Scope of Work - Requirements The commercial loan underwriter must provide the following: Underwriting of Loan Applications • Analyze applicant financial statements, tax returns, personal financials, and credit reports. • Evaluate business plans, operating history, revenue projections, and management capacity. • Assess debt service coverage ratios (DSCR), loan-to-value (LTV), collateral adequacy, and repayment sources. Risk Assessment & Recommendation • Identify potential credit risks and mitigants. • Provide a written underwriting Loan Narrative and Pro-forma loan analysis using the Department’s standard templates (attached as Exhibit A and Exhibit B), including findings and a recommendation for approval or decline. • Make recommendations consistent with DHCD's credit policy and program goals. Coordination & Communication • Communicate with DHCD staff to request additional documentation or clarification, as needed. Compliance & Documentation Review • Ensure that applications meet program guidelines and underwriting standards. • Flag any compliance issues or missing documentation. Timeliness • The Contractor shall complete underwriting reviews within 15 business days of receiving a complete application package. Extensions may be granted at the sole discretion of the Department based on operational needs. Confidentiality & Data Security • Maintain strict confidentiality of all borrower information. • Ensure secure handling of all application materials and data, in compliance with state and federal guidelines
