Services will include: A. Providing an updated loan portfolio report on a yearly basis. County to provide updated loan balances; B. Keeping record of payments received on loans, on a yearly basis - tracking loan balances; payoffs; assumptions. County to provide loan payment and payoff reports to Contractor at least quarterly; C. Providing updated statements to Borrowers as warranted. County to provide loan balances; D. Tracking loan collections by funding source; E. Conducting collection efforts as outlined in the County's Loan Servicing Policies and Procedures on delinquent loans, and coordinating foreclosure procedures when applicable; F. Coordinating and conducting Loan Committee process for approvals as required; G. Monitoring hazard insurance on all loans; force-place insurance policies when necessary and if feasible (paid by the County and added to the Borrower's loan) H. Monitoring property taxes annually and ensuring compliance on agreements; I. Sending annual statements to all Borrowers outlining loan terms, balance, and proof of residency requirements; J. Monitoring changes in title for compliance; K. Processing requests for subordinations; L. Preparing payoff demands. County to provide loan payoff balance; M. Preparing reconveyance and coordinating with Title Company for loans paid in full; N. Providing technical assistance to the County when a primary lender files a Notice of Default; i. Providing assistance and support to families facing foreclosure ii. Determining the recommended action to be taken by the County O. Retaining files on all loan servicing actions and forwarding to County upon completion; P. Providing on-going assistance and support to the County and Borrowers as needed...
