Regulation Z Servicing
ECSI’s Regulation Z offering is a solution to help schools comply with Title X of the Higher Education Opportunity Act (HEOA). Regulation Z consists of an application, a self-certification form and a series of three disclosures provided to the borrowers of private education loans at specific intervals of the loan application and approval process. These disclosures are required for every private, institutional, nursing or health professional loan disbursed on or after February 14, 2010.
In order for a school or lender to provide these three required disclosures themselves they would have to print and mail them at each interval and then patiently wait for the student’s response. This will waste time, money and valuable resources and it can ultimately delay the approval and disbursement process.
TheECSI value is complete automation with creation of the required disclosures automatically during and after the application process, with all three disclosures sent electronically. It creates a labor-free system for our clients, speeds the approval & disbursement process and provides an efficient application process for their students.
Click here to view our detailed Tip Sheet on Regulation Z.