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Common Review Initiative Update Boston Guaranty Agency Summit August 31, 2005.

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Presentation on theme: "Common Review Initiative Update Boston Guaranty Agency Summit August 31, 2005."— Presentation transcript:

1 Common Review Initiative Update Boston Guaranty Agency Summit August 31, 2005

2 CRI Concept Guarantors are combining resources to conduct a single review of large lenders and servicers These CRI reviews will go toward meeting the requirements of (c)(1) for each CRI- participating guarantor

3 Significant Events By the end of the CRI pilot, review teams will have conducted 11 CRI reviews On-site visits completed at Suntech, MOHELA, Wells Fargo, AES, ACS, Edfinancial, KHESLC, Nelnet, SLMA, Educaid Citicorp visit scheduled for 9/26

4 Significant Events One new participant - Georgia Non-participants currently are: Alaska CSAC/EdFund New Hampshire North Carolina

5 Significant Events New leadership for current and next biennium Rick Buckingham, USA Funds Chair through 2005 Becky Collins, Student Loan Guarantee Foundation of Arkansas Chair for

6 Significant Events Successful reviewer training session October 2004 meeting in Texas Approximately 60 attendees Another training session scheduled for October 25-26, 2005

7 Significant Events Change in review scheduling policy Not all guarantors using same standards for review selection Agreed to selection based on previous years volume as of 9/30

8 Significant Events Creation of quality assurance group Co-chaired by Greg Schweitzer (Great Lakes) and Bernie Girata (AES/PHEAA) Conducted by two reviewers NOT part of review team Performing analyses of completed reviews to ensure proper documentation Before reports issued, reviewing workpapers and reports for consistency and quality

9 Significant Events

10 Planning for CRIs future Currently a pilot program approved through 12/31/2005 Met with ED to discuss CRIs future Delivering request for permanence today

11 CRI Goals and Report Card Improve the quality of lender program reviews conducted by guarantors (including non-CRI reviews) Reduce redundancy of reviews by guarantors

12 Report Card on Quality Attribute testing Statistically valid sampling Continual tweaking of workpapers Six reviewers instead of 1-2 Consistent documentation Reviewer training Quality review process

13 Report Card on Redundancy Can look at this two ways If all guarantors had conducted servicer reviews, CRI eliminated 125 guarantor reviews that would have been conducted 11 CRI reviews covered 248 reviews required by (c), eliminating 237 individual lender reviews

14 Report Card on Redundancy Average cost of CRI review = $5,783 (6 reviewers) Average cost of non-CRI review = $964 (1 reviewer) Guarantor savings Servicer reviews - $67,491 All reviews - $175,459

15 Questions??

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