""Ginnie Mae"":http://www.ginniemae.gov/pages/default.aspx, a government corporation focused on ensuring liquidity to support mortgage lending, announced the start of the first phase in its initiative to modernize its securitization platform.[IMAGE]
The plan kicked off with the release of four new systems applications for issuers: Request for Pool Numbers, Request for Commitment Authority, Submission of Master Agreements for Certification and Recertification, and Request Transfer of Issuer Responsibility.[COLUMN_BREAK]
The new applications are part of Ginnie Mae's ""Integrated Pool Management System (IPMS) modernization initiative,"" the company said in a release.
""IPMS is the foundation of 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 new initiative is the latest in Ginnie Mae's efforts to upgrade its securitization platform. Future phases of the IPMS modernization initiative will include moving the GinnieNET information system within the Ginnie Mae Enterprise Portal (GMEP) and developing common user experiences across all interfaces, Ginnie Mae said.
The new applications will be available to issuers via GMEP and--with the exception of pool number assignments--will be accessed through a security token, which the corporation says is better than the older, ""inefficient process"" used for verification.