Homeownership Mortgage Loan Quality Control Review RFP

The State of Illinois, through the Illinois Housing Development Authority (IHDA), is issuing a Request for Proposal (RFP) for Homeownership Mortgage Loan Quality Control Review services. The selected vendor will be responsible for conducting both pre-funding (10%) and post-funding (10% Random and 5% Discretionary) mortgage loan quality control reviews, as well as reviews of previously reviewed files (10%). The vendor must also be able to provide MERS reviews, Early Payment Default reviews, servicing reviews, and special targeted reviews, along with robust reporting and industry knowledge notifications/training. The contract will have an initial term of four (4) years, with three (3) two (2) year renewal options, for a total potential term of ten (10) years. Vendors must submit pricing using the provided Pricing Document, and increases of no more than 3% will be allowed for any contract renewals. The RFP outlines detailed requirements for the scope of work, milestones and deliverables, offeror/staff specifications, and secure electronic file delivery and communication methods.

The RFP does not contain any set-aside goals for Business Enterprise Program (BEP) or Veteran Business Program (VBP) participation. Additionally, the purchasing agency has determined that the award decision is reasonable and in alignment with the procurement method utilized, which was an Invitation for Bid process. The contract was previously awarded to Adfitech, Inc. for a total award amount of $4,511,109.53 over an initial 4-year term, with three 2-year renewal options. The RFP is being issued by the State of Illinois, and responses must be submitted electronically in accordance with CPO Notice 2020.06, as paper responses will not be accepted.