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Common Review Initiative

Guarantors combine resources to conduct a comprehensive review of large lenders and servicers to improve program reviews and reduce redundancy. Updates, goals, participation, and future plans for the Common Review Initiative (CRI).

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Common Review Initiative

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  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

  13. Private Site

  14. Questions??

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