RFA 7385_QA 2_22Feb2023.pdf
PDF 218 KB Posted
- Solicitation number
- S-91400-00008182
- Issued by
- Marion County, Oregon
About this file
This document is a Request for Applications (RFA) #7385 from the Oregon Housing and Community Services Department (OHCS) regarding the Mortgage Lending Program/Flex Lending. The RFA is seeking approved lenders to participate in the program, which offers mortgage loan reservations and down payment assistance (DPA) programs in the state of Oregon, specifically in the jurisdictions of Marion County and the City of Salem. The RFA provides questions and answers related to the program, including confirmation that loan reservations are currently available to approved lenders, that DPA is not required to be combined with the Flex loan program, and that underwriting and funding may occur outside of Oregon. The RFA also clarifies requirements around corporate resolutions, payment of fees, and the information required in the application.
The RFA outlines the minimum applicant requirements, including that the staff originating and processing mortgages must be located in an office in Oregon or within 50 miles of the state's border. The application requests information on the applicant's ownership, key managers, agency/investor approvals, and originations in various states. Approved lenders will be required to enter into a Mortgage Loan Purchase Contract with OHCS, and a sample of this contract is provided, though the final agreement will be customized for each lender.
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RFA #7385: Mortgage Lending Program/Flex Lending Questions & Answers
The answers provided are to questions that were submitted to the SPC via email at
OHCS.Contracts@hcs.oregon.gov.
Q1: Are loan reservations being accepted now? If not, when will it begin?
a. Loan reservations are available to approved lenders.
Q2: Does one of the DPA programs (Standard or Focused) have to be combined with the Flex loan program or can it be a standalone 1st mortgage?
a. DPA is not required a stand-alone is allowed.
Q3: Could you please confirm if you are only requiring signatures for the officers with the specified titles in the Corporate Resolution? Or, do you need signatures for the officers that we typically have sign the Corporate Resolution?
a. Those authorized and empowered in the name of and on behalf of the corporation must be on the Corp. Resolution.
Q4: I am working on the OHCS RFA process and was hoping you could please provide the information for the check to be made payable to?
a. Checks need to payable to OHCS – Referencing RFA#7385
Q5: In reviewing the Oregon DPA/Flex program, it does not look like I would be eligible as a company to participate as I do not currently fund my own loans. Is there a way to find out which wholesale lenders have applied so I can reach out to see if lenders I work with need to apply as well?
a. We encourage you to engage your wholesaler lenders to apply to become an approved lender. A list of approved lenders will be posted on the website as they are approved.
Q6: There is quite a bit of information that seems redundant to what we already provide. Do you need all of this information again?
a. Yes.
Q7: My question is, if we had any remote (at-home) processors or underwriters whose home was within 50 miles of Oregon, would that satisfy the minimum lender requirement? Is it just processing, or all of operations from processing, underwriting, closing to post-closing?
a. Underwriting and funding may occur outside Oregon, we understand funding and underwriting occurs outside the boundaries on a regular basis. From Lender RFA# 7385’s Section 3.1 - Minimum Applicant Requirements: The staff originating and processing mortgages under the Department’s Lending Programs must be located in an office in Oregon or within 50 miles of Oregon’s border.
Q8: The copy of the ‘Mortgage Loan Purchase Contract’ I received has background lettering that says ‘SAMPLE’ all throughout the document. Am I ok to use this document for signatures? If not, can you send me another clean copy?
mailto:OHCS.Contracts@hcs.oregon.gov
a. You do not need to execute Sample Agreement, the final agreement, based on the sample, will be completed with lender specific contractual information and provided to the lender upon approval.
Q9: p. 2 of the application, under the section ‘Principle Owners’ none of the highlighted roles have any ownership. Should I list those roles and indicate no ownership? We do have more than one owner. As there is only one space for owners, is it acceptable to make a word document detailing that info?
a. Yes, please indicate ownership (or not), you may make space for owners in an attached document.
Q10: p.2 of the application under the section ‘Key Managers’, there is a field asking for SSN#’s for all those job roles. As that will mean I have to submit multiple SSN’s, can we submit w/out?
a. An SSN is not required for Key Managers.
Q11: p. 3 under sections ‘Agency/Investor Approvals’ & ‘Originations-Identify Top States’, is there a specific timeframe you are looking for?
a. Please provide previous year to current.
Q12: To clarify, can we use our own corporate resolution template?
a. No.
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