Commercial Loan Underwriting Services

The Vendor is required to provide commercial loan underwriting services for department neighborhood business works (“NBW”) loan program.
- This program is used by small businesses and lending partners to provide financing options during all phases of business growth. 
- The department is seeking to outsource our commercial loan underwriting services as we continue to expand.
- The commercial loan underwriter must provide the following:
1. Underwriting of Loan Applications
•    Analyze applicant financial statements, tax returns, personal financials, and credit reports.
•    Evaluate business plans, operating history, revenue projections, and management capacity.
•    Assess debt service coverage ratios (DSCR), loan-to-value (LTV), collateral adequacy, and repayment sources.
2. Risk Assessment and Recommendation
•    Identify potential credit risks and mitigants.
•    Provide a written underwriting loan narrative and pro-forma loan analysis using the department’s standard templates, including findings and a recommendation for approval or decline.
•    Make recommendations consistent with department credit policy and program goals.
3. Coordination and Communication
•    Communicate with department staff to request additional documentation or clarification, as needed.
4. Compliance and Documentation Review
•    Ensure that applications meet program guidelines and underwriting standards.
•    Flag any compliance issues or missing documentation.
5. Timeliness
•    Shall complete underwriting reviews within 15 business days of receiving a complete application package.
•    Extensions may be granted at the sole discretion of the department based on operational needs.
6. Confidentiality and Data Security
•    Maintain strict confidentiality of all borrower information.
•    Ensure secure handling of all application materials and data, in compliance with state and federal guidelines.

- Contract Period/Term: 2 years