RFA 7385_QA 3_27Feb2023.pdf

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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: p. 6 of the application under the section ‘Disclosures’, if we answer “YES, to any of the questions, an LOE is required. Do the questions included in the snip above also require an LOE?

a. On page 6 of the application a Letter of Explanation is required for all items marked “No” starting at “Capital Requirements”.

Q2: Does this mean you are giving out a total of 100 loans?

a. No, this means we anticipate awarding up to 100 agreements with lenders.

Q3: For the Principle Owners section, it states to list all owners> 10% - we are publicly traded corporation, we have one shareholder with 14%, he is not an employee or insider, with no say in business activity – do we need to list him on this table and have him complete the Authorization Form?

a. Yes.

Q4: Are we required to update the Corporate Resolution adding OHCS prior to being approved?

a. Yes.

Q5: Regarding the Corporate Resolution document you are requiring to be completed… Movement is a private company and does not have a Board of Directors. How would you like us to compete the Certification section, given that it does not apply to our company?

a. Please have the Executive Members complete the Corporate Resolution.

Q6: Regarding the Authorization Form: Movement Mortgage has one owner. By completing this form, we want to ensure that we are not giving OHCS authorization permission to pull a credit report on anyone other than our sole owner.

a. Correct.

Q7: Regarding the request for “an approval letter for all warehouse lines detailing credit line amounts and covenants”: Are you asking for this information for all warehouse lines our company intends to use with this program, or all warehouse lines, period?

a. All warehouse lines.

Q8: What is the title of the document referred to as “Exhibit A” in Affidavit of Trade Secret? See highlighted section in screen shot below. We think you are referring to the “Web Administrator Form”, but please confirm.

a. “Exhibit A” is not a document provided by the Department, it is provided by the Applicant.

The “Exhibit A” is the information the applicant hold as a “Trade Secret”.

Q9: Can you tell me the title of the document referred to as “Exhibit A” in Affidavit of Trade Secret?

a. “Exhibit A” is not a document provided by the Department, it is provided by the Applicant.

The “Exhibit A” is the information the applicant hold as a “Trade Secret”.

mailto:OHCS.Contracts@hcs.oregon.gov

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Q10: Are we able to submit our own version of the Corporate Resolution/POA? (CCM Legal Team has a pre-prepared Secretary Certificate for applications) I noticed that you also have your own versions of these documents, so I wanted to see if you would accept a CCM version of those documents, that has already been approved by our legal team.

a. No.

Q11: Also, can you please provide some color on the credit authorization form for our principals? We have over 150 investors, Brokers, and Bond Programs, so if each one was to pull our Owner’s credit, it could potentially damage his credit score.

a. If a credit check were completed it would be a soft pull.

Q12: Do you have an estimated release date?

a. The first full week of March 2023.

Q13: Will you be holding a lender training session?

a. Yes. A date has yet to be determined. All applicants will be notified when the lender training is available.

Q14: Are you able to confirm who the Master Servicer is?

a. Idaho Housing & Finance Association.

Q15: Will there be a separate agreement that we need to execute with them?

a. Yes, please contact Rita Aafedt at RitaA@ihfa.org.

Q16: Do you have sample copies of the second mortgage documents for both the Silent Second and Amortizing Second loans?

a. Second mortgage documents will be made available on our website shortly.

Q17: Agreement – Our executive has reviewed and approved it. Are we going to sign it once our application is accepted?

a. The agreement to be executed will be provided by our Procurement department after the application is accepted. You will work directly with the SPC during the agreement phase.

Q18: Power of attorney – Should we sign this with the agreement together? Or can we sign first?

a. Execute the power of attorney as part of submission.

Q19: Warehouse line of credit verification form – the signer for this form must be listed in corporate resolutions?

a. If the signer is not on the corporate resolution, the signer should be on the Org Chart provided and a Key Employee.

Q20: If a lender wanted to request some changes to the lender agreement, is that something we can explore?

a. Any agreement negotiations will occur in accordance with RFA #7385, Section 5.4:

Agreement Negotiation. Upon approval of the application the Department can enter into negotiations with prospective lenders in the agreement.

mailto:RitaA@ihfa.org