Specifications include, but are not limited to: 1) Program Set-Up as required a. Contractor will be responsible for establishing program systems, policies and procedures as well as training staff to understand and implement the established policies. b. The State will provide completed approved facility application and contractor will be responsible for creating loan application, closing documents and all other forms related to the financial review, loan underwriting/recommendation and loan closing. c. The State and the Contractor will collaborate to create underwriting matrix and procedure to approve borrowers who meet the loan underwriting criteria. Contractor will provide application for deferment and manage the submission of applicant financials. 2) Program Administration a. In the administration of the loan program, the Contractor shall be responsible for the following: • Making recommendations on each application and for each loan approved providing the closing documents to secure each loan. • The credit evaluation of applicants and providing the State with a recommendation for approval or denial of the borrower. • Ensuring that loans have a satisfactory maturity date, which is in no case greater than ten years from the date of the initial loan. Upon a showing of financial hardship by the borrower, the maturity date may be extended for no greater than an additional five years. • Obstaining and documenting the attorney's title opinion, local authority property tax invoice for town value of property, and proof of building insurance for the subject property.