Home Equity Conversion Mortgage (HECM) Accounting Business System
Closed Pre-Solicitation Posted
- Solicitation number
- NOF-FY25-002
- Responses due
- Set-aside
- No set-aside
Opportunity facts
- NAICS code
- 541219 Other Accounting Services
- Place of performance
- Washington, District of Columbia 20410, United States
Notice details come from SAM.gov. Updated .
About this opportunity
The Department of Housing and Urban Development (HUD) is seeking a contractor to provide a comprehensive Home Equity Conversion Mortgage (HECM) Accounting Business System solution. The procurement aims to develop an automated web-based system supporting insurance application processing, loan production, and loan servicing for HUD's HECM loan portfolios. Key contract requirements include providing help desk support, conducting system certification and accreditation, and ensuring compliance with federal IT security and accounting standards. Respondents must submit questions by November 12, 2024, at 2:00 PM Eastern Time, with capability statements due no later than November 29, 2024. The procurement will use the NAICS code 541219 for Other Accounting Services, and HUD will conduct market research to determine the most appropriate procurement method.
The pre-solicitation notice indicates no specific small business set-aside has been designated at this stage. The anticipated contract value ranges between $7-8 million, structured with one base year and four 12-month option periods. HUD plans to conduct one-on-one market research sessions with qualified vendors to assess potential service providers' capabilities. The contract will require comprehensive support for HECM accounting processes, including detailed transaction management, reporting, and system interfaces. Potential contractors should be prepared to demonstrate expertise in accounting services, web-based system development, and federal loan program support. The procurement process will involve careful evaluation of vendor capabilities to meet HUD's complex system requirements and support the agency's Home Equity Conversion Mortgage insurance program.
Notice text
2 versions
Update #2 · Latest ·
FHA’s current Home Equity Conversion Mortgage (HECM) insurance program uses the Home Equity Reverse Mortgage Information Technology (HERMIT) system, provided by Reverse Market Insight, Inc. FHA is considering dividing this large contract into two separate contracts.
Single Family HECM Services (NOF-25-01): FHA Single Family requires Software as a Service (SaaS) for management of its HECM endorsed and assigned portfolio servicing activities, along with the functions for loan setup and assignment claim (claim type 22) processing. These services will include enhanced features for lenders and HUD staff, including a borrower portal and self-service reports.
Accounting Services (NOF-25-002): FHA requires Software as a Service (SaaS) for its traditional HECM accounting activities, including MIP calculation and collection, notes disbursement, plus the processing of claim types 21, 23, and 24, and claims calculation and disbursement functions.
FHA is looking for technical application services that meet Federal Risk and Authorization Management Program (FedRAMP) requirements at the Moderate impact level and other Federal Government cybersecurity and privacy requirements.
HUD received an unanticipated number of questions in response to its sources sought notice and finds it inappropriate to respond at this time. As market research progresses, HUD expects to provide additional information. Respondents are invited to submit capability statements via email to timothy.a.danowski@hud.gov, with a cc to dwayne.e.gist@hud.gov, no later than Friday, December 6, 2024, 2:00 PM Eastern Standard Time for consideration.
Update #1 ·
The Department of Housing and Urban Development (HUD) is issuing this Source of Sought as a means of conducting market research to identify parties having an interest in and the resources to support this requirement for a Contractor’s solution to provide business services for the Home Equity Conversion Mortgage (HECM) Accounting Business System. The result of this market research will contribute to determining the method of procurement. The applicable North American Industry Classification System (NAICS) code assigned to this procurement is 541219 Other Accounting Services.
Respondents must submit questions no later than November 12, 2024, 2:00 PM Eastern Time for consideration.
Capability statements are due not later than November 29, 2024.
Files
| File | Type | Posted |
|---|---|---|
| HECM Accounting Business Sys PWS (V3).pdf | ||
| Source of Sought HECM.pdf |
Similar open opportunities
| Opportunity | Agency | Set-aside | Responses due |
|---|---|---|---|
| Recruitment Support Services | Department of Housing and Urban Development | No set-aside |
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