Specifications include, but are not limited to: The Division of Administrative Services of the Department of Commerce, Community, and Economic Development (DCCED) on the behalf of the Division of Investments soliciting proposals for a cloud-based SaaS to replace our current loan servicing software. This project is being undertaken to replace the current system with a more modern loan origination and servicing system that is less dependent on state IT resources to maintain, offers more automated functions, and intuitively interfaces with employees and the public. The software model that meets these needs would be provided as a cloud-based software as a service (SaaS) that includes robust service and support for Investments’ employees and customers, including data migration from existing system. A replacement system will need to provide the functionality the current system supports and additional features that create efficiencies. The new system should allow for the following: Public facing internet loan application and servicing portal. Facilitate multiple loan interest rate changes and accompanying amortization during the life of a loan. Including zero interest rate loans, and delayed interest accrual. Extension/Restructure/forbearance tracking. New application tracking. Manage and account for multiple funding sources for commercial loans. Allow unique loan numbers and coding for each loan fund portfolio to define fund and loan type.
