Ginnie Mae has
taken the first steps toward a planned modernization of its securitization
platform. The company on Tuesday
released four new systems' applications for securitization issuers; a Request
Numbers, Request for Commitment Authority, Submission of Master Agreements for
Certification and Recertification, and Request Transfer of Issuer
Responsibility (Pool Transfer). The
applications will now be automated where they were formerly paper-based.
The new applications, the first phase of the
modernization initiative of Ginnie Mae's Integrated Pool Management System
(IPMS) will be available to Issuers via the Ginnie Mae Enterprise Portal (GMEP.) With the exception of pool number assignments
the applications will be accessed via an RSA token rather than biometrics. Ginnie Mae said the token will enable
seamless and secure access to the new systems to carry out their respective
functions. The RSA token is a user authentication process that replaces a very inefficient process to
verify users of the system.
"IPMS is the foundation of the our
securitization platform, since it is used for Securities Issuance, Bond
Administration, Data Validation, and Master Servicing," said Ginnie Mae
President Ted Tozer. "So, enhancing the functionality of this system is
critical toward increasing the efficiency, effectiveness, and transparency of
our securitization platform."
The modernization initiative has been ongoing
for several years. Ginnie Mae will include
the securitization platform's IT/data infrastructure, business functionality
and supporting processes in the process.
Future phases of the IPMS modernization initiative will include moving
GinnieNET within the GMEP and developing common user experiences across all
Through its mortgage backed securities (MBS),
Ginnie Mae finances housing mortgage insurance programs run by the Federal
Housing Administration, the Department of Veterans Affairs, the Office of
Public and Indian Housing, and the Department of Agriculture's Rural
Development Housing and Community Facilities Program.