CalSTRS Searching For Home Loan Program Servicing Firm

Posted by Orb Staff on July 06, 2009 No Comments
Categories : Mortgage Servicing

lifornia State Teachers' Retirement System (CalSTRS), the nation's second-largest public pension fund, is searching for a firm to be the master servicing agent for its home loan program. The selected firm will assist CalSTRS employees in daily operations, record keeping and in the development of execution strategies. The final filing date for proposals is July 30, with the selection expected in the fall. The request for proposals is available for viewing on the CalSTRS Web site: [link=http://calstrs.com/About%20CalSTRS/Contract%20Opportunities/RFP/rfp.aspx][u]www.calstrs.com/rfp[/u][/link]. The contract period is three years, with the possibility of two one-year extensions. The proposing firms will have to show how they will assist CalSTRS in the areas of origination, underwriting and approval; loan delivery and servicing, reporting, technology tools and support; marketing assistance; and customer service and client support. The CalSTRS Home Loan Program was created in 1984 as part of the investment portfolio. The program includes a range of mortgage options, including down-payment assistance options and reverse mortgages. Running counter to the prevailing general mortgage market trend, the loan volume increased in 2008. Funding grew by $281 million and more than 1,500 loans for a total of $4.6 billion, representing more than 35,000 mortgages, by Dec. 31, 2008. SOURCE:

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