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The Consolidation Process Time Table

The Consolidation Process Time Table. SOMA Sponsored Program Doctors Debt Management. Borrowers Application. Once Application is Received: DDMs process. Review your application- same day Submit to processing-same day

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The Consolidation Process Time Table

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  1. The Consolidation ProcessTime Table SOMA Sponsored Program Doctors Debt Management

  2. Borrowers Application

  3. Once Application is Received:DDMs process • Review your application- same day • Submit to processing-same day • Request Loan Verifications with current lenders-same day or next day, the lenders have 14 days to respond • If they don’t release payoff, processing must resubmit- This is a stall tactic by many lenders so they can defend the loan • You should receive an app received letter

  4. Loan Verification Process

  5. Be Patient!The consolidation system is not perfect! • This is the process that takes the longest! • Usually takes 6-8 weeks, but it can take up to 90 days or more • Last year 2005 because of the in school consolidations, there are some loans that were not completed until spring 2006 • No one was prepared for the response!! i.e. lenders and servicers • You may always call for updates! No letters will go out during this process

  6. Funding of LoanPayoffs for old loans go out

  7. Funding of New Consolidation • Your new consolidation loan is now completed and the lender will send your disclosure letter-This is the Federal Law • This process in total may take up to 90 days with some companies-this is common in the market now • DDM also sends out a letter after it receives notice from the lender that the loans is funded. Usually by email!

  8. Common Problems!Why loans do not get completed! • Borrower makes mistakes on application • Spelling errors- name especially • Reference Information- matching phone numbers and addesses • No signature or date on last page • No repayment plan chosen (need to have one even if you are going into deferment) • Borrower signed more than one consolidation-Very Common Mistake-The first application that gets in processing gets to retain the borrower

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