RFP (Request for Proposal): company outlines business objectives and technical requirements, then requests responses from vendors that will outline their ability to meet these needs along with the associated costs.

When selecting a 3rd Party Vendor, consider the following:

• Assemble an internal team that will be responsible for the overall vendor selection process. The team should be made up of representatives from different business units within the mortgage company, not just the one that will own the vendor relationship going forward or manage the technical solution.
• Engage as many business units up front in the selection process to provide input rather than to try and bring them at later stages. This will help to provide the appropriate requirements and scope to the initial request and will give ample information to the vendor allowing them to provide an accurate response for evaluation.
• Have the team define the technical and business requirements for the product or service that you're pursuing.
• Publish the request document to the business and technical areas relevant to the vendor selection process for review and input prior to distribution to the vendor.