Q and A Addendum~1.pdf
PDF 351 KB Posted
- Attached to
- Master Servicer Request for Proposals
- Solicitation number
- 19-551HDA-LEGAL-B-2319
- Issued by
- Cook County, Illinois
About this file
This document is a Q&A Addendum for a Master Servicer Request for Proposals (RFP) issued by the Illinois Housing Development Authority (IHDA). The RFP seeks a Master Servicer to service release mortgage loans from IHDA's network of participating lenders, pool loans into Ginnie Mae, Fannie Mae and/or Freddie Mac mortgage backed securities, and facilitate the purchase and certification of mortgage loans. The RFP provides information on IHDA's recent 12-month loan production data, including loan types, FICO scores, LTV, loan amounts, down payment assistance programs, and the breakdown of mortgage revenue bonds (MRB) versus to-be-announced (TBA) financing. IHDA also confirms that it provides pooling instructions and that a list of approved lenders is available on its website.
The RFP discusses the term "underwrite" and clarifies that the Master Servicer will conduct a program compliance review, not that lenders lack delegated underwriting authority. IHDA also indicates that it currently uses the Mitas system but plans to transition to Encompass in the near future. Respondents are instructed to follow the format outlined in Section D6 of the RFP.
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Other files
| File | Type | Posted |
|---|---|---|
| Price Appendix Final.xlsx | XLSX spreadsheet | |
| Forms A Section V.18.1~3.docx | DOCX document | |
| Forms B Section V.18.1~3.docx | DOCX document | |
| Master Servicer RFP Final (Revised).docx | DOCX document | |
| Notice of Award_Master Servicer.pdf |
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Text version
19-551HDA-LEGAL-B-2319 / Master Servicer Request for Proposals
Vendor Q & A
1. Can you provide data on the last 12 months of loan production broken down by Loan
Type (Conv, FHA, VA, etc.), FICO, LTV, Loan Amount, DPA type, MRB/TBA?
A. 07/01/2017-06/30/2018
Total (#/$): 5,600/$700,000,000*
% by Loan Type for the period:
Conventional 57%*
FHA 41%*
USDA 1%*
VA 1%*
Average FICO: 707*
Average LTV: (1st mortgage) 93%*
Average Loan Amount: $125,000*
DPA Types: Grant, Deferred, Repay
MRB/TBA %: 34%/66%*
*The information is for a specific period and not a guarantee of future production levels, loan totals, DPA programs or borrower demographics
2. Does IHDA and/or its Bond Trustee provide the pooling instructions?
A. Yes.
3. Can you provide a list of your approved lenders?
A. IHDA’s list of approved lenders can be found on its website at www.ihda.org
4. The RFP makes reference to the respondent’s "ability to underwrite loans for participating lenders." Does the term "underwrite" indicate that the lenders do not have delegated underwriting authority or is being used to describe a program compliance review that would be conducted by the Master Servicer?
A. Yes.
5. How does IHDA utilize Mitas vs. Encompass?
A. Mitas is used currently, it is anticipated that IHDA will use encompass in the near future.
http://www.ihda.org/
6. Are you expecting a response to each subsection with D or simply the items detailed in subsection D6?
A. Responses should follow the format requested in Section D6.
File details come from the government source that posted it. Updated .