HUD's $55.4M Asset Manager Contract Awarded to HOMETELOS, L.P. Under Full and Open Competition
Contract Overview
Contract Amount: $55,377,505 ($55.4M)
Contractor: Hometelos, L.P.
Awarding Agency: Department of Housing and Urban Development
Start Date: 2010-06-01
End Date: 2016-03-31
Contract Duration: 2,130 days
Daily Burn Rate: $26.0K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 27
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: ASSET MANAGER (AM) M&M III - AREA 2P
Place of Performance
Location: DALLAS, DALLAS County, TEXAS, 75248
State: Texas Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $55.4 million to HOMETELOS, L.P. for work described as: ASSET MANAGER (AM) M&M III - AREA 2P Key points: 1. The contract, valued at $55.4 million, was awarded to HOMETELOS, L.P. for asset management services. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. The contract duration was 2130 days, ending in March 2016. 4. The NAICS code 522310 indicates services related to mortgage and nonmortgage loan brokers. 5. The contract was awarded as a delivery order.
Value Assessment
Rating: fair
The contract value of $55.4 million over approximately 5.8 years suggests a significant investment in asset management services. Benchmarking against similar contracts for large-scale asset management would be necessary for a precise pricing assessment.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, which typically allows for the widest possible range of bidders and can lead to better price discovery. The use of a delivery order suggests it was part of a larger indefinite-delivery/indefinite-quantity (IDIQ) contract or a similar framework.
Taxpayer Impact: Full and open competition generally aims to secure the best value for taxpayers by fostering a competitive environment.
Public Impact
Homeowners and property owners in Texas may have been impacted by the asset management services provided. The contract's focus on mortgage and nonmortgage loan brokering suggests potential implications for the housing market. Transparency in the bidding process under full and open competition benefits public trust in government contracting.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of specific performance metrics provided.
- Potential for vendor lock-in if part of a larger IDIQ.
- Limited information on the specific services rendered.
Positive Signals
- Awarded under full and open competition.
- Clear contract end date.
- Specific NAICS code provides clarity on service type.
Sector Analysis
The housing and financial services sector, particularly mortgage brokering and asset management, is characterized by complex regulations and market fluctuations. A contract of this size suggests a substantial need for specialized expertise in managing distressed assets or loan portfolios.
Small Business Impact
The data indicates that small business participation (sb: false) was not a factor in this specific award. Further analysis would be needed to determine if opportunities were missed or if the nature of the services did not lend itself to small business involvement.
Oversight & Accountability
Oversight would typically involve monitoring the performance of HOMETELOS, L.P. against contract requirements and ensuring compliance with HUD regulations. The use of delivery orders might imply a structured oversight framework within a parent contract.
Related Government Programs
- Mortgage and Nonmortgage Loan Brokers
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Lack of detailed performance metrics.
- Limited transparency on specific service delivery.
- Potential for cost overruns if not managed tightly.
- No indication of small business subcontracting.
Tags
mortgage-and-nonmortgage-loan-brokers, department-of-housing-and-urban-developm, tx, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $55.4 million to HOMETELOS, L.P.. ASSET MANAGER (AM) M&M III - AREA 2P
Who is the contractor on this award?
The obligated recipient is HOMETELOS, L.P..
Which agency awarded this contract?
Awarding agency: Department of Housing and Urban Development (Department of Housing and Urban Development).
What is the total obligated amount?
The obligated amount is $55.4 million.
What is the period of performance?
Start: 2010-06-01. End: 2016-03-31.
What was the specific scope of asset management services provided under this contract?
The contract focused on asset management, likely involving the oversight, maintenance, and disposition of properties or loans held by HUD. Given the NAICS code for Mortgage and Nonmortgage Loan Brokers, it could encompass managing foreclosed properties, loan portfolios, or related financial instruments to maximize recovery and minimize losses for the agency.
What were the key performance indicators (KPIs) used to evaluate the contractor's performance?
The provided data does not specify the key performance indicators (KPIs) used to evaluate HOMETELOS, L.P.'s performance. Typically, such contracts would include metrics related to property condition, lease-up rates, sale prices achieved, cost control, and adherence to timelines. Without these, a thorough assessment of value for money is challenging.
How did the pricing structure compare to market rates for similar asset management services?
The data does not provide enough detail to compare the pricing structure to market rates. While the total award value is known, the per-unit costs or specific service rates are not detailed. A comprehensive analysis would require access to the contract's pricing details and benchmarks from comparable government or private sector contracts.
Industry Classification
NAICS: Finance and Insurance › Activities Related to Credit Intermediation › Mortgage and Nonmortgage Loan Brokers
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY
Offers Received: 27
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 16850 DALLAS PKWY STE 1000, DALLAS, TX, 75248
Business Categories: Category Business, Not Designated a Small Business, Partnership or Limited Liability Partnership, Special Designations, U.S.-Owned Business, Woman Owned Business
Financial Breakdown
Contract Ceiling: $55,419,425
Exercised Options: $55,419,425
Current Obligation: $55,377,505
Contract Characteristics
Commercial Item: COMMERCIAL ITEM
Parent Contract
Parent Award PIID: GS23F0024V
IDV Type: FSS
Timeline
Start Date: 2010-06-01
Current End Date: 2016-03-31
Potential End Date: 2016-03-31 00:00:00
Last Modified: 2020-10-30
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