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The Consolidation Process
Time Table
SOMA Sponsored Program
Doctors Debt Management
Borrowers Application
Submit Application
By Mail
5 days out
5 days back
By E-Sig
Same day out
Same day in
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
Loan Verification Process
LVC Certificates
6-8 Weeks
90 days is common
Sallie Mae
Key Bank
Sun Trust
Likes to stall
Likes to stall
Likes to stall
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
Funding of Loan
Payoffs for old loans go out
Once all LVCs
Application and Loan
Payoff Certificates
Go to Lender
Takes 1-2 Weeks
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!
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 consolidationVery Common Mistake-The first application that
gets in processing gets to retain the borrower
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