How will student education loan servicing be assessed for 2019?
Because Washington State’s student education loan servicing regulations became effective on January 1, 2019, prior year activity is excluded from the initial filing. Subsequent annual filings will ask for servicing totals as of December 31st of the prior year, plus all new servicing added in the subject year. DFI will assess the amount owed by calculating the initial unpaid principal balance (UPB) of all student education loan servicing accounts for Washington State residents added to your servicing portfolio during 2019. Multiplied by the student education loan servicing factor of .0000384616.
How will student education loan servicing data be collected for 2019?
You must submit the provided Excel workbook to the Department through Box.com. You will not report student education loan servicing data in the online filing system. See below for additional instructions. Future filings will be collected through the online system.
What data must I provide to file my student education loan servicing assessments?
For 2019, you are required to report any student education loan servicing for Washington State residents added to your portfolio during the year. This includes the total loan volume and loan count for all Washington student education loan servicing added in 2019.
Please note, future filings will ask for servicing totals as of December 31st of the prior year, plus all new servicing added in the subject year.
Am I required to use the online filing system for student education loan activity in 2019?
No; 2019 filings must be submitted as outlined in the instructions below. Future filings will be collected through the online system.
What if I fail to deliver my completed student education loan servicing filing by February 14, 2020 and pay my invoice by March 1, 2020?
If you make your payment after the March 1st due date, you will be assessed a late fee. Your filing will not be complete until the late fee is paid. If you fail to pay the late fee and complete the filing, the fees will accrue. See WAC 208-620-430.
Annual Assessment Instructions and Workbook
Read through the notification letter and Excel workbook to see which questions apply to your business. Gather total loan count numbers and total dollar volume numbers for all student education loan servicing for Washington State residents added to your portfolio in 2019. The total loan volume must be the initial UPB of loans onboarded in 2019.
Servicers are required by statute to report information on all student loans serviced for Washington State residents, including commercial, private, and federally owned loans. If a servicer of federally owned loans does not wish to directly provide the requested information on such loans they are expected to get the information from The Department of Education (ED). If that requires filing a Freedom of Information Act (FOIA) request, licensees must file the request and allow sufficient time for ED to respond, realizing the annual assessment report is due on February 14, 2020. Based on Department experience, a FOIA request to ED may take a month or more to obtain results.
We suggest you begin the process early to ensure timely filing.
Complete all applicable fields in the Excel workbook. You must report the initial unpaid principal balance and total loan count of all student education loans to Washington State residents onboarded in 2019.
Upload the completed Excel workbook to the Department through Box.com. The completed forms are due no later than close of business day February 14, 2020.
The Department will invoice student education loan servicers for the amount owed through NMLS by close of business day February 18, 2020. Filings will be processed as received and invoices sent upon receipt of completed filings; however, payment will not be due until March 1, 2020.
Pay your invoice through NMLS by the end of day March 1, 2020 to avoid late fees.