Underwriting Services

The vendor is required to provide underwriters acting as senior manager or co-manager will be expected to:
•    Remain current and knowledgeable with respect to the department’s goals and efforts to provide financing assistance to low- and moderate-income first-time homebuyers.
•    Remain knowledgeable of financing structures being used by HFAs across the country to provide financing assistance to low- and moderate-income first-time homebuyers and convey this knowledge to assist the department in developing programs to meet the needs of these homebuyers. 
•    Analyze financing options for new money origination and refunding bond issues and work with staff and the department’s financial advisor to determine the relative merits of proposed structures.
•    Coordinate with the working group (staff, financial advisor, bond counsel, disclosure counsel, and others as necessary) to discuss various financing options and the pros and cons of each structure.
- Senior manager for a transaction, the senior manager will act on behalf of the underwriters assigned to the transaction (the “underwriting syndicate”) and will:
•    Coordinate with the financing team for each transaction; generate and give input on the transaction schedule and distribution list.
•    Depending on the transaction, the senior manager may be required to run numbers (cash flows), in tandem with the department’s financial advisor.
•    Provide a breakout of the proposed fees (including takedown) and expenses for the transaction and negotiate fees and expenses on behalf of the underwriting syndicate. 
•    Provide a proposed breakout of liabilities among the underwriting syndicate. 
•    Provide a proposed designation policy. 
•    Provide the department with a draft agreement among underwriters (electronic); distribute final to comanagers for electronic execution prior to pricing.
•    Keep co-managers for the transaction engaged and fully informed as to financing and structure details and transaction timing. 
•    Review all preliminary, pricing, and final wires with staff and the department’s financial advisor prior to release. 
•    Provide staff and the department’s financial advisor with access to real-time pricing information on an order-by-order basis through IPREO or a similar platform. 
•    Execute the bond purchase agreement on behalf of the underwriting syndicate.
•    Provide staff with a preliminary allotments report, on an order-by-order basis. 
•    Review and consult with staff and the department’s financial advisor regarding the allotment of bonds to ensure that department goals are being met, that co-managers are being treated fairly, and that investors and accounts are being treated in a manner that encourages interest and participation in future department transactions.
•    Provide staff and the department’s financial advisor with a final allotments report, on an order-by-order basis.
•    Provide staff with a preliminary, updated, and final (when available) designations report on an order-by-order basis.
•    Generate a closing memorandum to track the flow of funds and outline the events that need to occur for a successful bond closing. 
•    Provide a final pricing book to the department, the form and timing of which will be agreed upon with staff at the time of bond pricing.

- Contract Period/Term: 2 years
- Questions/Inquires Deadline: October 15, 2025