Underwriting Services

The Texas Department of Housing and Community Affairs (TDHCA) is soliciting proposals for Underwriting Services through Request for Proposals (RFP) 332-RFP26-1000, seeking to add up to four additional firms to its current underwriting team for single family Mortgage Revenue Bond (MRB) issues. The procurement focuses on selecting underwriting firms capable of serving as senior book-running manager, co-senior manager, or co-manager for bond transactions. Proposals are due on November 5, 2025, at 2:00 PM CT, with anticipated contract execution by November 19, 2025, and work commencement by December 1, 2025. The initial contract term will run through August 31, 2027, with no annual extensions. TDHCA has financed over $3 billion in mortgage loans using bond proceeds over the past five years, with current mortgage loans being either unassisted or accompanied by a 0% non-amortizing 30-year second loan. The department emphasizes a preference for firms with strong retail distribution, and selection for each bond issue will be based on underwriters best suited to the specific transaction characteristics.

The RFP indicates that while specific subcontracting opportunities were not identified, the HUB (Historically Underutilized Business) program has established goals of 26.0% for other services and 21.1% for commodities, though these are not mandatory for this solicitation. The procurement specialists determined that subcontracting opportunities are not probable, and a HUB Subcontracting Plan (HSP) is not required for this contract. Currently, TDHCA has eight underwriters eligible to participate, and they utilize two single family indentures (RMRB and SFMRB), though they are currently only issuing from the RMRB indenture. The Money Source serves as the Master Servicer for new mortgage loans. While specific award values are not explicitly stated, the department's historical bond financing of over $3 billion suggests a significant potential contract value. Interested firms should note that the contract specialist for this procurement is Cheryl D. Robinson-Mathis, who can be reached at 512-475-3991 for any additional information or clarifications.