Loan Administration Services

Background

Pinellas County Government is committed to progressive public policy, superior public service, courteous public contact, judicious exercise of authority, and sound management of public resources to meet the needs and concerns of its citizens today and tomorrow. The County intends to establish a contract with a qualified and experienced loan servicer for Loan Administration Services for its mortgage loan portfolio, which includes loans funded by federal, state, and local sources.

Work Details

The selected vendor will provide comprehensive loan administration services for approximately 275 loans in Pinellas County's amortizing loan portfolio. Key deliverables include:

Loan Onboarding

** Accurate setup of each loan in the servicing system, including amortization schedules, interest rates, maturity dates, and escrow requirements; confirmation of data integrity through reconciliation reports; completion of onboarding within the proposed timeline.

Payment Processing

** Monthly collection and posting of borrower payments (principal, interest, escrow, fees); reconciliation of payment activity; processing partial payments and payment reversals; issuance of payoff statements upon request.

Escrow Administration

** Establishment and maintenance of escrow accounts for taxes and insurance; annual escrow analyses; timely disbursement of tax and insurance payments. - **Borrower Communication & Customer Service:** Operation of a borrower service channel with defined response times; documentation of all borrower interactions; delivery of required borrower notices. - **Technology & Data Security:** Use of a secure loan servicing platform; protection of borrower data according to applicable privacy laws. - **Transition & Closeout Support:** Cooperation with the County during servicing transfer or contract termination; delivery of complete servicing files and final reconciliation.

Period of Performance

The contract duration is set for 60 months from the date of award with an option for an additional 24 months upon mutual agreement.

Place of Performance

Services will be performed in Pinellas County, Florida.

Bidder Requirements

Vendors must have at least ten years of experience in loan servicing and meet licensing/certification requirements as necessary for mortgage servicing. Additionally, vendors must provide proof of corporate registration with the Florida Division of Corporations.