Single Family Loan Origination System

The Vendor is required to provide an electronic Loan Origination System (“LOS”) for its single-family homeownership programs.
- Provide a secure, web-based, end-to-end LOS that enables participating lenders to reserve funds, lock interest rates, submit documentation, and manage the loan pipeline in real time.
- Responsible for the delivery, implementation, configuration, and ongoing support of the LOS solution.
- Core Services and Deliverables
• Provision of software licensing for agency staff and participating lenders
• System implementation, including project management and deployment
• System configuration and customization, workflows, reporting, and form/data mapping
• Integration with agency financial and other internal/external systems
• Data migration from the existing legacy system to the new LOS
• Development and execution of a comprehensive implementation plan, including design, testing, issue resolution, and regular status reporting
• Delivery of system documentation, including user guides and technical documentation
• Training for agency staff and participating lenders, including both instructor-led and web based options; ongoing system support, maintenance, and updates
- Functional Requirements
• Automated document submission with indexing by document type
• A flexible, configurable, and user-friendly interface
• Real-time management of loan reservations, commitments, and holds
• Ability to accept, validate, and process Uniform Residential Loan Application (URLA/Form 1003) data uploads from participating lenders in Fannie Mae compliant MISMO format, including support for data mapping and error handling
• Tools to calculate accurate down payment assistance amounts at the time of reservation
• Automated notifications to originators and processors regarding missing documents, exhibits, and commitment conditions
• Configurable workflow management to support complex business processes;
• Integration capabilities with internal and external systems
• Automated compliance to ensure adherence to regulatory and investor requirements
• Pipeline management and tracking tools
• Embedded help features, including tutorials and user guidance
• Customizable reporting and data mapping capabilities.