The Multifamily Servicing Department of VHDA’s Rental Housing Division is responsible for loan and financial subsidy administration of the multifamily portfolio. The area services the portfolio by providing customer service and performing critical loan activities that include:
- New loan team meetings and membership on Rental Loan Review Committee
- Assisting in the initial and permanent closing process
- New loan setup and loan restructuring
- Loan assumptions
- Data Integrity
- User Strategy and Borrower Inquiry system administration
- Payment collections and processing
- Default, troubled debt, and loan modification administration
- Co-chair of Multifamily Problem Loan Committee
- Real estate tax and insurance administration
- Escrow analysis
- Payoff administration
- Reserve administration
- Account reconciliations
- Internal Audit mortgage confirmations
- Mortgagor confirmations and annual statements
- TIN confirmations and IRS reporting
- Contract Servicer administration
- Electronic document and retention management
- Business continuity activities for the department
- Documentation of department operations, procedures and workflows
- Audit, management, and external reporting
- Bond appendices and rating agency reporting
- Maintenance of VHDA Mortgagor/Grantee’s Audit Guide
VHDA financial subsidy administration includes:
- Budgeting, requisitioning, and reconciliation of federal funds
- Payment of monthly subsidies and administrative fees
- Subsidy accounting
- Mortgagor confirmations and annual statements
- TIN confirmations and IRS reporting
- Contract administration of Project-based Section 8 New Construction/Sub Rehab contacts
- Section 236 Interest Reduction Payment programs
- Documentation of department operations, procedures and workflows
- Audit, management, and external reporting
For names of department associates, contact information and their areas of responsibility, please see the Multifamily Servicing Staff Directory link on the right.
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