisions and cancellation once they have been processed. Again, CAM is the preferred method by which this data is exchanged between ISAC and its lender/servicer partners.
ISAC provides loan change information to lenders/servicers in a downloadable, printable report that is retrievable from a secure Internet location – loanchangefiles.org. The report lists information such as:
- Changes to loan disbursement amounts
- Disbursement date changes
- Academic level changes, and
- Changes in graduation dates.
The report is available on a daily basis and is easily downloadable. User ID’s and passwords to this secure site are required. If you do not have an ID and/or password, please contact Sharon Bankston of ISAC’s Lender Services Department at 800.899.4722, ext. 2826, or via e-mail at lenderservices@isac.org.
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