Mohela and Direct Loans

[FicoTron]

Has anyone had their Direct Loans picked up by Mohela?  Have they reported them to the bureau's yet?  I made my first payment to them this month and am trying to find out weather my loans will be reported from the date they originated with Direct Loans so that I don't lose my AAoA.  I would hate for them to report them as new accounts.  Is that even legal to do that?  I have 6 seperate loans, it will reflect badly if they report them as new.  Any feedback is much appreciated.

[Anonymous]

MOHELA has set our system to report 60 days from the date we release the loan to our servicing platform, to allow the sending servicer to report the transfer of the loan accounts. 

[FicoTron]

thanks for the prompt response but my main question is weather or not these loans will be reported with their original date when they were opened with Direct Loans.  Can you get an answer for this and post it here so that more people may see the answer and not have to call in?

[Anonymous]

When the account left your prior servicer, the "Direct Loan Servicing Center", they will report the loan account trade line as closed/transferred with the credit agencies.  MOHELA will, in about 60 days begin to report to the credit agencies the loan account under our name as servicer, instead of the Direct Loan Servicing Center.  Make sense? We will be sending the same loan detail that was being sent before.

[Lois5669]

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@Anonymous wrote:

When the account left your prior servicer, the "Direct Loan Servicing Center", they will report the loan account trade line as closed/transferred with the credit agencies.  MOHELA will, in about 60 days begin to report to the credit agencies the loan account under our name as servicer, instead of the Direct Loan Servicing Center.  Make sense? We will be sending the same loan detail that was being sent before.

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Hi Mohela,

I'm trying to understand what you are saying but I'm still not seeing the answer. I'm new to all of this so in simple terms...

My Direct Loan open date was 1996. When Mohela does finally report on the CRs, will it list the start date as 1996 or 2012??

Thanks for posting here!

[Anonymous]

Not a problem - MOHELA will report the information that is in the account as it was sent to us.  So, in your case, if the prior servicer sent to us 1996, then MOHELA will report what was sent to us, 1996.  We will report what was included in the file to us, from the prior servicer.  This is not a new loan, it is a transfer of servicing of a pre-existing account.  Does this help?

[Lois5669]

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@Anonymous wrote:

Not a problem - MOHELA will report the information that is in the account as it was sent to us.  So, in your case, if the prior servicer sent to us 1996, then MOHELA will report what was sent to us, 1996.  We will report what was included in the file to us, from the prior servicer.  This is not a new loan, it is a transfer of servicing of a pre-existing account.  Does this help?

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Awesome! Yes, that helps a LOT. Thank you so much

[FicoTron]

assuming this is true, this is huge news!  Can't wait til they report.  It is weird thought that Direct Loans is reporting differently on each of my reports.  On EX it reports just the closed/transferred account from 9/11, on TU it was only reporting the closed account from 9/11, then out of nowhere today Direct Loans reported for the month of October 2011 that all 6 of my loans were open and in good standing as well.  While on EQ, it reports the closed/transferred account, but has reported all 6 accounts as current for the life of the loans.  I don't get it.  Unfortunately it is only my EX report that matters to me now, which is the one I need to update...hopefully Mohela doesn't wait the full 60 days in all cases.

[Anonymous]

My staff tells me reporting is set to occur at 60 days, however in certain situations reporting may occur between 45-60 days.

[FicoTron]

45-60 days from when my loan was accepted on 1/19/12 or from the day I make my first payment?