Request for Qualifications for Underwriter Services

NEW YORK STATE HOUSING FINANCE AGENCY, STATE OF NEW YORK MORTGAGE AGENCY, STATE OF NEW YORK
MUNICIPAL BOND BANK AGENCY & TOBACCO SETTLEMENT FINANCING CORPORTATION
RFQ for Underwriter Services - Issued 8/27/2026
Questions and Answers - Updated as of 9/14/2026
Number Questions Answers Posted Round
Are headquarters are located in New Jersey, with an additional office in No. All proposers must provide proof of a physical office in New York
1 Connecticut. Would these office locations suffice as a Tier 2 Co- State.
Managing Underwriter? 1
Would you confirm the deadline for proposal submission. The cover of
2 the solicitation has "September 27" and the Calendr of events reflects
"September 28". The proposal submission due date is September 28, 2026. 1
On the cover page of the RFP, the deadline is stated as September 27.
3 However, on the calendar on page 7, the deadline is stated as September
28. Can you clarify? The proposal submission due date is September 28, 2026. 1
If we want to include a cover letter in addition to the cover sheet that is
provided (which does not seem to be included in the page limit), does that
4
cover letter count towards the 10-page limit stated for Tabs 2-A and 2-B?
The cover letter is not inlcuded in the 10 page limit for Tab 2. 1
Please confirm the due date of the RFP. The cover says 9/27 but on page 7
5
it says 9/28. The proposal submission due date is September 28, 2026. 1
I noticed that when refencing that there are four tabs, the sequential
numbering of them are:
Tab 1
Tab 2
6 Yes this is intentional.
Tab 4
Tab 5
Just wanted to inquire if that is on purpose or not. 1
(Section 9.2, page 16; Attachment III, pages 27 and 28): Section 9.2 limits The responses to Tab 2-A and Tab 2-B are limited to 10 pages
the content in Tab 2 to ten (10) pages, and the header of Attachment III combined. If a Proposer is responding to Tab 2-A only, the response
states that Proposers responding to Tab 2-A and Tab 2-B must limit their is still limited to 10 pages.
combined responses to 10 pages.
7
However, Question 3 of Attachment III (page 27) refers to an appendix
that "does not count towards the 7-page limit for response stated above."
For a Proposer applying solely to the Tier 2 Co-Managing Underwriters
PQL and responding only to Tab 2-A, is the Tab 2 narrative response
2
limited to 10 pages or 7 pages?
* Pages 27 and 30 of the Solicitation - We understand that our combined There is no specific page allocation between Tab 2-A and Tab 2-B. The
response to Tab 2-A and Tab 2-B is limited to 10 pages double spaced, is combined responses to Tab 2-A and Tab 2-B are limited to 10 pages.
8
there a specific allocation for the page count between Tab 2-A and Tab 2-
B? 2

NEW YORK STATE HOUSING FINANCE AGENCY, STATE OF NEW YORK MORTGAGE AGENCY, STATE OF NEW YORK
MUNICIPAL BOND BANK AGENCY & TOBACCO SETTLEMENT FINANCING CORPORTATION
RFQ for Underwriter Services - Issued 8/27/2026
Questions and Answers - Updated as of 9/14/2026
No.
* Pages 27 of the Solicitation - For question 1.C of Tab 2-A, may we provide
9
a link to our audited financial statements instead of including a pdf?
2
We have updated the checklist to include insurance requirements.
* Page 32 of the Solicitation - We noticed that Insurance and Licenses was
Only the license registration numbers are required at this time.
10 not included in the checklist. Is there an updated version of the checklist
There are spaces on the Proposal Coversheet, provided as
that contains those items so that we know how to order our response?
Attachment I, to provide these numbers.
2
Yes. Proposers should directly answer each question in the required
Please see below for items in the Solicitation for which we seek
response. Supporting materials included as separate appendices in
clarification.
accordance with Section 9.2 may be referenced in the response and
will not violate any restrictions set forth in Section 8.
1. The end of the second paragraph in Section 8 (pg. 12-13) reads,
"(P)roposers should not refer to other parts of the proposal, to
information that may be publicly available elsewhere, or to the Proposer's
11
or other websites in lieu of answering a specific question". Meanwhile,
Section 9.2 (pg. 16) states, "(S)upporting materials, including resumes,
references, organizational charts, and similar documentation should be
included as separate appendices." Please confirm pointing to
appendices for supporting materials per Section 9.2 will not violate the
restriction set forth in Section 8. 2
Please see below for items in the Solicitation for which we seek The reference to "Section 8.3" in Section 9 (pg. 17) should read
"Section 9.3".
clarification.
12
2. Please confirm the reference to "Section 8.3" in the final sentence of
Section 9 (pg. 17) should instead be Section 9.3. 2
The responses to Tab 2-A and Tab 2-B are limited to 10 pages
Please see below for items in the Solicitation for which we seek
combined.
clarification.
3. The introduction of Attachment III (pg. 27) reads, "Proposers responding
to TAB 2-A and TAB 2-B must limit their combined responses to 10 pages",
13
yet Question 3 of Attachment III (pg. 27) appears to have a conflicting
reference to "the 7-page limit for response stated above". If the
combined page limit for combined TAB 2-A and TAB 2-B should be the 10
pages stated at the top of Attachment III (as well as the top of Attachment
IV), please clarify what the page limit reference in Question 3 should be. 2
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NEW YORK STATE HOUSING FINANCE AGENCY, STATE OF NEW YORK MORTGAGE AGENCY, STATE OF NEW YORK
MUNICIPAL BOND BANK AGENCY & TOBACCO SETTLEMENT FINANCING CORPORTATION
RFQ for Underwriter Services - Issued 8/27/2026
Questions and Answers - Updated as of 9/14/2026
There is no specific page allocation between Tab 2-A and Tab 2-B.
1. In Attachment III, on Pg 27, there is reference to a 7-page limit. Please The responses to Tab 2-A and Tab 2-B are limited to 10 pages
14 confirm that TAB 2-A and TAB 2-B do not have individual page limits, but combined.
just a combined page limit of a maximum of 10 pages.
2
2. In Attachment III, on Pg 29, pertaining to question 9, please provide an Yes. You can access a copy of the quarterly utilization report at the
following link: https://hcr.ny.gov/eeo-workforce-utilization-report-proc-
15 example or sample of a quarterly utilization report that the Agency would
5-1
envision. 2
3. In TAB-5, on Pg 18, pertaining to (b) MWBE & EEO Policy Statement, Yes, firms may submit their own EEO Policy Statement in lieu of the
PROC-4, in lieu of this form may we provide our own EEO Policy PROC-4, provided it is consistent with the requirements outlined in
16
Statement or make blacklined changes to conform to our established Appendix II: MWBE Participation Requirements and Procedures for
policy? Contracts (see page 23 of the RFQ). 2
4. In TAB-5 on Pg 18, pertaining to (a) EEO Sta(cid:431)ing Plan, PROC-1 and (c)
Company Demographic Profile PROC-7, may we obtain unsecured The PROC-1 and PROC-7 should be submitted as provided. Firms
17
versions of the excel worksheets to add additional legal verbiage may include an additional page with any supplemental information or
necessary to our response? legal language they wish to provide. 2
* Is a Vendor Responsibility Questionnaire filed and certified in NYS
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VendRep acceptable in lieu of the hard-copy form? Yes. 2
Can the following question be clarified. The question is from page 30 of The reference to "0% PAC bonds" was intended to mean PAC
the HCR RFP Solicitation, question 4 of Tab 2-B questions. bonds, including structures utilizing a 0% PSA band, and was not
19 intended to identify a separate "0% PAC bond" structure.
Respondents should consider PAC bond structures as part of their
Can you provide clarification on what is meant by 0% PAC bonds in the
discussion of cost-of-funds optimization strategies 2
question below?
1. Page 7, Section 3: Please confirm the submission deadline.
20
The proposal submission due date is September 28, 2026. 2
For the purposes of this RFQ, firms are not required to
3. Page 29, Attachment III: Regarding Tab 2-A Question 9, please clarify
independently* establish partnerships with MWBE or SDVOB firms.
whether firms are expected to establish independent partnerships with
The Agencies will facilitate MWBE and SDVOB participation through
MWBE and SDVOB firms for the performance of underwriting services, or
assignment of firms to underwriting teams. Proposers will not be
whether the participation goals in the RFQ are describing the composition required to submit Utilization Reports for this purpose.
21
of underwriting syndicates established on a deal-by-deal basis by HCR.
Please confirm whether firms will be required to submit the utilization
reports referenced in Question 9. If so, please share a copy of the
utilization report form.
2
The reference to "0% PAC bonds" was intended to mean PAC
4. Page 30, Attachment IV: Regarding Tab 2-B Question 4, the RFQ
bonds, including structures utilizing a 0% PSA band, and was not
requests a discussion of cost-of-funds optimization strategies, including
intended to identify a separate "0% PAC bond" structure.
22 "0% PSA PAC bonds." Respondents would appreciate any additional Respondents should consider PAC bond structures as part of their
clarification regarding this reference to ensure a consistent discussion of cost-of-funds optimization strategies
understanding of the structure being contemplated by the Agencies.
2
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NEW YORK STATE HOUSING FINANCE AGENCY, STATE OF NEW YORK MORTGAGE AGENCY, STATE OF NEW YORK
MUNICIPAL BOND BANK AGENCY & TOBACCO SETTLEMENT FINANCING CORPORTATION
RFQ for Underwriter Services - Issued 8/27/2026
Questions and Answers - Updated as of 9/14/2026
No. There are no set definitions provided, however the VRQ can be
5. Page 32, Attachment V: Is there a set of definitions to accompany the completed online via VendRep Submission
23
Vendor Responsibility Questionnaire? (https://www.osc.ny.gov/state-vendors/vendrep/vendrep-system)
if preferred. 2
6. Page 32, Attachment V: We understand PROC-1 to refer to the deal
The PROC-1 should reflect the staff anticipated to work on the HCR
team assigned to this engagement. Please confirm the intended scope:
engagement, including banking and underwriting professionals and
24 specifically, whether the reported workforce should be limited to the
any supporting staff who will perform work on the contract. It should
banking and underwriting professionals directly staffed on the
not include firmwide personnel who have no role in performing the
transaction, or should also extend to related supporting staff.
contract. 2
7. Page 32, Attachment V: With respect to the MWBE and SDVOB
subcontractor participation targets in PROC-4, which partners, suppliers
No. Firmwide vendors are not evaluated as part of the
and subcontractors are counted towards the participation goals? More
25 MWBE/SDVOB participation goals. Under this RFQ, the Agencies
specifically, are vendors that are used firmwide such as Microsoft,
will facilitate MWBE and SDVOB participation through assignment of
Bloomberg and others evaluated as part of the goal or is the goal related
firms to underwriting teams. Proposers are not required to identify
to subcontractors specific to performance of the HCR contract?
their own MWBE/SDVOB subcontractors. 2
On page 16, 9.2 TAB2: Technical Proposal the first paragraph states that
the content for TAB 2 should be double spaced. Does this mean double
26
spaced between paragraphs or each line of text needs to be double
spaced? All lines of the proposal should be double spaced. 2
Page 4 of 5

NEW YORK STATE HOUSING FINANCE AGENCY, STATE OF NEW YORK MORTGAGE AGENCY, STATE OF NEW YORK
MUNICIPAL BOND BANK AGENCY & TOBACCO SETTLEMENT FINANCING CORPORTATION
RFQ for Underwriter Services - Issued 8/27/2026
Questions and Answers - Updated as of 9/14/2026
The State Archives authorizes the retention and disposition of state
agency records and provides this authority through the issuance of
records retention and disposition schedules. The General Schedule
(https://www.archives.nysed.gov/sites/archives/files/general-
2. Page 22, Section 13: Section 1 (Accounting Records) of the Standard schedule_2016.pdf) covers common administrative, fiscal, and
Contract requires that relevant records "be kept for the balance of the personnel records of all state agencies. The General Schedule
calendar year in which they were made and for six (6) additional years provides that records related to the purchase of goods and services,
thereafter." Is the Agency willing to accept a retention period of 6 years (including purchase requisitions and justifications, vendor
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from the date each record is made (without the inclusion of the balance solicitations, requests for proposal, price quotations, contracts,
leases, bonds, bid proposals, specifications, procurement and
of the calendar year)? We note that "Proposer" maintains its books and
procurement contact records, procurement record checklists,
records in compliance with the applicable FINRA, SEC, and MSRB
purchase orders, and justification of vendor selection and price
recordkeeping requirements.
reasonableness) have a minimum retention and disposition of 6
years plus the balance of the calendar year after contract expiration
or denial, completion or procurement, or final payment, whichever
occurs later. (See General Schedule at 33). This time frame is
necessary to satisfy the statute of limitations on litigation involving a
contract (Civil Practice Law and Rules, Article 2-213). 2
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