Loan Administration Services

The Vendor is required to provide to acquire professional loan administration services related to servicing the County's amortizing loan portfolio.
- Qualified loan servicers with demonstrated experience and proven capacity in servicing an approximately 275 loan portfolio funded by federal, state, and local funding.
- Loan Onboarding
• Accurate setup of each loan in servicing system, including amortization schedules, interest rates, maturity dates, and escrow requirements, if applicable.
• Confirmation of data integrity through reconciliation reports delivered to the County.
• Completion of onboarding within the timeline proposed in the Vendor's quote.
- Payment Processing
• Monthly collection and posting of borrower payments, including principal, interest, escrow, and fees.
• Reconciliation of payment activity and remittance of funds to County as required.
• Processing of partial payments, returned payments, and payment reversals with documented audit trails.
• Preparation and issuance of payoff statements upon request.
- Escrow Administration
• Establishment and maintenance of escrow accounts for taxes, insurance, and other required reserves.
• Annual escrow analyses and borrower notifications.
• Timely disbursement of tax and insurance payments to ensure no lapse in coverage or delinquency.
• Monitoring of insurance renewals and hazard-insurance compliance for escrowed loans.
- Borrower Communication & Customer Service
• Operation of a borrower service channel (phone, email, or portal) with defined response times.
• Documentation of all borrower interactions in a system accessible for audit review.
• Handling of inquiries, disputes, payment questions, and general servicing requests.
• Delivery of required borrower notices, including delinquency notices, and year-end statements.
- Technology & Data Security
• Use of a secure, industry-standard loan servicing platform with audit capabilities.
• Protection of borrower and County data in accordance with applicable privacy laws.
• Secure file-transfer protocols for all data exchanges.
• System availability standards and disaster-recovery procedures.
- Transition & Closeout Support
• Cooperation with the County in the event of servicing transfer or contract termination.
• Delivery of complete servicing files, payment histories, escrow balances, and borrower communications.
• Final reconciliation of all accounts and escrow balances.