Specifications include, but are not limited to: Qualified vendors for Loan Servicing for the City’s Revolving Loan Funds. Desired Loan servicing functions to be provided under a loan servicing contract include: Billing: New Loan set up Creation of loan amortization schedules Monthly debt service billing to borrowers in accordance with loan terms Collections: Timely collection of all debt service payments Processing of all loan payments received against borrower accounts Follow up on delinquent debt service payments using various means such as individualized late and demand letters, phone calls, default notices Preparation of monthly reports to include details of payments received by borrowers, outstanding balances, and aging of loan receivables to be submitted to the City Remit to the City all payments received from borrowers monthly Calculation of Loan Payoffs Record Keeping Maintain all Loan Documents and relevant correspondence for all current and inactive loans to maintain complete history of Portfolio.