RFA 7385_QA #7_16July2024.pdf
PDF 214 KB Posted
- Solicitation number
- S-91400-00008182
- Issued by
- Marion County, Oregon
About this file
This document is a Request for Applications (RFA) issued by the Oregon Housing and Community Services (OHCS) Department to identify up to 100 Mortgage Lenders to originate, underwrite, and deliver Ginnie Mae and Conventional Mortgages, often in combination with Second Lien Mortgages, for its Mortgage Lending Program and Flex Lending Program. The RFA is open until January 31, 2028, and successful applicants will be invited to enter into 10-year agreements with OHCS, subject to annual renewal. Lenders must meet minimum requirements related to office locations, licensing, approvals, funding, homebuyer education, fees, and personnel experience.
The RFA does not specify any set-aside designations or restrictions on the types of organizations that can respond. It also does not provide details on pricing terms, incumbent vendors, funding requirements and sources, or contract amounts. The procurement aims to provide geographic coverage throughout the state of Oregon and is focused on establishing a pool of approved mortgage lenders to participate in OHCS's Mortgage Lending Program and Flex Lending Program, which serve the jurisdictions of Marion County and the City of Salem in Oregon.
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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.
1. As I look through the documents requested, I wondered if we can use our own version of the Corporate Resolution?
a. Not at this time, but we are looking at considering this in the future.
2. Can we use our own power of attorney?
a. No.
3. Can we provide our BSA/AML policy in place of attachment G?
4. Besides having legal review the Appendix A – Cyber Security Standards, is there anything else we should do with this document? I want to confirm it does not need to be signed.
a. It does not need to be signed.
5. After our application is submitted, what are your turn around times for reviewing and final approval?
a. This depends on the condition of the package and the response time of the applicant.
6. Do you have program Plan Codes for Encompass? If not, are standard (FHA, USDA) plan codes acceptable?
7. Do you offer an MCC program? Does UHM report the 8329's, if so, who will receive these yearly?
a. No
8. Fees: What are the program fees required by (correspondent, or HFA, servicer)? Can charge customary and reasonable fees? Can we charge origination, if so what is max? What is the SRP we get? (Service Release Premium)
a. All fees must be customary and reasonable. See Section 7 of the program manual.
9. Are these programs Delegated or No-Delegated Underwriting?
a. The programs are Delegated.
10. Are these Loans Assumable?
a. The 2nd lien is not assumable. The 1st lien is only assumable under government loans;
conventional cannot be assumed.
11. Does MBOH require training to offer or work on these products? Is there a Train the Trainer option available? What’s the training set-up? How soon can we set this up?
a. Training is offered twice monthly. No official “Train the Trainer” option is available at this time, but feedback is welcome. Training is conducted virtually via TEAMS. You can schedule training after your lender application is approved and agreement has been fully executed.
12. What is the best way to find/receive program information and updates?
a. Please sign up to be on our electronic mailing list.
13. Do the late fees for the borrower differ from the standard Conventional, FHA/USDA Late fees normally charged?
a. No https://www.oregon.gov/ohcs/homeownership/Pages/flex-lending.aspx
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14. What is the cost to waive escrow? Are there any costs associated with doing so?
a. All loans would require escrows, unless below 80% loan to value (LTV) – rates are set and there are no level pricing adjustments. There are no loan level pricing adjustments on our rates.
15. How do we get rates? Are they available in Optimal Blue?
a. Rates are available on our Flex Lending website. There you can sign up to be on our electronic mailing list.
16. What Lock Periods are available? Is the reservation length of days? Is it from to delivery or purchase? What are the number of days from delivery to purchase?
a. The loan must be delivered within 60 days to the servicer. Application to purchase = 60 days.
The reservation length is in days from purchase. There are 60 days from delivery to purchase.
17. What is the extension policy and process?
a. See page 10 of 12 of the program manual.
18. How are loans originated and funded? (Do we originate and fund loans in their name or ours?)
a. Yes, loans are funded in the lenders name.
19. Where is the DPA Portal? Is there only one portal required for use? Does portal require a specific web browser? Who is the portal administrator?
a. Yes, there is only one portal required. It is not clear if the portal requires a specific web browser. Hilltop Securities is the portal administrator.
20. Regarding Appraisals, can we use our own panels, or are AMCs Required?
a. Please follow Agency guidelines. Appraisals must be compliant per Agency requirements.
21. Do you have overlays that require a certified desktop analysis (CDA) to be ordered or is a second evaluation required? If yes, what are the requirements they have as to when it gets ordered? Do we order the CDA or do you order it?
a. No 2nd appraisal required unless Agency guidelines require it.
22. How are closing packages delivered/uploaded to Metro DPA? Addresses, etc.…
a. I am not aware of Metro DPA.
23. What are the checklists needed for initial submission and post-closing submission?
a. Initial submission list of required docs is noted on the lender portal for each loan. Post closing submission.
24. Do you have a required Stacking order for submission?
a. Loans will be underwritten by lender, no package sent to us for underwriting. We will do a compliance review. There will be a submission checklist on the lender portal when loan is to be delivered to the servicer.
25. What are the Note delivery instructions and Note endorsement?
a. Note delivery instructions and endorsement can be found here.
26. How do we receive suspenses for initial submission and post-closing submissions?
a. Initial submission and post-closing submissions will show on the lender portal.
27. Are there any special forms required for these programs?
a. All required forms are uploaded to the lender portal. There is the Borrowers Acknowledgement and Focused Demographic worksheet (if applicable).
https://www.oregon.gov/ohcs/homeownership/Pages/flex-lending.aspx https://www.oregon.gov/ohcs/homeownership/Pages/flex-lending.aspx https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Flender.ihfa.org%2Fmediaserve%2FMediaHandler.ashx%3Fq%3D7524eb5c-2de5-4b89-ae0d-9e82d5276a42&wdOrigin=BROWSELINK https://lender.ihfa.org/mediaserve/MediaHandler.ashx?q=066d2bc5-4c29-4000-ae48-016381d59e03
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28. What are the fees associated with these programs?
a. Please See Section 7 of the program manual.
29. What is the agency/servicer MERS#?
a. The agency/servicer MERS# can be found here.
30. What is the agency/servicer FHA#?
a. The agency/servicer FHA# can be found here.
31. What is the agency/servicer Tax ID#?
a. The agency/servicer TAX ID# can be found here.
32. Is Cash Back to the borrower permitted? What is the max?
a. The max cash back will be limited to the amount of earnest money deposit received.
33. Does the DPA 2nd follow Trid, Partial Exemption, or Pre-TRID?
a. 2nds are exempt and follow your company’s compliance guidelines for all TRID guidelines
34. Is there an exclusionary list for Appraisers/title companies? If so, how do we access it?
a. OHCS does not have an exclusionary list for appraisers and title companies – the master servicer might.
35. Is MI Required? What are the Parameters? Are there any restrictions on which MI companies we can use?
a. Follow agency guidelines for MI. All loans above 80% require MI. Government loans have their own requirement for MI. The following companies are approved for MI: ARCH, MGIC, ESSENT, Radian, National, ENACT.
36. How are DPA seconds funding sent? Do we send funds or does agency? How do we get purchase advices? Do we originate & fund loans in our name?
a. Lender will fund the 1st and 2nd up front; lender will be repaid once loan is purchased by servicer. Lender is reimbursed after the loan is purchased. Purchase advices will come from services. You will originate and fund loans in your name.
https://www.oregon.gov/ohcs/homeownership/Pages/flex-lending.aspx
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