Edfinancial Services Receives Exceptional Performer Designation from Department of Education
3/30/2005
Knoxville, TN – National student loan servicer, Edfinancial Services, has just received the Department of Education’s Exceptional Performer designation. Edfinancial Services joins an exclusive list of lender servicers eligible to receive 100% reimbursement on all claims submitted for insurance during their period of designation. This translates into Edfinancial’s partner lenders/holders receiving 100% reimbursement on their claims instead of 98% of the total claim amount.
“We are delighted to receive the Department of Ed’s Exceptional Performer designation,” says Tony Hollin, chairman & CEO. “We have high internal performance standards which generate significant savings for our industry partners and reduced risk for bond investors.”
In order to qualify as an Exceptional Performer, Edfinancial Services underwent a series of rigorous audits focusing on compliance in several specific areas, most notably conversion of loans to repayment, collection of delinquent/defaulted loans and timely claim filing. The Department of Education’s allowed margin of error was 3%, whereas Edfinancial’s margin of error was less than 1% with over 16,500 loans examined.
“It takes an entire organization working together to achieve something like this,” says John Farinella, executive vice president & COO. “It speaks to the exceptional performance of our people, and it means 100% reimbursement on claims for our clients.”
Edfinancial’s newly created mission statement reflects the corporate culture that makes the Exceptional Performer designation possible: Edfinancial Services provides exceptional customer-driven student loan servicing and products. We are passionately committed to excellence, innovation and integrity, fostering a sense of community and striving always to do the right thing for our customers and each other.
Edfinancial Services joins a handful of other top-tier student loan servicers who qualify for the Exceptional Performer designation.
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Edfinancial Services is a private, nonprofit corporation headquartered in Knoxville, TN. Servicing student loans nationwide, Edfinancial Services administers student loan volume in excess of $4.7 billion.