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Resolution 2025-28 - Impact Development Fund Service Contract
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Resolution 2025-28 - Impact Development Fund Service Contract
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Last modified
6/11/2025 4:21:08 PM
Creation date
6/11/2025 12:22:46 PM
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Template:
City Council Records
Also Known As (aka)
APPROVING A SERVICES CONTRACT WITH IMPACT DEVELOPMENT FUND
Meeting Date
5/6/2025
Doc Type
Resolution
Ord/Res - Year
2025
Ord/Res - Number
28
Cross-Reference
Impact Development Fund
Quality Check
6/11/2025
Supplemental fields
Parties Involved
Impact Development Fund
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EXHIBIT B <br />FEE SCHEDULE <br />The following schedule reflects the one-time administration fee assessed for the underwriting and closing of <br />third -party loans. Fees are due and payable at time of loan settlement and may be paid by the borrower, <br />program sponsor, or other party. <br />Servicing Fee Schedule <br />Monthly and Deferred Payment Loans <br />Number of Loan Files: <br />1-5 <br />6-10 <br />11-20 <br />21-30 <br />31-45 <br />46-60 <br />Over 61 <br />Escrowed First Mortgage Loans <br />Number of Loan Files: <br />Up to 15 <br />16+ <br />Effective 02/01/2025 <br />$1,000/year <br />$2,000/year <br />$3,000/year <br />$4,000/year <br />$5,000/year <br />$6,000/year <br />Call for Pricing <br />Effective 02/01/2025 <br />$3,500/year <br />$17/file/month <br />Credit Reporting <br />Number of Loan Files: Effective 02/01/2025 <br />1-5 $500/year <br />6 + $900/year <br />The annual fee is invoiced every January and is based on the number of loans serviced as of 12/31 of the prior year. <br />Habitat Silent Second Mortgages $40/file/year <br />Yearly Occupancy Verification $40/file/year <br />Loan Servicing Transfer Fee $150/file <br />Accounts Receivable (30+ days past due) 4.50% APR <br />All servicing includes the following: <br />• 24/7 Online Account Access <br />• Automatic Withdrawal from Borrower's Account (if chosen) <br />Borrower Monthly Statement <br />Direct Deposit to Lender's Account (if chosen) <br />Escrow management (RE Tax, Insurance, HOA) <br />Information Updated Daily <br />Late Notices <br />Lender Monthly Statement <br />• Lender/Borrower Welcome Letter <br />• Live Customer Service Representative Monday through Friday 8:00 AM — 5:00 PM <br />• Year End Financial IRS Reports (1098/1099 Forms) <br />Exhibit B Fee Schedule to the Services Contract between <br />Impact Development Fund and City of Louisville <br />Page 8 of 13 <br />
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