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    5.    
Mortgage Assistance Foundation
Meeting Date: 12/05/2019  
Subject:    Consider Loan Servicing Options
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 experiencing issues with their level of service and would like to consider other loan servicing options.
DISCUSSION
At the October board meeting, the Board approved to allow Staff to investigate alternative loan servicing providers.  Staff has been reaching out to loan servicing companies, banks and credit unions to inquire about their ability and interest in partnering with the City in this capacity.  Staff needs additional time to continue researching these options.
RECOMMENDATION
For informational purposes only.

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