News

09/10/2004

New Product Released: eDisclosure Statements

ECSI has just released our newest website enhancement: eDisclosure.

Per Perkins regulations, you must "attempt" to disclose certain required information in regards to their Promissory Notes. The "gray area" is how often this must be sent. The majority of ECSI clients are opting for the once a year approach, to all "in-school" borrowers. Please see our eDisclosure Flyer that details the required areas and explains the process. What do you get with this product?

1. a "real-time" disclosure that changes each time monies are disbursed.
2. an annual e-mail notifying your borrowers that a disclosure exists plus how to retrieve/view it
3. a memo in SAL explaining that the annual disclosure was sent
4. items included on the disclosure:
   • detail lines of each disbursement
   • total line of all disbursements
   • interest rate
   • finance charges (total interest paid)
   • total amount that will be paid over the life of the loan (disbursements + finance charge)
   • monthly fixed payment for the above
   • url link to a copy of the prom note
   • url link to the pros and cons of consolidation
   • instructions for printing this form

This form will be accessed from the Borrower Login Menu and you the school can access it from your Client Login page.

The link below shows a sample of the eDisclosure Statement.

Please contact our Sale Department at sales@ecsi.net if you want to participate in this process. They will be contacting everyone that hasn't responded in the next week or two. I hope you like what you see.