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Consumer Loan Services

Student Loan Servicing and Documentation Review

Durkin Group was engaged to perform a limited review of a third party loan servicer of a purchased portfolio of private medical student loans. Durkin Group reviewed the serviced loan portfolio for compliance with the private loan program summary and servicing guidelines. Our review included a comparison of the underlying loan documentation to the loan data tape and loan servicing system to ensure that loans had been boarding and maintained properly in the loan servicing system. We reviewed the sampled loans for proper adjustments of interest rates, interest capitalization, amortization, and payment application as well as proper servicing procedures related to the collection of past due accounts. In addition, we reviewed the loan origination and underwriting documentation and procedures and followed up with the loan originator regarding loan underwriting exceptions. Durkin Group noted exceptions with the required servicing and underwriting procedures and made recommendations as appropriate.

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