Renewal Notice: Master Servicer (Renewal Option 1 of 3)

The state and local contract opportunity posted by the Illinois Housing Development Authority (IHDA) is for the renewal of a Master Servicer contract for a 4-year initial term with a 2-year renewal option, for a total potential contract term of 6 years. The successful vendor will be responsible for providing master servicing services related to the administration and management of IHDA's loan portfolio. The key objectives of the contract include ensuring accurate and timely loan reporting, remittances, and compliance with all applicable regulations. Qualified vendors must demonstrate extensive experience and capacity in mortgage servicing, financial reporting, and information technology systems. The contract award will be based on IHDA's recommendation, as this is a renewal of an existing contract in accordance with the original terms. The total award amount for the initial 4-year term is $4,200,000, with the 2-year renewal option valued at $2,100,000.

The contract does not have any specific Business Enterprise Program (BEP) or Veteran's Business Program (VBP) utilization requirements. The incumbent vendor, U.S. Bank National Association, has been awarded the renewed contract. Interested parties must submit their proposals by November 9, 2022, in response to the Notice of Award issued by IHDA on October 26, 2022. The agency contact for this contract is Amanda Carone of IHDA.