Electronic Signature Service Now Available for
Lenders and Schools
OGSLP has agreed to support the Sallie Mae model for electronic signature. This model utilizes the existing OnLine Loan Application (OLA) product currently available to schools. The OLA product, available via NetWizard or Laureate, allows schools to transmit via the internet loan data for guarantee. Currently, students and parents are instructed to visit a co-branded internet site to view, complete and print their Master Promissory Note (MPN). For schools and lenders who now want to offer this free e-signature service, students will also be given the option of signing their MPNs during the OLA process.
How does E-Signature work with OLA?
Our guarantee system
allows us to profile participation in the Sallie Mae E-Signature service for
lenders and schools. If we profile your institution
as participating in the service then borrowers retrieving their MPN’s
from the web will be given the option to sign their note electronically.
If the student or parent is using a lender that has not signed up for this service, the option to sign the note electronically will not appear when they retrieve their MPN. This does not prevent them from completing their references or printing the application. Also, if students or parents do not wish to sign the note electronically they can opt out of the service, print the note using a wet signature and send it on to the lender for disbursement.
What happens next?
Once the student or parent signs the note electronically,
OGSLP is notified that an e-signed note for them has been sent out to the Sallie
Mae “FileNet” destination.
OGSLP staff will then retrieve the note, print it and send it on to the lender
for disbursement. These notes will contain the borrower’s typed name,
the date and a 32 bit hash id under the signature line.
Who can participate in this service?
It is not necessary for you to be a “Sallie Mae” lender in order
to participate in this service. All that’s required to actively participate
is permission to profile your institution as an active E-signature participant.
We’ll take care of the rest.
Are there charges to participate in this service?
There are no plans to charge
for E-signature volume that comes through a Sallie Mae family guarantor, which
includes OGSLP.
Is this the only Electronic Signature product in Oklahoma?
No, it is one of
several. OGSLP is working with other lending partners to ensure that we can
participate in a variety of Electronic Signature products.
If you are interested in participating in other E-Signature products besides
the Sallie Mae model, just give us a call. We want to work with all our lending
partners to ensure that we have an E-signature product that’s right for
all our schools and lenders.
What if I’d like to get more information,
see a demo of this service or sign up for the service?
Please contact Client Relations for more information
about this service. We would also be glad to present a demo that illustrates
the borrower experience
on OLA when E-signature is involved. If you would like to subscribe to this
service, please complete the attached survey indicating
your willingness to participate in this service and we’ll take care of
the rest!