Division of Housing Loan Servicing Software Needed
The Department of Local Affairs, Division of Housing (DOH) is currently in the process of developing a Grants and Loans on-premises management system utilizing the Salesforce Public Sector Solutions Grants Management platform. Salesforce platforms do not meet the financial components of the business requirements for tracking awarded grant and loan disbursements and servicing and tracking variable and fixed rate loans awarded by DOH’s Office of Housing Finance and Sustainability (OHFS) and Office of Homeless Initiatives (OHI). Therefore DOH is seeking an additional SaaS to meet these requirements. This SaaS must interface with the SFPS system currently in development.
Overview and Goals - Project Purpose
The overall grants and loans project must comply with complex statutory and regulatory requirements by employing sophisticated data management, modeling, and analysis layers which will support the use of analysis in business decision making by embedding the results analyzed into business software applications, thereby increasing the efficiency and effectiveness of business users and customers. This will provide data management and analysis staff at DOH with the tools they need to develop and continuously integrate and continuously deploy this functionality in-house so that they can support evolving business needs.
To support the overall grants and loans SFPS, DOH is seeking a loan servicing software system that manages the full lifecycle of a loan (not just loan origination), and has, but is not limited to, these key functionalities: initiate payments, track all terms of the loans, determine the loan income for future fiscal year budgets, track and manage all financial payments, interface with state financial system and provide analytical tools for decision-making (see requirements in Section 5).
