Housing Loan Portfolio Oversight and Management Services

The vendor is required to provide comprehensives housing loan portfolio oversight and management services for the city.
- This includes, but not limited to, loan servicing, and portfolio management of first time homebuyer assistance program loans, residential rehabilitation program loans, mobile home rehabilitation and replacement program loans, shared equity housing program loans and inclusionary housing program loans.
- A critical component of this engagement is the accurate maintenance of the city’s loan portfolio, ensuring all borrower documentation is up to date, verifiable, and compliant with applicable regulations, including insurance, taxes, and occupancy requirements.
- Loan servicing and portfolio management
• Issue loan servicing transfer notices as appropriate
• Maintain loan file accuracy and completeness
• Perform ongoing monthly loan servicing functions
• The current total is 141 loans comprised of shared equity loans, first time homebuyer assistance loans, residential rehabilitation loans and inclusionary housing loans.
1. Vast majority of loans are silent second loans with no or deferred payments until sale of the property.
- Core responsibilities include:
• Maintain the city’s loan portfolio records and ensure accurate data entry
• Verify and track:
1. Homeowners and flood insurance coverage
2. Payment of property taxes and special assessments
3. Current addresses and loan origination data
• Conduct annual occupancy verification
• Process:
1. Monthly borrower statements (amortized loans); annual borrower statements (deferred-payment loans)
2. Monthly lender portfolio reports
3. Monthly loan payments
4. Demand letters, and payoff calculations
5. Requests for subordination
6. Recording of reconveyance and release documents
• Conduct quarterly property profile checks to confirm lien status and loan performance
• Provide long-term tracking of borrower compliance and loan status
• Manage collections efforts in accordance with applicable laws and city policies
• Deliver monthly, quarterly, and annual portfolio reports, including key metrics such as delinquencies, prepayments, and account reconciliations
1. Coordinate with city staff on any report discrepancies and correct/update as needed
2. Provide documentation and/or reports in timely manner, as required for city audits and reporting
• Provide timely and professional customer service to borrowers and city staff
• Participate in quarterly meetings with city staff (or more frequently if requested) to review portfolio status, compliance issues, and performance metrics.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: July 11, 2025