JB Pritzker, Governor, State of Illinois

Loan Sales

If a loan is sold, either the assignee or the assignor (on behalf of the assignee) must notify ISAC of the sale within 45 days of the assignment.  The notification should provide the new holder’s name, lender identification number (LID), address, and telephone number.  A holder with more than one LID must notify ISAC if it changes a loan from one of it LIDs to another LID.

If a holder transfers the servicing on a loan from one entity to another, the holder must report the change to ISAC within 45 days of the transfer.

The assignment, sale, or transfer of a loan should be reported to ISAC using the NSLDS Lender Manifest Reporting process.