Following are updates to HESC’s Federal Default Fee processing implemented on May 5, 2008.

Default Fee Billing Field Changes

HESC has inserted a new default fee billing field entitled “Guarantor Use Only” and designated it Field #22. As a result of this insertion, the field that was formerly #22 and the number of each field that follows has increased by one.

The “Guarantor Use Only” field, Field #22, is informational and used to identify the method for posting the disbursement or adjustment that is being billed. The methods include: Escrow EFT, EFT Refund, Lender Batch, HESC Online, Lender Online, Servicer Online, Blanket Guarantee, EFT Express, Loan Reallocation. The “Guarantor Use Only” field will also contain the originating lender code.

View and Print Default Fee Billing Report

Lenders who are unable to receive the Federal Default Fee bill electronically will now be able to view and print the billing report from HESCWeb, on the report tab.

Default Fee Billing Online Updates

The Federal Default Fee bill will include all disbursements and cancellations entered through HESCWeb.

More Information

Click here for additional information about Federal Default Fee processing.