Ginnie Mae has announced that it is moving from a paper-based Issuer application process to an electronic system. Beginning Sept. 1, 2014, applicants will be required to file applications for Ginnie Mae Issuer approval electronically via Ginnie Mae's new Application Connection. The new Application Connection, which will be located on Ginnie Mae’s Web site, will be available starting Sept. 1, 2014. Due to the transition from a paper-based to an electronic application process, Ginnie Mae will not accept paper-based (hard copy) applications after July 31, 2014.
“We want to do everything that we can to ensure that our process is smooth, efficient and responsive for all parties,” said Ginnie Mae President Ted Tozer. “This includes creating a more efficient application process, becoming more responsive to applicant concerns and helping prospective Issuers clearly understand our issuer eligibility criteria and what it means to become a participant in our program.”
Applicants are strongly encouraged to complete the following two courses through Ginnie Mae Online University: “Ginnie Mae 101” and “Applying to Ginnie Mae” before starting an application for Ginnie Mae MBS Issuer approval. Ginnie Mae's Online University is accessible from Ginnie Mae's website and provides free access to training about Ginnie Mae, the role and responsibilities of a Ginnie Mae Issuer, and how to apply for Ginnie Mae approval. Once an applicant has registered on Application Connection, the applicant will have thirty days in which to complete the application. “This new process, which will also allow applicants to check their application status online, will make the process more transparent,” Tozer said.
For more than 46 years Ginnie Mae has worked to provide affordable housing opportunities for millions of Americans. Ginnie Mae securitizes loans insured or guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Agriculture’s Rural Development and the Department of Housing and Urban Development's Office of Public and Indian Housing.