Loan Servicing System RFP

The Illinois Housing Development Authority (IHDA) is seeking proposals for a loan servicing system to manage the servicing of residential single-family mortgage loans, including FHA, VA, USDA, and conventional loans located within the state of Illinois. The RFP outlines requirements for the system to have capabilities such as correspondent investor workflow, regulatory compliance tracking, servicing of various loan types and insurance, payment processing, performance management, and integration with external systems. The initial contract term is four years, with the option to renew for up to three additional two-year terms, not to exceed a total of ten years. Vendors must provide details on their proposed solution, including development, testing, IT, and commitment to diversity. The RFP contains instructions for submitting offers through the BidBuy procurement system, with a pre-bid conference scheduled for August 7, 2023 and a proposal due date of September 6, 2023.

The RFP does not include any Business Enterprise Program (BEP) or Veteran Small Business (VSB) goals. The incumbent vendor is The Mitas Group, who was previously awarded a $1,305,483.29 contract for the loan servicing system. IHDA has not provided a specific budget or funding information for this new procurement. Vendors may request confidential treatment of portions of their proposals, but IHDA will not execute non-disclosure agreements prior to submission.