Master Servicer Request for Proposals

The Illinois Housing Development Authority (IHDA) is seeking proposals from qualified vendors to serve as a Master Servicer for loans originated under IHDA's single family programs. The selected Master Servicer will be responsible for servicing release mortgage loans from IHDA's network of participating lenders, pooling the loans into Ginnie Mae, Fannie Mae, and/or Freddie Mac mortgage backed securities, and facilitating the purchase and certification of mortgage loans. The contract will have an initial term of four years, with IHDA having the option to renew for three additional two-year terms. Respondents must demonstrate experience in underwriting loans, servicing loans for housing authorities, and issuing mortgage backed securities. Pricing is to be submitted in the format of a SRP pricing grid for both conventional and government loan types. Proposals are due on September 17, 2018.

The procurement does not contain any set-aside designations or restrictions on the types of organizations that can respond. The incumbent Master Servicer is expected to transition services to the successful awardee. The contract has an award amount of $10,500,000, and was awarded to the lowest priced responsive and responsible bidder through an Invitation for Bid process. There were two responding bidders, with one being unsuccessful.