Cal Pension Group Seeking Servicer for Mortgage Program

The California State Teachers' Retirement System is searching for a master servicer for its home loan program. The selected firm will assist CalSTRS employees in daily operations, record keeping and in the development of execution strategies. The contract is for three years with the possibility of two one-year extensions. Servicers will have to show how they will assist CalSTRS with loan origination, underwriting and approval; loan delivery and servicing; data reporting; technology tools and support; marketing assistance and support; and customer service and client support. The CalSTRS Home Loan Program provides the pension fund's members with mortgage loans at a reasonable market rate. The program offers down payment assistance options and reverse mortgages. Funding through the program grew by $281 million and more than 1,500 in 2008. At the end of last year, the program had a total of $4.6 billion, representing more than 35,000 mortgages. The final filing date for proposals is July 30, 2009, with the selection expected in the fall of 2009. The request for proposal is available for viewing on the CalSTRS Web site at http://www.calstrs.com/rfp.