Print Back to Calendar Return
    2.    
Mortgage Assistance Foundation
Meeting Date: 10/10/2019  
Subject:    Loan Servicing
From: Kristin DeGrande

Information
INTRODUCTION
The City of Coon Rapids has contracted with Community Reinvestment Fund, Inc. since 2005 to service all of the loans originated through the Coon Rapids Home Improvement Program.  During that time, City Staff has been experienced issues with their level of service and would like to consider other loan servicing options.

DISCUSSION
Since January 2018, City staff has experienced several issues with the home improvement program's loan servicing company, Community Reinvestment Fund, Inc. (CRF).  In reviewing the loan files, loans were found to have been paid off and no mortgage satisfaction ever issued, mortgage satisfactions were executed by the City and returned to CRF for processing were never processed (they were essetially lost and had to be re-issued), the processing of pay offs that were delayed before the satisfactions were issued, delinquent loans have been found to be missing from the delinquency reports, and overall poor communication.
RECOMMENDATION
Staff would like to research other loan servicing options.

AgendaQuick©2005 - 2019 Destiny Software Inc., All Rights Reserved