Ginnie Mae Releases First Phase of new Securitization Systems

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 for Pool 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 interfaces.

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.