USDA awards $209M contract for nationwide property preservation and REO services for single-family loans
Contract Overview
Contract Amount: $209,363,324 ($209.4M)
Contractor: Information Systems & Networks Corporation
Awarding Agency: Department of Agriculture
Start Date: 2023-06-20
End Date: 2026-06-30
Sector: Other
Official Description: NDMS SAMPLE TASK ORDER FOR NON-PERSONAL SERVICES TO PROVIDE NATIONWIDE POST ACCELERATION DEFAULT, PROPERTY PRESERVATION AND REAL ESTATE OWNED (REO) SERVICES ON THE RD SINGLE FAMILY DIRECT LOAN PORTFOLIO. THESE SERVICES INCLUDE BUT NOT LIMITED TO FORE
Plain-Language Summary
Department of Agriculture obligated $209.4 million to INFORMATION SYSTEMS & NETWORKS CORPORATION for work described as: NDMS SAMPLE TASK ORDER FOR NON-PERSONAL SERVICES TO PROVIDE NATIONWIDE POST ACCELERATION DEFAULT, PROPERTY PRESERVATION AND REAL ESTATE OWNED (REO) SERVICES ON THE RD SINGLE FAMILY DIRECT LOAN PORTFOLIO. THESE SERVICES INCLUDE BUT NOT LIMITED TO FORE Key points: 1. Significant contract value awarded for essential post-foreclosure property management. 2. Competition details are not readily available for this specific task order. 3. Risk of service quality issues impacting property value and disposition timelines. 4. Potential for cost overruns if property conditions are more severe than anticipated.
Value Assessment
Rating: good
The contract value of over $200 million indicates a substantial need for these services. The duration suggests a consistent requirement for property maintenance and disposition support.
Cost Per Unit: N/A
Competition Analysis
Competition Level: unknown
The award type is a delivery order, suggesting it's part of a larger contract vehicle. The specific competition method for this order is not detailed.
Taxpayer Impact: Taxpayers are impacted through the funding of services that aim to mitigate losses on defaulted loans.
Public Impact
Ensures properties are maintained, preventing further deterioration and blight. Facilitates the sale of acquired properties, returning them to productive use. Supports the stability of the single-family housing market.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Ensuring consistent service quality across a nationwide portfolio.
- Managing costs effectively given the variable nature of property conditions.
- Timely disposition of REO properties to minimize holding costs.
Positive Signals
- Standardized processes for property preservation.
- Experienced contractor in real estate services.
Sector Analysis
This contract falls within the real estate services sector, specifically focusing on the management and disposition of properties acquired due to loan defaults.
Small Business Impact
The provided data does not indicate if small businesses were involved in this specific delivery order or if set-asides were utilized.
Oversight & Accountability
Oversight will be crucial to ensure the contractor meets performance standards and manages costs effectively. The Rural Housing Service will monitor service delivery and property outcomes.
Related Government Programs
- Property Preservation Services
- Real Estate Owned (REO) Management
- Default Servicing
Risk Flags
- Service quality variability
- Cost control challenges
- Timeliness of property disposition
Tags
property-preservation, reo-services, single-family-housing, loan-portfolio-management, usda, rural-housing-service, default-servicing
Frequently Asked Questions
What is this federal contract paying for?
Department of Agriculture awarded $209.4 million to INFORMATION SYSTEMS & NETWORKS CORPORATION. NDMS SAMPLE TASK ORDER FOR NON-PERSONAL SERVICES TO PROVIDE NATIONWIDE POST ACCELERATION DEFAULT, PROPERTY PRESERVATION AND REAL ESTATE OWNED (REO) SERVICES ON THE RD SINGLE FAMILY DIRECT LOAN PORTFOLIO. THESE SERVICES INCLUDE BUT NOT LIMITED TO FORE
Who is the contractor on this award?
The obligated recipient is INFORMATION SYSTEMS & NETWORKS CORPORATION.
Which agency awarded this contract?
Awarding agency: Department of Agriculture (Rural Housing Service).
What is the total obligated amount?
The obligated amount is $209.4 million.
What is the period of performance?
Start: 2023-06-20. End: 2026-06-30.
Analysis insight 1
The contract aims to protect and maintain USDA-owned single-family properties.
Analysis insight 2
Services include securing, inspecting, and preparing properties for sale.
Analysis insight 3
This supports the agency's mission to manage its loan portfolio efficiently.