Description
The Michigan State Housing Development Authority (MSHDA) is seeking a mortgage loan subservicing partner to provide excellent customer service and support for its borrowers. The ideal partner will have experience in servicing housing finance agency (HFA) portfolios, compliance and risk management practices, operational scalability, and a demonstrated commitment to borrower outcomes. The partner will be responsible for servicing a portfolio of approximately 34,500 active mortgage loans, with an unpaid principal balance of approximately $3.9 billion. The portfolio includes a mix of bond-financed loans, FHA-insured loans, conventional loans, down payment assistance-linked products, and other affordable housing programs.
Some key features of this opportunity include:
• The selected partner will be expected to provide excellent customer service and support for MSHDA's borrowers
• The partner will be responsible for servicing a large and diverse portfolio of mortgage loans
• The partner will need to have experience with HFA-specific program overlays and covenants
• The partner will need to have a strong compliance management system in place
• The partner will need to be able to provide detailed reporting and analytics to MSHDA