As reported in some trade media, Fannie Mae has issued a Request for Proposal (RFP) to identify potential suppliers for Fannie Mae’s Title Acceptance Pilot. While the headline on the Fannie notice focuses solely on title, we wanted to highlight that the second part of the RFP “seeks input from a diverse group of industry participants on ways to reduce title, escrow, and other closing costs through technology, process improvements, alternative title products, alternate rate and fee structures, or other changes to make homeownership more affordable for borrowers in a safe and sound manner.” Although Fannie Mae has indicated this is intended to be title focused, we want to make you aware of the potential for broader considerations, and that the deadline to request a copy of the RFP through the Fannie Mae portal is today.
Unfortunately, the RFP is not published on Fannie Mae’s website. Fannie Mae requests that interested parties register through its ProcureOne platform by today, July 11th. Responses to the RFP itself are due July 26th.
Please let us know if you are able to successfully register or if you have any other feedback.