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Qualified Loan-Servicing Agent
The City intends to enter into a contract with a qualified loan-servicing agent (Servicer/ Contractor) who will collect monthly payments on behalf of the city from present and future mortgages; deposit those payments weekly with the City Treasurer; discharge the debt obligation of the mortgagor; and manage and maintain all related documents and files. The City's loan portfolio continually changes with new loans added and others deleted. The loan amounts can range from $15,000 to $2,000,000, with terms up to 30 years. The City has approximately 1,800 loans in its portfolio. The contract will commence on March 1, 2012 and end February 28, 2014. The second year of the contract is subject to the approval and appropriation of funds.
