Navigation:  General Reporting Information > Service Released

When a loan is service released, an action code 104 is automatically placed on the loan (Letters & Actions tab). The system looks for released loans and if the action code 104 date is within the current month, then at monthend, the Special Comment Codes on the Credit Reporting screen, is automatically updated with an O (account transferred to another lender).

 

The loan will be reported for 90 days after being released. Example: If the loan was service released April 15, at monthend the screen will be updated to display an O in the Special Comment Code; the transmissions created through July 15 will report the loan as service released.

 

The 2-Year Late Pattern and History will continue to move to the left each monthend for 24 months after the release date.