Quality Control Audit Software

Background

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) is an independent state agency dedicated to providing funding for affordable home ownership and housing opportunities for New Jersey residents. The agency advocates for housing production, financing, and improvement, implementing programs that fund affordable mortgages, promote rental housing construction and rehabilitation, and support mixed-income housing growth. The goal of this contract is to acquire a web-based mortgage quality control audit software platform to enhance post-closing quality control and loan servicing audits conducted internally by NJHMFA staff.

Work Details

The contractor will provide a web-based mortgage quality control audit software platform on a lease basis. The system must enable NJHMFA personnel to conduct mortgage quality control audits in-house without outsourcing any audit functions. Key capabilities required include: - Secure file transfer for loan data import - Customizable audit selection methodologies (random, targeted, discretionary) - Built-in checklists/workflow functionality - Support for post-closing mortgage quality control reviews and loan servicing reviews - Templates for documenting audit findings - Reporting tools reflecting defect ratios - Supervisory controls for management oversight - Detailed tracking of user activity - Automated updates to ensure compliance with regulations - Compliance checks for fee discrepancies and violations - Capability to order third-party reverification services. The solution must be secure, scalable, and configurable to meet operational requirements.

Period of Performance

The contract will be awarded for a three (3) year term with the possibility of extending for one (1) additional two (2) year term upon mutual consent.

Place of Performance

The services will be performed within the United States, specifically ensuring that all application maintenance, support, and data storage are conducted domestically.

Bidder Requirements

Bidders must comply with specific insurance requirements including Workers’ Compensation, General Liability, Umbrella/Excess Liability, Automotive Liability, Professional Liability Insurance, and Cyber Liability Insurance. Bidders are also required to submit various documents including references, certifications related to minority or women-owned business enterprises if applicable, and proof of New Jersey business registration prior to contract execution.