MEDIA CENTER

April 6, 2016 (Washington, D.C.) – Summit Consulting (“Summit”) announces today that the U.S. Department of Housing and Urban Development’s Federal Housing Administration (“FHA”) has selected the D.C.-based firm for a contract valued at approximately $19.5 million over five years to provide risk-management analytics for FHA’s $1.2 trillion portfolio of single-family mortgage insurance. 

Summit is leading a team tasked with building a risk-analytics engine for FHA to monitor its single-family mortgage portfolio. Relying on modeling and reporting platforms based in the cloud will enable Summit and its partners to get a full understanding of all relevant data, including mortgage originations and payments, as well as macroeconomic trends. These cloud-based platforms are compliant under the Federal Risk and Authorization Management Program (FedRAMP), a government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services.

These cutting-edge platforms will help manage and predict which FHA single-family loans may become delinquent, the probability of them going into foreclosure, how FHA may best dispose of properties that do go into foreclosure, and the magnitude of any loan losses. 

“This is a significant, extremely important undertaking, and we’re delighted that FHA has put its trust in Summit,” says Director of Mortgage Finance Edward Seiler. “We have worked closely with FHA in recent years on other contracts, and this latest award signals that Summit has matured into a company that possesses the size and scale to handle bigger contracts while competing with some of the largest competitors in our field.” 

FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. It is the largest insurer of mortgages in the world, insuring more 34 million properties since its inception in 1934, according to FHA’s website. 

About Summit: 
Summit is a specialized analytics advisory firm that guides Federal agencies, financial institutions, and litigators as they decode their most complex analytical challenges. Summit’s staff of Economists, Econometricians, and Research Scientists use quantitative techniques to assist our clients as they model risk, evaluate program performance, and predict future performance. 

At Summit, we solve complex analytical challenges with unparalleled customer service and extensive client collaboration. The solutions are complete only when they are understood by our clients and solve their problems. Our distinct capabilities include program evaluation, applied statistics and economics, mortgage finance, financial services, Federal Credit modeling and forecasting, and litigation analytics. 

Summit hosts a solutions-focused academic environment and is dedicated to staying at—and pushing—the forefront of analytics best practices. To that end, our staff members present research at conferences worldwide and partake in intensive in-house technical trainings. Our Principals, Academics, and Research Scientists are recognized experts in their fields and they are capable of leading large and small solution teams. Find out more about Summit by visiting the company website: http://www.summitllc.us/.