Small Business Lending Program Loan Servicing and Administration Services

The Vendor is required to provide e loan servicing and program administration services for the city’s first-time homeowner program administration.
- Consultant will be responsible for administering the City’s loan portfolio, in compliance with all applicable federal, state, and local regulations, including Community and Housing regulations.
- Services will include full loan portfolio servicing, program administration, borrower communication, and compliance monitoring, and reporting to the City.
- The Consultant shall be expected to perform all services in a professional, timely, and compliant manner, ensuring accuracy, accountability, and transparency in the administration of the City’s loan programs.
- Loan Portfolio Servicing
•    Document and book all approved loans
•    Provide borrowers with onboarding/welcome packages, including legally required notices.
•    Collect, process, and remit borrower payments (principal, interest, escrow, fees, and other charges) with daily monitoring and monthly balancing.
•    Establish and administer escrow/impound accounts for property taxes and insurance; monitor delinquencies, cancellations, and lender-placed insurance.
•    Prepare and distribute monthly borrower statements.
•    Maintain a secure custodial account in an institute-insured institution for all loan payments.
•    Provide payoff quotations, satisfactions, conveyances, and related documentation.
•    Notify city of loans 45+ days delinquent; provide logs of contacts and recommend collection actions.
•    Perform collections and loss mitigation functions (delinquency notices, phone outreach, forbearance evaluation, loan modification analysis).
•    Report borrower payment activity to credit bureaus monthly.
•    Administer foreclosure actions, subject to city approval, in accordance with applicable law.
- Program Administration
•    Prepare and deliver required reports, including portfolio, reconciliation, delinquency, escrow deficit, and fee detail reports.
•    Provide monthly financial statements to city within seven (7) business days of month-end.
•    Maintain secure 24/7 database access for city staff to view borrower activity, loan history, and customizable reports.
•    Support community compliance and city grant reporting requirements.
•    Conduct income re-verifications, residency affidavits, and property condition profiles per city direction.
•    Provide administrative support for subordination requests, modifications, and other borrower transactions.
•    Conduct site visits, when directed by the city, for borrower compliance monitoring.
•    Perform related functions necessary to maintain program integrity and compliance.
- Customer Service and Communication
•    Maintain customer service toll-free phone, online portal, and mobile app functionality.
•    Provide city with dedicated client service support and timely responses to all requests.
•    Document all borrower communications, notices, and agreements for city records.
- Transition and Close-Out Support
•    Facilitate transfer of loan servicing data and files to city or new servicer, if directed.
•    Provide final reconciliations, reporting, and account updates at contract termination.

- Contract Period/Term: 5 years
- Pre-Proposal Meeting (Virtual) Date: October 02, 2025
- Questions/Inquires Deadline: October 16, 2025