Common Review Initiative

1
Common Review Initiative

• An Update
• August 31, 2004

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 682.410(c)(1) for each
  CRI-participating guarantor

3
CRI Goals

• Improve the quality of lender program reviews
  conducted by guarantors (including non-CRI
  reviews)
• Reduce redundancy of reviews by guarantors

4
Since we met last year

• 32 guarantors have signed CRI participation
  agreements
• Non-participants currently are
• Alaska
• CSAC/EdFund
• Georgia
• New Hampshire
• North Carolina

5
Since we met last year

• CRI Council was formed meets monthly via
  conference call
• Leaders are
• Aaron Cook NELA Chair for 2004-05
• Rick Buckingham USA Funds Chair for 2006-07
• Jim Elvekrog Great Lakes Secretary
• Carol Lindsey TG Treasurer

6
Since we met last year

• In March, ED approved CRI as a pilot project.
• Pilot runs from January 1, 2004 through December
  31, 2005.
• Working on measurements of effectiveness to
  evaluate whether CRI should be permanent

7
Since we met last year

• CRI review teams have conducted three on-site
  reviews
• CFS/Suntech
• MOHELA
• Wells Fargo
• ACS and AES are remaining CRI reviews scheduled
  for 2004

8
What the future holds

• October 26-27 face-to-face meeting
• Topics on agenda include
• Review scheduling and preparation
• Workbook review and practice
• Preparing and sending the report
• IDEA software potential
• CRI website
• NCHELP Fall Training Conference session

9
What the future holds

• Eight reviews are currently on the 2005 schedule
• Includes some of the larger lenders/servicers
• Potential for two additional reviews

10
CRI Web Presence

• Public Site
• www.nchelp.org
• Click on Initiatives
• Select Common Review Initiative

11
Public Site
12
CRI Web Presence

• Private site
• Facilitate review team preparation
• Receive sampling data
• Storage of review files, workpapers
• Security for each folder customized

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Private Site
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Questions??