Ginnie Mae announced the release of four new systems applications for Issuers. The new applications are part of Ginnie Mae’s Integrated Pool Management System (IPMS) modernization initiative. These applications include Request for Pool Numbers, Request for Commitment Authority, Submission of Master Agreements for Certification and Recertification, and Request Transfer of Issuer Responsibility (Pool Transfer).
“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 new applications will be available to Issuers via the GMEP and, with the exception of pool number assignments, will be accessed via an RSA token, rather than biometrics. The token will enable seamless and secure access to the new systems for purchasing commitment authority, submission of master agreements, and submittal and acceptance of pool transfers. The RSA token is a state of the user authentication process that replaces a very inefficient process to verify users of the system.
Over the last few years, Ginnie Mae has been engaged in an initiative to modernize its securitization platform, including its IT/data infrastructure, business functionality and supporting processes. The first externally-facing functionality to use the new infrastructure includes automation of several processes that previously were paper-based, specifically requests for pool numbers, commitment authority, pool transfers and the submission of master agreements. Future phases of the IPMS modernization initiative will include moving GinnieNET within the Ginnie Mae Enterprise Portal (GMEP) and developing common user experiences across all interfaces.
Ginnie Mae raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Investors place a premium value on Ginnie Mae’s full faith and credit guaranty, which helps ensure that the corporation can maintain a consistent pool of funding for government mortgages. Ginnie Mae’s role in the secondary market supports the economic stabilization efforts of Congress and the Administration by making it possible for financial institutions to continue mortgage lending.