Loan and Underwriting Services

The Vendor is required to provide loan and underwriting services for include:
• Technical support and financial analysis to city with respect to its housing stability programs on an “as needed” basis.
• Evaluate loan requests and perform underwriting analysis for all amortized loan applications as needed, estimated around ten (10) applications per year.
• Underwriting may include, but is not limited to: determining debt to income (DTI) ratios, creditworthiness, maximum debt capacity, and terms that will have successful payback of the loan.
• Meet with staff and loan applicants as needed to review applications and documentation and ensure all questions regarding underwriting and recommendations are answered.
• Stay in frequent contact with staff to provide updates on loan underwriting, progress of loan packets completion, and review and analysis with recommendations. Underwriting and housing program funds loan packet must be completed within fourteen (14) business days of receiving application.
• Prepare complete loan packets to submit to staff for presentation to housing program funds loan committee, which meets monthly.
• The packets include a general cover page with overviews of the underwriting process and redacted documents used in the eligibility and underwriting process.
• Attend the loan committee in case questions about underwriting comes up from the committee.
• Meet with staff one (1) week before the scheduled loan committee meeting to go over the packets and prepare for the presentation.
• Review and understand housing stability loan criteria, administrative policies, and legislative policies for each loan reviewed.
• Recommend revisions to the program or policies to increase its ability to leverage resources and streamline the process.
• Identify issues associated with the application, review, underwriting, and compliance of the programs that could improve effectiveness in meeting goals and objectives.
• Sufficient personnel to accomplish the required services as needed.
• All personnel should be skilled in the tasks assigned to them.
• Adequately protect and encrypt sensitive and personal identifying information sent to complete underwriting.
• Due to the sensitive information shared, all PII documents must be destroyed after completion of the underwriting and loan committee packet.
• Any conflict of interest must be disclosed immediately and information regarding applicants and status must not be shared unless personnel is working directly on the underwriting.
• Upon request by the designated representative of city, consultant shall provide samples of all materials intended for use for prior approval.