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Committee advances replacement loan-servicing contract for Home Investor Loan Portfolio
Summary
Council staff moved a replacement contract (Ravella Inc.) for loan servicing and collections on the Home Investor Loan Portfolio, explaining Amino/Nino Lending shifted focus and Ravella will service roughly 150 loans that generate about $400,000 in program income annually.
The standing committee voted to send to formal a replacement contract with Ravella Inc. to manage loan servicing and collection for the city’s Home Investor Loan Portfolio (CDBG/NSP notes).
Staff said the change is an administrative transition: Amino (formerly Nino) Lending decided to focus on lending and requested transfer of servicing responsibilities to Ravella, the company that developed the software the city uses to service loans. Rebecca Labove and Kyle Ofori of the Housing and Revitalization Department explained that Ravella will take over day-to-day servicing for roughly 150 loans and that the program currently generates about $400,000 per year in repayments that go back into affordable housing projects.
Office of Contracting and Procurement staff joined the panel to confirm the replacement is intended to maintain ongoing servicing without interruption. The committee moved the item to formal with the recommendation to approve.
