Description
The State of Michigan is seeking a comprehensive, flexible, and scalable Loan Origination System to support the approval and purchasing of non-delegated mortgage loans from approved correspondent lenders. The system should be able to handle a multi-lender operating model with over 130 participating lenders. The proposal should include details on the implementation methodology, lender setup and configuration, data scope and migration, client and vendor resource requirements, training and knowledge transfer, and transition-out/deconversion process.
Some key points to consider:
* The system should be able to support onboarding, configuration, and ongoing operation across a large and diverse lender population.
* The proposal should include a detailed description of the transition-in (implementation), ongoing support, and transition-out (deconversion) approach.
* The respondent should provide training, documentation, and knowledge-transfer resources for client administrators, internal users, and lenders.
* The system should be able to handle individual loan-level data, configuration data, audit logs, and lender information, and provide these in a format that can be extracted upon termination.