- Country: USA
- Summary: Accessory Dwelling Unit (Adu) Loan Fulfillment & Servicing -
- UST Ref No: 104059061
- Deadline: 23 Jul 2024
- Financier: Self Financed
- Purchaser Ownership: Government
- Tender Value: Refer Document
- Notice Type: Tender
- Document Ref. No.: 07112024-DMA
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- Description:
- Project ObjectivesThe Trust intends to outsource the fulfillment and servicing responsibilities of the Program to an experienced firm, aiming to achieve efficient, cost-contained, and legally compliant loan administration. While the firm will handle the administration of the loans, the Trust will retain responsibilities for promoting and disseminating information on the Program. Additionally, the Trust will manage and select potential applicants from the interest list on the Trust website. Furthermore, the Trust will review and provide final approval based on the firm-s underwriting, ensuring compliance of the participating homeowner with the Program terms. All proposals must demonstrate an understanding of and account for the unique design of the Program which is detailed in the supporting Program documents and includes: - Construction-to-permanent loan - Secured on primary residence as a 2nd or 3rd position lien dependent on other financing of the remaining construction costs - 20 years deferred - Partially forgivable, applied halfway through the loan period - Due at Maturity - Interest rate adjustments based on borrower performance - Three distinct interest periods, one period with three possible interest rates that change intermittently - Last-in funding, possibly necessitating a dry-close of the loan - Minimal underwriting standards - No escrow (can ride along another loan that uses an escrow account) Technical Assistance - Validate that the Program and Trust meet all legal and regulatory requirements for any applicable state or federal laws or regulations and provide guidance if any adjustments are needed to be in legal compliance. - Advise the Trust on lender policies, including loss mitigation, bankruptcy, and refinancing. - Alert the Trust and make necessary adjustments to loan fulfillment and servicing due to future regulatory and legal changes that impact the program. Loan Fulfillment - Create and collect loan applications and make determinations on eligi...
- Documents:
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CLICK HERE TO LOGINAccessory Dwelling Unit (Adu) Loan Fulfillment & Servicing - - USA Tender
The OC COMMUNITY RESOURCES, a Government sector organization in USA, has announced a new tender for Accessory Dwelling Unit (Adu) Loan Fulfillment & Servicing -. This tender is published on USARFP under UST Ref No: 104059061 and is categorized as a Tender. Interested and eligible suppliers are invited to participate by reviewing the tender documents and submitting their bids before the deadline on 2024-07-23.
The estimated tender value is Refer Document, and full details, including technical specifications and submission requirements, are provided in the official tender documents. Ensure all submissions meet the criteria outlined to be considered for evaluation.
