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COMMERCE BUSINESS DAILY ISSUE OF JUNE 26,1998 PSA#2125D -- SECTION 538 GUARANTEED LOAN PROGRAM THIS IS AN AMENDMENT TO THE
SECTION 538 GUARANTEED LOAN PROGRAM SPECIAL NOTICE POSTED EARLIER:
POC-Myrtis L. Robinson, Contract Specialist, (202) 692-0115 or Elaine
Larison, Contracting Officer, (202) 692-0244. This announcement
constitutes a Request for Information (RFI) synopsis and NOT A
SOLICITATION. It does not constitute an invitation for sealed bidding
(IFB), or a request for proposals (RFP). The information received from
this RFP may be used in a later solicitation/contract action. The
Government requests responses to this RFI within 30 days from
publication of this announcement. The information received will not
obligate the Government in any manner, neither will the Government
reimburse contractors for any costs associated with submittal of the
requested information. The United States Department of Agriculture
(USDA), Rural Housing Service (RHS) an Agency of the Department, is
interested in obtaining information from mortgage servicing companies,
lenders, accounting firms, or similar organizations for the
development of portions of an accounting and monitoring system which
would support the Section 538 Guaranteed Rural Rental Housing Loan
(GRRHP) Program. The information gathered as a result of this RFI may
be used to develop a RFP to solicit services from such organizations.
RHS is a credit Agency for rural housing and community development
within USDA. The Agency's mission is to increase the availability of
affordable housing and community facilities for rural residents. The
section 538 GRRHP provides guarantees for loans made by private and
public lenders to developers of affordable multi-family housing
complexes in rural areas. The information being sought will be used to
develop a program to provide regular, on-going information regarding
performance of the loans made by the various lenders around the country
who will be originating and servicing the multi-family mortgages
guaranteed by the Department. RHS is requesting information on three
areas of loan accounting, servicing, and monitoring. The information
submitted in response to this RFI may address one or any combination of
the following three areas information is being requested for: (1)
Subservicer, (2) Lender monitoring and (3) Master or Default Servicer.
1. SUBSERVICER-Functions envisioned to be carried out by a subservicer
would include integrated loan monitoring to support an asset management
system which would manage, report, record, track, and reconcile the
various servicing aspects of the multi-family portfolio of guaranteed
loans made under the program. Items to be tracked may include loan and
property financial performance such as unit vacancies, rent levels,
reserve levels, debt service ratios, income and expense, fair housing
demographics, etc. It is expected that such a subservicer function
would collect and consolidate data from third party servicers who would
have primary servicing responsibility for the loans made by guaranteed
lenders. It is anticipated that the system to be developed would need
maximum compatibility with secondary mortgage market and institutional
investors reporting needs along with conformance with the USDA
financial environment. 2. LENDER MONITORING-The functions envisioned in
this role would be the monitoring and evaluation of the guaranteed
lenders and their primary servicers. The role would entail conducting
reviews of financial audits, and potentially on site reviews, of
lenders and servicers. The reviews would be conducted to evaluate
lenders and servicers operations and financial capacity and stability.
RHS is interested in acquiring information as to how best to carry out
this function and what should be included in these reviews. 3. MASTER
OR DEFAULT SERVICER-As a master servicer, an organization would be
responsible for taking over primary servicing from primary servicers
who default or cease operations. RHS anticipates that it may be prudent
to have such an organization preapproved for use in such an event.
Information is sought on what functions should be included in a
contract to provide these services. Parties responding to this RFI may
choose to respond to any or all of the three types of information
requests specified above, i.e., Subservicer, Loan Monitoring, or Master
or Default Servicer. In addition, in response to this RFI, parties are
encouraged to specify any other aspect of servicing and monitoring
which may be beneficial to RHS in managing the section 538 GRRHP
portfolio and contribute towards meeting the objectives of efficiently
and effectively operating the program. Posted 06/24/98 Loren Data Corp. http://www.ld.com (SYN# 0516 19980626\SP-0015.MSC)
SP - Special Notices Index Page
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