Statement on Request for Proposal to Identify Potential Suppliers for Fannie Mae’s Title Acceptance Pilot

Fannie Mae today issued a Request for Proposal (RFP) to identify potential suppliers to participate in a Title Acceptance pilot that was announced by FHFA on March 7, 2024, followed by an update from Fannie Mae on April 12, 2024, announcing the forthcoming proposal. The proposal consists of two sections. The first section is focused on identifying industry participants that own or use an instant title engine for use in the pilot. The second section 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.

Fannie Mae requests that interested parties register through its ProcureOne platform on or before July 11, 2024. Respondents are able to submit their RFP responses until July 26, 2024.

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