Retired Teachers Seek Mortgage Servicer
The California State Teachers' Retirement System (CalSTRS) is hiring, and only qualified mortgage servicers need apply. CalSTRS said late last week it is looking to hire a firm to act as master servicing agent of its steadily expanding home loan program, which for 25 years has provided its members with mortgage products at reasonable current market values, with options like down payment assistance and reverse mortgages available, according to a statement. With a portfolio valued at $122.4bn, CalSTRS boasts its standing as the second-largest US pension fund. Funding for the CalSTRS loan program grew by $281m in 2008 to a total origination of more than 35,000 mortgages worth $4.6bn. A mortgage servicing firm would help CalSTRS facilitate the growing home loan program. Firms interested in applying will have to demonstrate their versatility across origination including underwriting and approving, mortgage servicing, loan data reporting, technology support, marketing assistance and customer service. They have until July 30th to submit their proposals on the three-year contract. CalSTRS expects to fill the position in the fall of this year. Write to Diana Golobay.