Loan Program Development, Underwriting, Administration, Compliance Monitoring Services

The Vendor is required to provide financial management, underwriting, loan administration and compliance oversight services for agency and city approved programs.
- Requirement:
1. Program support and consultation
•    Provide expert guidance to city and agency staff on industry-standard lending practices, financial regulations, and risk management protocols.
•    Assist in the development of loan program processes, eligibility criteria, documentation requirements, and evaluation frameworks.
•    Recommend procedures to ensure compliance with all applicable federal, state, and local financial regulations.
2. Loan application intake and underwriting
•    Receive, review, and process loan applications submitted through city and agency programs.
•    Conduct comprehensive underwriting to assess applicant eligibility, financial capacity, creditworthiness, and project feasibility.
•    Prepare underwriting reports with recommendations for approval, denial, or conditional approval.
•    Verify documentation submitted by applicants, including financial statements, tax returns, project budgets, and collateral information.
3. Loan closing and documentation
•    Prepare all required loan documents consistent with applicable lending standards and program requirements.
•    Coordinate loan closings, including execution of agreements, promissory notes, and security instruments.
•    Record and maintain all loan documents in accordance with regulatory and program guidelines.
4. Loan servicing and administration
•    Establish and manage loan accounts, including payment processing, escrow administration (if applicable), and tracking of outstanding balances.
•    Monitor borrower performance and compliance with loan terms.
•    Provide customer service to borrowers regarding payment schedules, account status, and loan conditions.
•    Administer loan modifications, restructuring, or deferments when authorized by the city or agency.
5. Compliance monitoring, inspections and reporting
•    Provide ongoing compliance oversight throughout the life of each loan to ensure adherence to all regulatory, contractual, and program requirements.
•    Conduct regular reviews of borrower documentation, project performance, insurance requirements, and other obligations.
•    Notify the city of any compliance deficiencies and recommend corrective actions.
•    Prepare and deliver periodic reports to the city summarizing loan performance, delinquencies, compliance status, and other relevant metrics.
•    Maintain detailed audit-ready records for all loan activities.
•    Conduct physical housing quality standards (HQS) inspections by a certified HQS inspector at minimum annually or as determined to be best practice by the department of housing and urban development (HUD).
•    Provide HQS inspection report(s) to city annually and provide remediation requirements needed to pass HQS inspection for units with failing HQS reports.
6. Collections and delinquency management
•    Monitor loans for late payments, defaults, or financial distress.
•    Implement appropriate collection procedures consistent with program guidelines and industry standards.
•    Recommend remedial actions or enforcement measures when necessary.
7. Program coordination and communication
•    Attend meetings with city and agency staff, stakeholders, or governing bodies as requested.
•    Coordinate with the city’s designated representatives to ensure smooth program implementation and issue resolution.
•    Provide timely responses to all city inquiries related to loan applicants, borrowers, or program operations.
8. Data management and confidentiality
•    Maintain secure, confidential records and databases for all loan program activities.
•    Provide the city with access to all data, reports, and documentation related to loan management and compliance.
•    Ensure compliance with all applicable laws regarding data security, privacy, and records retention.