Ginnie Mae is getting greener.
The only issuer of government-backed mortgage bonds, announced today it is moving away from paper-based issuer applications to an all-electronic system.
As of September 1, all applicants will be required to file electronically, via the Application Connection.
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 in a statement. “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.”
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, the company said.
Once an applicant has registered on Application Connection, the applicant will have thirty days in which to complete the application.
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.