0000929638-24-001708.txt : 20240506 0000929638-24-001708.hdr.sgml : 20240506 20240506123710 ACCESSION NUMBER: 0000929638-24-001708 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240506 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20240506 DATE AS OF CHANGE: 20240506 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Other FILER: COMPANY DATA: COMPANY CONFORMED NAME: Navient Credit Funding, LLC CENTRAL INDEX KEY: 0001179550 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 043480392 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00456 FILM NUMBER: 24916613 BUSINESS ADDRESS: STREET 1: 13865 SUNRISE VALLEY DRIVE CITY: HERNDON STATE: VA ZIP: 20171 BUSINESS PHONE: 703-984-6890 MAIL ADDRESS: STREET 1: 13865 SUNRISE VALLEY DRIVE CITY: HERNDON STATE: VA ZIP: 20171 FORMER COMPANY: FORMER CONFORMED NAME: SLM EDUCATION CREDIT FUNDING LLC DATE OF NAME CHANGE: 20020808 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: Navient Credit Funding, LLC CENTRAL INDEX KEY: 0001179550 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 043480392 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 13865 SUNRISE VALLEY DRIVE CITY: HERNDON STATE: VA ZIP: 20171 BUSINESS PHONE: 703-984-6890 MAIL ADDRESS: STREET 1: 13865 SUNRISE VALLEY DRIVE CITY: HERNDON STATE: VA ZIP: 20171 FORMER COMPANY: FORMER CONFORMED NAME: SLM EDUCATION CREDIT FUNDING LLC DATE OF NAME CHANGE: 20020808 ABS-15G 1 navsl2024a_abs15g.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
 
___
Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ______________ to ______________.
 
 
Date of Report (Date of earliest event reported): ______________
 
Commission File Number of securitizer:        ______________
 
Central Index Key Number of securitizer:       ______________

                                                                                          
Name and telephone number, including area code, of the person to
contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [ ]
 
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]
 
Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]
 
_X_
Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001179550
Central Index Key Number of sponsor: ____________

                           Navient Private Education Refi Loan Trust 2024-A                           
(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): 0002021877
Central Index Key Number of underwriter (if applicable): ____________

                                          Mark D. Rein, (703) 984-5679                                          
Name and telephone number, including area code, of the person to
contact in connection with this filing.

INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.01.
Findings and Conclusions of a Third Party Due Diligence Report Obtained By the Issuer

Attached as Exhibit 99.1 hereto is an agreed-upon procedures report, dated May 1, 2024 of KPMG LLP, obtained by the securitizer, which report sets forth the findings and conclusions, as applicable, of KPMG LLP with respect to certain agreed-upon procedures performed by KPMG LLP.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: May 6, 2024
 
 
NAVIENT CREDIT FUNDING, LLC
 
(Securitizer)
       
       
 
By:     
/s/ C. Scott Booher                                
   
Name:  
C. Scott Booher
   
Title:
Vice President

 

EXHIBIT INDEX
Exhibit Number

99.1     KPMG Agreed-Upon Procedures Report




EX-99.1 2 exhibit99-1.htm
Exhibit 99.1
 
KPMG LLP
Suite 700
20 Pacifica
Irvine, CA 92618-3391
 


Independent Accountants’ Agreed-Upon Procedures Report
Navient Corporation (the “Company”)
Navient Credit Funding, LLC (the “Responsible Party”)
Navient Solutions, LLC
Barclays Capital Inc. (“Structuring Agent”)
Atlas SP Partners, L.P.
BofA Securities, Inc.
J.P. Morgan Securities LLC
RBC Capital Markets, LLC
(together, the “Specified Parties”)
Re: Navient Private Education Refi Loan Trust 2024-A – Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled “2024-A Formatted_700M.xlsx” (the “Data File”), provided by the Responsible Party on April 19, 2024, containing information on 13,549 student loans (the “Student Loans”) as of March 31, 2024 (the “Cutoff Date”), which we were informed are intended to be included as collateral in the offering by Navient Private Education Refi Loan Trust 2024-A. The Responsible Party is responsible for the specified attributes identified by the Responsible Party in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.
The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.
The term “reporting threshold” means that dollar amounts were within $1.00, “First Payment Dates” were within two (2) days, and “Remaining Terms” were within one (1) month.
The term “Initial Data File” means an electronic data file entitled “2024-A Formatted_700M.xlsx” provided by the Responsible Party on April 3, 2024, containing information on 13,549 Student Loans as of the Cutoff Date, which we were informed are intended to be included as collateral in the offering by Navient Private Education Refi Loan Trust 2024-A.

KPMG LLP, a Delaware limited liability partnership and a member firm of the
KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.


The term “FDR System” means the Company’s internal servicing system containing certain information such as interest rate, loan status, first payment date, original loan balance, current loan balance, and original maturity date related to the Selected Student Loans (defined below).
The term “CARES System” means the Company’s internal servicing system containing certain information regarding the financial history of the Selected Student Loans.
The term “Earnest Internal Tool Account Number Page” means a screenshot containing certain information from the Company’s internal loan account overview system maintained by Earnest Operations LLC (“Earnest”) (e.g. repayment schedule, payment history, interest rate, original loan balance, etc.) for the Selected Student Loans.
The term “Verify Report Page” means a screenshot containing certain information from Earnest’s internal application verification tool such as: school type, school name, and school degree for the Selected Student Loans.
The term “Application Underwriting Snapshot Page” means a screenshot containing information from the Earnest’s internal application underwriting tool related to education degree and school name for the Selected Student Loans.
The term “Title IV Federal School Code List” means a listing identifying schools in the United States participating in the Title IV federal student aid programs that we were instructed by the Responsible Party to download from the “Federal Student Aid Website” ( https://fsapartners.ed.gov/knowledge-center/library/federal-school-code-lists/2023-10-20/2024-25-federal-school-code-list-participating-schools-november-2023).
The term “Accredited Programs List” means a listing identifying accredited schools issued by the U.S. Department of Education’s Office of Post-secondary Education (OPE) that we were instructed by the Responsible Party to download from the “Database of Accredited Postsecondary Institutions and Programs Website” (https://ope.ed.gov/accreditation/) and the “International Schools That Participate in the Federal Student Loan Programs” (https://studentaid.gov/sites/default/files/international-schools-in-federal-loan-programs.pdf).
The term “Amortized Payment History Schedule” means a schedule of the payment history information of certain Selected Student Loans extracted from the FDR System.
The term “FNI Data Supplement” means an electronic file that the Responsible Party informed us was extracted from the FDR System, containing certain information such as school type, school name, and school degree for the Selected Student Loans.
The term “Loan Files” means the following information sources provided by Earnest, on behalf of the Responsible Party:
Loan Agreement
Earnest Internal Tool Account Number Page
Verify Report Page
Application Underwriting Snapshot Page
Title IV Federal School Code List
Accredited Programs List
Amortized Payment History Schedule
FNI Data Supplement



“Principal” field in the CARES System, and
the following screens in the FDR System: #BS Screen, #BS1 Screen, #BS3 Screen, #BS5 Screen, #CDS Screen, #CIS Screen, #CMS Screen, #CSS Screen, #CU4 Screen, #EDH Screen, #ED2 Screen, #NM AF Screen, #NM CC Screen, #NM CS Screen, #NM ST Screen, #NPO Screen, #NM SA2 Screen, #NM MN Screen, #NM LL Screen, and #HDI Screen.
The Loan Files were represented by Earnest, on behalf of the Responsible Party to be copies of the original Loan Files or electronic records contained within the respective system or website.
The term “Instructions” means the instructions provided by the Responsible Party pertaining to a procedure, attribute, methodology, or value, as described in Exhibit B.
The term “Provided Information” means the Loan Files and Instructions.
The procedures we were instructed by the Responsible Party to perform and the associated findings are as follows:
A.
We randomly selected a sample of Student Loans from the Initial Data File, utilizing a confidence level of 95.0%, an expected error rate of 3.0%, and a maximum estimated error occurrence rate (the upper error limit) for each of the attributes not to exceed 5.0%. The selection criteria resulted in a sample of 359 Student Loans (the “Selected Student Loans,” as listed in Exhibit A attached hereto).
B.
For each Selected Student Loan, we compared or recomputed the specified attributes in the Initial Data File listed below to or using the corresponding information included in the Loan Files, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Initial Data File to the Loan Files for each of the attributes identified, utilizing the Instructions, as applicable, constituted an exception. The Loan Files documents are listed in the order of priority.
Attributes
Loan Files/Instructions
Loan Number
For “Earnest Refi” loans: Earnest Internal Tool Account Number Page or “ACCOUNT NUMBER” field on #CU4 Screen

For “Navi Refi” loans: “ACCOUNT NUMBER” field on #CU4 Screen
Loan Type
For “Earnest Refi” loans: Loan Agreement, Earnest Internal Tool Account Number Page

For “Navi Refi” loans: “CURRENT STRATEGY” field on #NM ST Screen, and Instructions
Borrower State
”Address” field on #BS1 Screen or any notations related to address changes on #CIS Screen
Interest Rate
“INT RT” column on #EDH Screen, “INT 1%” field and “INT 2%” field in “ORIG STMT VALUES” section on #ED2 Screen, “AUTO PAY FLAG” field on #NM AF Screen, #HDI Screen for interest rate with borrower benefit related information, and “CALC ANN RATE:CASH” field on #NM SA2 Screen
Payment Frequency
“MISC 13” field on #NM CS Screen, “PREV AUTO FLAG” field on #CMS Screen and Instructions




Attributes
Loan Files/Instructions
 
“CURR LOAN STAT” column on #EDH Screen and “MISC FIELD 2” column on #BS3 Screen, notation of status change on #CIS Screen, “ORIG STMT STATUS” field on #ED2 Screen, “FIRST ACTIVE DATE” field on #NM MN Screen, and Instructions
First Payment Date
“RPMT BEGIN DT” field on #EDH Screen or “1st ACTIVE DATE” field on #BS5 Screen
Original Loan Balance
“FINANCIAL INSTITUTION” field on #NM CC Screen
For Selected Student Loans without Original Loan Balance information in the FDR System: “Amount Financed” field in the “Overview” section of the Earnest Internal Tool Account Number Page, “Amount” column corresponding to the “deposit” and the “return_of_proceeds” in the “Type” column of the “Loan Transaction” section of the Earnest Internal Tool Account Number Page
Current Principal Balance
“ACCOUNT BALANCE” column on #CSS Screen, documentation of change that affects the current principal balance on #CIS Screen, “CUR BAL” field on #BS Screen, “FINANCIAL INSTITUTION” field on #NM CC Screen, “RPMT FEE” field or “CAP INT” field on #ED2 Screen, “DISBURSEMENT” and “ADJUSTMENT” fields on #CSS Screen or #CDS Screen or “MEMO TEXT” field on #CMS Screen, “RETRO PROCESSING” field on #ED2 Screen, “Interest Rate” field on #CSS Screen, CYCLE DATE on #EDH Screen, “PAYMENT” fields on #CSS Screen or #CDS Screen, “Principal” field in the CARES system, and Instructions
Original Maturity Date
“MATURITY DT” field on #EDH Screen, “METHOD OVERRIDE END DATE” field using the “RULS MIN PAY (CP PO RM)” field on #NPO Screen, notation of status change on #CIS Screen, and “EQUITY MATURITY DATE” field on #NM LL Screen
Remaining Term
“MATURITY DT” field and “DUE DATE” field on #EDH Screen, notation of status change on #CIS Screen, and Instructions
School Type
For “Earnest Refi” loans: “Degree” field in the “Educations” section of the Verify Report Page, “Underwritten Education Degree” field in the Application Underwriting Snapshot Page, and Instructions

For “Navi Refi” loans: “Underwritten Education Is Undergraduate” field in the FNI Data Supplement
School Name
For “Earnest Refi” loans: “Verified School Name” field in the “Educations” section of the Verify Report Page, “Underwritten Education School Name” field in the Application Underwriting Snapshot Page, and Instructions.

For “Navi Refi” loans: “Underwritten Education School Name” field in the FNI Data Supplement.





Attributes
Loan Files/Instructions
 
Observe the School Name appeared in the Title IV Federal Student Aid Programs utilizing the Instructions.

School Degree
For “Earnest Refi” loans: “Degree” field in the “Educations” section of the Verify Report Page, “Underwritten Education Degree” field in the Application Underwriting Snapshot Page, and Instructions.
For “Navi Refi” loans: “Underwritten Education Degree” field in the FNI Data Supplement.
Original FICO Score
“EDS SCR01” or “EDS SCR02” field in “FICO INFO” tab on #HDI Screen

The information regarding the Selected Student Loans was found to be in agreement, except as listed in Exhibit C.
C.
As a result of the findings identified and reported in the performance of Procedure B, the Initial Data File was revised by the Responsible Party. The Data File represents the revised information reflecting resolution of differences reported as determined appropriate by the Responsible Party. We reperformed Procedure B for the Selected Loans from the Data File.  The information regarding the Selected Student Loans was found to be in agreement.
Based on the results of the procedures performed, there is a 95.0% confidence level that the maximum estimated error occurrence rate for each of the attributes across the entire population of 13,549 Student Loans does not exceed 5.0%. Because we are not engaged to express a conclusion, we do not offer a conclusion based on the application of a sampling technique.
We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent of the Responsible Party and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on the information included in the Initial Data File, the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Responsible Party, (ii) the physical existence of the Student Loans, (iii) the reliability or accuracy of the Provided Information, which was used in our procedures, or (iv) matters of legal interpretation.
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Student Loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Student Loans being securitized, (iii) the compliance of the originator of the Student Loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Student Loans that would be material to the likelihood that the issuer of the asset-backed securities will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).


The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
Irvine, California
May 1, 2024


Exhibit A – The Selected Student Loans
Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
1
2024A001
39
2024A039
77
2024A077
115
2024A115
153
2024A153
2
2024A002
40
2024A040
78
2024A078
116
2024A116
154
2024A154
3
2024A003
41
2024A041
79
2024A079
117
2024A117
155
2024A155
4
2024A004
42
2024A042
80
2024A080
118
2024A118
156
2024A156
5
2024A005
43
2024A043
81
2024A081
119
2024A119
157
2024A157
6
2024A006
44
2024A044
82
2024A082
120
2024A120
158
2024A158
7
2024A007
45
2024A045
83
2024A083
121
2024A121
159
2024A159
8
2024A008
46
2024A046
84
2024A084
122
2024A122
160
2024A160
9
2024A009
47
2024A047
85
2024A085
123
2024A123
161
2024A161
10
2024A010
48
2024A048
86
2024A086
124
2024A124
162
2024A162
11
2024A011
49
2024A049
87
2024A087
125
2024A125
163
2024A163
12
2024A012
50
2024A050
88
2024A088
126
2024A126
164
2024A164
13
2024A013
51
2024A051
89
2024A089
127
2024A127
165
2024A165
14
2024A014
52
2024A052
90
2024A090
128
2024A128
166
2024A166
15
2024A015
53
2024A053
91
2024A091
129
2024A129
167
2024A167
16
2024A016
54
2024A054
92
2024A092
130
2024A130
168
2024A168
17
2024A017
55
2024A055
93
2024A093
131
2024A131
169
2024A169
18
2024A018
56
2024A056
94
2024A094
132
2024A132
170
2024A170
19
2024A019
57
2024A057
95
2024A095
133
2024A133
171
2024A171
20
2024A020
58
2024A058
96
2024A096
134
2024A134
172
2024A172
21
2024A021
59
2024A059
97
2024A097
135
2024A135
173
2024A173
22
2024A022
60
2024A060
98
2024A098
136
2024A136
174
2024A174
23
2024A023
61
2024A061
99
2024A099
137
2024A137
175
2024A175
24
2024A024
62
2024A062
100
2024A100
138
2024A138
176
2024A176
25
2024A025
63
2024A063
101
2024A101
139
2024A139
177
2024A177
26
2024A026
64
2024A064
102
2024A102
140
2024A140
178
2024A178
27
2024A027
65
2024A065
103
2024A103
141
2024A141
179
2024A179
28
2024A028
66
2024A066
104
2024A104
142
2024A142
180
2024A180
29
2024A029
67
2024A067
105
2024A105
143
2024A143
181
2024A181
30
2024A030
68
2024A068
106
2024A106
144
2024A144
182
2024A182
31
2024A031
69
2024A069
107
2024A107
145
2024A145
183
2024A183
32
2024A032
70
2024A070
108
2024A108
146
2024A146
184
2024A184
33
2024A033
71
2024A071
109
2024A109
147
2024A147
185
2024A185
34
2024A034
72
2024A072
110
2024A110
148
2024A148
186
2024A186
35
2024A035
73
2024A073
111
2024A111
149
2024A149
187
2024A187
36
2024A036
74
2024A074
112
2024A112
150
2024A150
188
2024A188
37
2024A037
75
2024A075
113
2024A113
151
2024A151
189
2024A189
38
2024A038
76
2024A076
114
2024A114
152
2024A152
190
2024A190

(*) The Company has assigned a unique Student Loan Number to each student loan in the Data File. The Student Loan Numbers referred to in this Exhibit are not the actual Student Loan Numbers.
A-1

Exhibit A – The Selected Student Loans

Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
Selected Student Loan Number
 
Student Loan Number*
191
2024A191
229
2024A229
267
2024A267
305
2024A305
343
2024A343
192
2024A192
230
2024A230
268
2024A268
306
2024A306
344
2024A344
193
2024A193
231
2024A231
269
2024A269
307
2024A307
345
2024A345
194
2024A194
232
2024A232
270
2024A270
308
2024A308
346
2024A346
195
2024A195
233
2024A233
271
2024A271
309
2024A309
347
2024A347
196
2024A196
234
2024A234
272
2024A272
310
2024A310
348
2024A348
197
2024A197
235
2024A235
273
2024A273
311
2024A311
349
2024A349
198
2024A198
236
2024A236
274
2024A274
312
2024A312
350
2024A350
199
2024A199
237
2024A237
275
2024A275
313
2024A313
351
2024A351
200
2024A200
238
2024A238
276
2024A276
314
2024A314
352
2024A352
201
2024A201
239
2024A239
277
2024A277
315
2024A315
353
2024A353
202
2024A202
240
2024A240
278
2024A278
316
2024A316
354
2024A354
203
2024A203
241
2024A241
279
2024A279
317
2024A317
355
2024A355
204
2024A204
242
2024A242
280
2024A280
318
2024A318
356
2024A356
205
2024A205
243
2024A243
281
2024A281
319
2024A319
357
2024A357
206
2024A206
244
2024A244
282
2024A282
320
2024A320
358
2024A358
207
2024A207
245
2024A245
283
2024A283
321
2024A321
359
2024A359
208
2024A208
246
2024A246
284
2024A284
322
2024A322
   
209
2024A209
247
2024A247
285
2024A285
323
2024A323
   
210
2024A210
248
2024A248
286
2024A286
324
2024A324
   
211
2024A211
249
2024A249
287
2024A287
325
2024A325
   
212
2024A212
250
2024A250
288
2024A288
326
2024A326
   
213
2024A213
251
2024A251
289
2024A289
327
2024A327
   
214
2024A214
252
2024A252
290
2024A290
328
2024A328
   
215
2024A215
253
2024A253
291
2024A291
329
2024A329
   
216
2024A216
254
2024A254
292
2024A292
330
2024A330
   
217
2024A217
255
2024A255
293
2024A293
331
2024A331
   
218
2024A218
256
2024A256
294
2024A294
332
2024A332
   
219
2024A219
257
2024A257
295
2024A295
333
2024A333
   
220
2024A220
258
2024A258
296
2024A296
334
2024A334
   
221
2024A221
259
2024A259
297
2024A297
335
2024A335
   
222
2024A222
260
2024A260
298
2024A298
336
2024A336
   
223
2024A223
261
2024A261
299
2024A299
337
2024A337
   
224
2024A224
262
2024A262
300
2024A300
338
2024A338
   
225
2024A225
263
2024A263
301
2024A301
339
2024A339
   
226
2024A226
264
2024A264
302
2024A302
340
2024A340
   
227
2024A227
265
2024A265
303
2024A303
341
2024A341
   
228
2024A228
266
2024A266
304
2024A304
342
2024A342
   

(*) The Company has assigned a unique Student Loan Number to each student loan in the Data File. The Student Loan Numbers referred to in this Exhibit are not the actual Student Loan Numbers.
A-2

Exhibit B – Instructions

Attribute
Instructions
Loan Type
For “Navi Refi” loans, Loan Type is considered to be:
 
•      Fixed rate loan if the “CURRENT STRATEGY” field on the #NM ST Screen begins with “E” or “D,”
 
•      Variable rate loan if the “CURRENT STRATEGY” field on the #NM ST Screen begins with “V” or “R.”
Payment Frequency
Payment Frequency is considered to be:
 
•      “Bi-Weekly” if the 45th position of the “MISC 13” field on the #NM CS Screen is “B” or the “PREV AUTO PAY FLAG” field on the #CMS Screen indicates “0,”
 
•      “Monthly” if the 45th position of the “MISC 13” field on the #NM CS Screen is not “B” or the “PREV AUTO PAY FLAG” field on the #CMS Screen indicates “A” or “J.”
Loan Status
Loan Status is considered to be “active” if:
 
(i)      the “CURR LOAN STAT” field on the #EDH Screen is “RPMT” and the “MISC FIELD 2” column on the #BS3 Screen is “D0000,”
 
(ii)     the “CURR LOAN STAT” field on the #EDH Screen is “FORB, FORD, or SSFP” and the “MISC FIELD 2” column on the #BS3 Screen is “P0000”
 
(iii)    the “STAT” column on the #EDH Screen does not begin with letter “P.” or,
 
(iv)    the “FIRST ACTIVE DATE” field on the #NM MN Screen is prior to the cutoff date
Current Principal Balance     
Compare or recompute the Current Principal Balance as follows (Instructions are listed in order of priority until the attribute was agreed):
 
a)      Compare to the “ACCOUNT BALANCE” column on the #CSS Screen or documentation of a change that affects the current principal balance on the #CIS Screen.
 
b)      Compare to the amount in the “CUR BAL” field on the #BS Screen.
 
c)      Compare to the amount in the “FINANCIAL INSTITUTION” field on the #NM CC Screen.
 
d)      Recompute the Current Principal Balance as follows:

B-1

Exhibit B – Instructions

Attribute
Instructions
 
i.       Add any applicable Repayment Fee (shown under the “RPMT FEE” field on the #ED2 Screen) or applicable Capitalized Interest (shown under the “CAP INT” field on the #ED2 Screen) to the “ACCOUNT BALANCE” column on the #CSS Screen, and subtract any applicable disbursement amount (shown under the “DISBURSEMENT” field on the #CSS Screen or the #CDS Screen), applicable adjustment (shown under the “ADJUSTMENT” field on the #CSS Screen or the #CDS Screen), or applicable disbursement return amount (shown under the “MEMO TEXT” field on the #CMS Screen);
 
ii.      Subtract any amount indicated in the “RETRO PROCESSING” field on the #ED2 Screen and any additional principal payment applied after the Cutoff Date, identified by either (1) subtracting the recalculated accrued interest (“Interest Rate” field on the #CSS Screen multiplied by the number of days from the start of the CYCLE DATE on the #EDH Screen to the day before the date of the first Payment under the “PAYMENT” field on the #CSS Screen or the #CDS Screen, multiplied by the “ACCOUNT BALANCE” column on the #CSS Screen) from the first Payment made under the “PAYMENT” field on the #CSS Screen or the #CDS Screen, or (2) under the “Principal” field in the CARES system; and,
 
iii.      Subtract any principal paid amount in the “PRINCIPAL PAID” field from the Amortized Payment History Schedule after the last transaction date reflected in the #CSS Screen but before the Cutoff Date.
Remaining Term
Recompute as follows:
 
(i)      Subtract the Cutoff Date from either (1) the date one month after the maturity date indicated on the #EDH Screen, or (2) the date indicated in the notation of status change on the #CIS Screen.
 
(ii)      Divide the result by the average number of days in a month (i.e., 30.4375).
 
If the Cutoff Date was later than the due date indicated on the #EDH Screen, subtract one month from (ii).
School Type
For “Earnest Refi” loans, School Type is considered to be “No” (not undergraduate) if the school name in the “underwritten_education_ school_ name” field in the Data File indicates either (i) the underwritten school is a high school or (ii) “NULL” and the “is_parent_plus” field in the Data File indicates “Yes.”
School Name
For “Earnest Refi” loans, School Name is considered to be
 
•      The school name with the most recent, highest completed degree, in the “Degree” field in the “Educations” section of the Verify Report Page.


B-2

Exhibit B – Instructions
Attribute
Instructions
 
•      “NULL” if (i) the school name in the “underwritten_education_school_name” field in the Data File is “NULL,” and (ii) the “is_parent_plus” field in the Data File indicates “Yes.”
 
•      “No” if the “Degree” field in the “Educations” section of the Verify Report Page or the “Underwritten Education Degree” field in the Application Underwriting Snapshot Page indicates “incomplete_grads.”
School Name appearing in Title IV Federal Aid Programs
Instructions are listed in order of priority until the attribute was agreed:
 
a)      Compare the school name under the “underwritten_education_school_name” field in the Data File to the corresponding information on the Title IV Federal School Code List.
 
b)      Compare the U.S. Department of Education’s Office of Postsecondary Education (OPE) code under the “underwritten_ education_opeid” field in the Data File to the “SchoolCode” field in the Title IV Federal School Code List.
 
c)      Observe whether the school name under the “underwritten_education_ school_name” field in the Data File appeared in the “Institution_Name” field in the Accredited Programs List.
 
d)      Observe whether the school name under the “underwritten_education_ school_name” field in the Data File:
 
(i)      appears in the “Verified School Name” field in the “Educations” section of the Verify Report Page or “Underwritten Education School Name” field in the Application Underwriting Snapshot Page for “Earnest Refi” loans; or,
 
(ii)      appears in the “Underwritten Education School Name” field in the FNI Data Supplement for “Navi Refi” loans.
 
In the event the school name in the “underwritten_education_school_name” field in the Data File indicates the underwritten school is a high school or “NULL,” observe if the “is_parent_plus” field in the Data File indicates “Yes,” which represents Parent Plus loan and therefore the parent’s highest achieved education was used to originate the loan. If the highest achieved education is high school or “NULL,” the parent did not possess a collegiate degree, and there would be no corresponding OPE code for the loan within the Title IV Federal School Code List or Accredited Programs List.


B-3

Exhibit B – Instructions
Attribute
Instructions
 
In the event the school name in the “underwritten_education_school_name” field in the Data File indicates the school is a satellite campus, but the Title IV Federal School Code List or the Accredited Programs List designation is not available at the satellite campus level, compare the name of the college or university to which the satellite campus relates to the Title IV Federal School Code List or the Accredited Programs List.
School Degree
For “Earnest Refi” loans, School Degree is considered to be:
 
•      The most recent, highest completed degree, in the “Degree” field in the “Educations” section of the Verify Report Page.
 
•      “Masters” or “MD” if the “Degree” field in the “Educations” section of the Verify Report Page or the “Underwritten Education Degree” field in the Application Underwriting Snapshot Page indicates “medical_other” or “DO,” respectively.
 
•      “NonGrad” if the “Degree” field in the “Educations” section of the Verify Report Page or the “Underwritten Education Degree” field in the Application Underwriting Snapshot Page indicates “incomplete_grads.”
 
•      “NULL” if (i) the school name in the “underwritten_education_ degree” field in the Data File is “NULL,” and (ii) the “is_parent_plus” field in the Data File indicates “Yes.”




B-4

Exhibit C – Exceptions
Selected Student
Loan #
Student Loan
Number*
Attribute
Per
Initial Data File
Per
Loan Files
228
2024A228
Payment Frequency
Monthly
Bi-Weekly
235
2024A235
Payment Frequency
Monthly
Bi-Weekly
244
2024A244
Payment Frequency
Monthly
Bi-Weekly
257
2024A257
Payment Frequency
Monthly
Bi-Weekly
340
2024A340
Payment Frequency
Monthly
Bi-Weekly



(*) The Company has assigned a unique Student Loan Number to each student loan in the Data File. The Student Loan Numbers referred to in this Exhibit are not the actual Student Loan Numbers.


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