Rehab Loan and New Construction Title Company

The City of Madison Community Development Division is seeking a qualified title company to provide comprehensive rehab loan and new construction closing services through Request for Bids (RFB) #8762-0-2018-BO. The selected vendor will manage loan closings and construction escrow account administration for the Housing Rehabilitation Services Program (HRSP), specifically handling closing of approved rehabilitation loans and maintaining construction escrow accounts during rehabilitation periods. Required services include issuing American Land Title Association (ALTA) mortgage policies through First American Title Insurance Company, conducting closings in compliance with Real Estate Settlement Procedures Act and Truth in Lending Act requirements, and managing construction escrow trust accounts. Bidders must submit all-inclusive, not-to-exceed fixed fees for title insurance, closing, construction escrow, and disbursing services on a per-loan-closing basis, with pricing remaining fixed for the entire contract term. Key deadlines included questions due by September 19, 2018, answers posted by September 24, 2018, and final bids due by October 2, 2018, at 2:00 PM CST. The contract term is three years with two optional one-year extensions available.

Local vendor preference will be available for suppliers registered with the City of Madison as of the bid due date. Contractors employing 15 or more employees with aggregate annual City business exceeding $25,000 must file an Affirmative Action Plan within 30 days of contract award. The City is exempt from federal excise taxes and Wisconsin state taxes. Bidders may propose price increases for Years 2, 3, and optional Years 4 and 5, but these would require written agreement from both parties. While specific budget ranges are not explicitly detailed, the procurement is structured as a per-loan-closing service with fixed pricing. No specific set-aside designations for disadvantaged enterprises were mentioned in the documentation. The procurement appears open to qualified title companies capable of meeting the specified service requirements, with potential for local businesses to receive preferential consideration. No incumbent vendor information was provided in the available documentation.