Exhibit 99.1

 

KPMG LLP

Suite 700

20 Pacifica

Irvine, CA 92618-3391

 

Independent Accountants’ Agreed-Upon Procedures Report

 

ECMC Group, Inc. (the “Company”)

J.P. Morgan Securities LLC

(together, the “Specified Parties”)

 

Re: ECMC Group Student Loan Trust 2025-2 – Data File Procedures

 

We have performed the procedures described below on the specified attributes in an electronic data file entitled “ECMC 2025-2 Loan Tape 20250731 AES base_LessPi.xlsx” provided by the Company on August 4, 2025, containing information on 34,673 student loans (the “Student Loans”) as of July 31, 2025 (the “Data File”), which we were informed are intended to be included as collateral in the offering by ECMC Group Student Loan Trust 2025-2. The Company is responsible for the specified attributes identified by the Company in the Data File.

 

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

 

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

 

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

 

·The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.

 

·The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

 

·The term “reporting threshold” means that dollar amounts, percentages, and remaining term were within $1.00, 0.1%, and 1 month, respectively.

 

·The term “Cutoff Date” means July 31, 2025.

 

·The term “PHEAA” means Pennsylvania Higher Education Assistance Agency, the servicer for the Student Loans.

 

·The term “PHEAA Servicing System” means PHEAA’s Servicing System for the Student Loans.

 

  KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.

 

 

 

 

·The term “Mapping” means email correspondence provided by the Company on August 29, 2025, containing the loan status, loan type, fixed/floating type, rate reduction, and subsidy indicator descriptions corresponding to different abbreviations of loan status, loan type, fixed/floating type, rate reduction, and subsidy indicator description in the Data File (“Loan Status Mapping,” “Loan Type Mapping,” “Fixed/Floating Mapping,” “Rate Reduction Mapping,” and “Subsidy Indicator Mapping,” respectively) for the Selected Student Loans (defined below) attached hereto as Exhibit B.

 

·The term “MR-50 SQL Database Extract” means delinquent start date information for the Selected Student Loans extracted from PHEAA’s SQL database.

 

·The term “PHEAA Screenshots” means electronic screenshots for the Selected Student Loans, provided by PHEAA, on behalf of the Company, containing information from PHEAA’s Servicing System:

 

–TSX29 - Loan Detail Information Screen

 

–TSX2A - Loan Detail Information Screen

 

–TSX2B - Loan Detail Information Screen

 

–TSX07 - Interest Rate Change/History Screen

 

–TSX2J - Disbursement Information Screen

 

–TSX7T Bill to Payment Cross Reference Screen

–TSX2E - Loan Financial Activity Breakdown Screen

 

–TSX31 - Deferment/Forbearance Loan Detail Screen

 

–TSX56 - Repayment Schedule Detail Screen

 

–TSXDV - Borrower Benefit Program Override/Information Screen

 

–TXXR-01 Borrower Demographics Screen

 

·The term “Sources” means the following information provided by the Company:

 

−Mapping;

 

−MR-50 SQL Database Extract; and,

 

−PHEAA Screenshots

 

·The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology as described in the procedures below.

 

·The term “Provided Information” means the Cutoff Date, Sources, and Instructions.

 

The procedures we were instructed by the Company to perform and the associated findings are as follows:

 

A.We randomly selected a sample of 147 Student Loans (the “Selected Student Loans”) from the Data File. A listing of the Selected Student Loans is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Student Loans we were instructed to randomly select from the Data File.

 

 2 

 

B.For each Selected Student Loan, we compared or recomputed the specified attributes in the Data File listed below to or using the corresponding information included in the Sources, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Sources or the inability to agree the indicated information from the Data File to the Sources for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The Sources are listed in the order of priority.

 

Attribute Sources / Instructions
Origination Date “Guar Date” field on TSX2A Loan Detail Information Screen
Loan Type “Loan Pgm” field on TSX29 Loan Detail Information Screen and Loan Type Mapping
Interest Rate Type “Int Type” field on TSX07 Interest Rate Change/History Screen and Fixed/Floating Mapping
Stated Rate “Int Rte” field on TSX29 Loan Detail Information Screen, “Interest Rate” field on TSX07 Interest Rate Change/History Screen
Current Loan Balance “Cur Prin” field on TSX29 Loan Detail Information Screen, “Prior Bal” field on TSX2E Loan Financial Activity Breakdown Screen, “Principal Balance” field on TSX56 Repayment Schedule Detail Screen
Remaining Term

If Loan Status is “Repayment,” recompute as the number of months between the Cutoff Date and the “Anticipated Payoff Date” field in the Data File.

 

If Loan Status is “Deferment” or “Forbearance,” recompute as the number of months between (i) the Cutoff Date and (ii) the day after the “End Date” field of Deferment or Forbearance on the TSX31 Deferment/Forbearance Loan Detail Screen.

 

For Selected Student Loans #29, #51, #64, #72, #102, #104, #123, and #141, PHEAA, on behalf of the Company, informed us that there was prepayment activity before the Cutoff Date and thus to recompute as the number of months between (i) the “Bill Due” field on the TSX7T Bill to Payment Cross Reference Screen and (ii) the “Anticipated Payoff Date” field in the Data File.

First Disbursement Date “1st Disb Date” field on TSX29 Loan Detail Information Screen
Loan Status “Status” field on TSX29 Loan Detail Information Screen and Loan Status Mapping, “Defer/Forb Typ” field on TSX31 Deferment/Forbearance Loan Detail Screen and Loan Status Mapping
Initial Repayment Start Date “Repayment Start” field on TSX29 Loan Detail Information Screen
Guarantor “Guar” field on TSX2A Loan Detail Information Screen
State “ST” field on TXXR-01 Borrower Demographics Screen
Subsidy Indicator “Subsidy Code” field on TSX29 Loan Detail Information Screen and Subsidy Indicator Mapping
Account Number “Acct #” field on TSX29 Loan Detail Information Screen

 

 3 

 

Attribute Sources / Instructions
Loan ID “Loan Seq” field on TSX29 Loan Detail Information Screen
Rate Reduction “BBP Pgm” field on TSX2A Loan Detail Information Screen and Rate Reduction Mapping. Consider Rate Reduction to be “0.00%” if “Disqual Date” field on TSXDV Borrower Benefit Program Override/Information Screen was before the Cutoff Date.
Original Balance Recompute as the difference between “Beg Bal” field on TSX29 Loan Detail Information Screen and cancelled disbursements amount in the “Amount” field on TSX2J Disbursement Information Screen, if any.
Delinquent Days

“# Days Delq” on TSX2B Loan Detail Information Screen. If Loan Status in the Data File is Deferment or Forbearance, deem the Delinquent Days to be zero (0);

 

Recompute as the difference between (i) the “# Days Delq” field on TSX2B Loan Detail Information Screen and (ii) the number of days between the date of the screenshot indicated on the top left corner of the TSX29 Loan Detail information Screen and Cutoff Date.

 

We found such information to be in agreement, except as listed in Exhibit C.

 

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

 

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

 

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Student Loans, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

 

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Student Loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Student Loans being securitized, (iii) the compliance of the originator of the Student Loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Student loans that would be material to the likelihood that the issuer of the asset-backed securities will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).

 

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

 

 4 

 

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

 

/s/ KPMG LLP

 

Irvine, California

September 2, 2025

 

 5 

 

 

Exhibit A

 

The Selected Student Loans

 

Selected
Student
Loan
Number		  Student
Loan ID		  Selected
Student
Loan
Number		  Student
Loan ID		  Selected
Student
Loan
Number		  Student
Loan ID		  Selected
Student
Loan
Number		  Student
Loan ID
1  20252001  26  20252026  51  20252051  76  20252076
2  20252002  27  20252027  52  20252052  77  20252077
3  20252003  28  20252028  53  20252053  78  20252078
4  20252004  29  20252029  54  20252054  79  20252079
5  20252005  30  20252030  55  20252055  80  20252080
6  20252006  31  20252031  56  20252056  81  20252081
7  20252007  32  20252032  57  20252057  82  20252082
8  20252008  33  20252033  58  20252058  83  20252083
9  20252009  34  20252034  59  20252059  84  20252084
10  20252010  35  20252035  60  20252060  85  20252085
11  20252011  36  20252036  61  20252061  86  20252086
12  20252012  37  20252037  62  20252062  87  20252087
13  20252013  38  20252038  63  20252063  88  20252088
14  20252014  39  20252039  64  20252064  89  20252089
15  20252015  40  20252040  65  20252065  90  20252090
16  20252016  41  20252041  66  20252066  91  20252091
17  20252017  42  20252042  67  20252067  92  20252092
18  20252018  43  20252043  68  20252068  93  20252093
19  20252019  44  20252044  69  20252069  94  20252094
20  20252020  45  20252045  70  20252070  95  20252095
21  20252021  46  20252046  71  20252071  96  20252096
22  20252022  47  20252047  72  20252072  97  20252097
23  20252023  48  20252048  73  20252073  98  20252098
24  20252024  49  20252049  74  20252074  99  20252099
25  20252025  50  20252050  75  20252075  100  20252100

 

 

 

 

Exhibit A

 

Selected
Student
Loan
Number		  Student
Loan ID		  Selected
Student
Loan
Number		  Student
Loan ID
101  20252101  126  20252126
102  20252102  127  20252127
103  20252103  128  20252128
104  20252104  129  20252129
105  20252105  130  20252130
106  20252106  131  20252131
107  20252107  132  20252132
108  20252108  133  20252133
109  20252109  134  20252134
110  20252110  135  20252135
111  20252111  136  20252136
112  20252112  137  20252137
113  20252113  138  20252138
114  20252114  139  20252139
115  20252115  140  20252140
116  20252116  141  20252141
117  20252117  142  20252142
118  20252118  143  20252143
119  20252119  144  20252144
120  20252120  145  20252145
121  20252121  146  20252146
122  20252122  147  20252147
123  20252123      
124  20252124      
125  20252125      

 

Note:The Company has assigned a unique ID number to each Selected Student Loan in the Data File. The Student Loan IDs referred to in this Exhibit are not the Company’s Student Loan ID numbers.

 

 

 

 

Exhibit B

 

Mapping

 

Loan Status

 

Per Sources  Per Data File
D  DEFERMENT
F  FOREBEARANCE
Delinquent  REPAYMENT

 

Loan Type

 

Per Sources  Per Data File
UNSTFD  SU
STFFRD  SF
PARNT PLUS  PL
CNSLDN  CL
SUBCNS  CL
SUBSPC  CL
UNCNS  CL
UNSPC  CL

 

Fixed/Floating

 

Per Sources  Per Data File
C1  Floating
C2  Floating
F1  Fixed
SV  Floating

 

Rate Reduction

 

Per Sources  Per Data File
EF0 0%  0
ST1  1% IRR AFTER 36
0  0
STT  0.5% IRR

 

Subsidy Indicator

 

Per Sources  Per Data File
NON SUB  N
SUBSIDIZED  Y

 

 

 

 

Exhibit C

 

Exceptions List

 

Selected
Student
Loan
Number		  Student
Loan ID
Number		  Attribute  Per Data File  Per Sources
86  20252086  Loan Status  REPAYMENT  VERIFIED BANKRUPTCY
146  20252146  Rate Reduction  0.00%  STT (0.5% IRR)